Hardheaded Socialism Makes Canada Richer Than U.S. On July 1, Canada Day, Canadians awoke to a startling, if pleasant, piece of news: For the first time in recent history, the average Canadian is richer than the average American. According to data from Environics Analytics WealthScapes published in the Globe and Mail, the net worth of the average Canadian household in 2011 was $363,202, while the average American household’s net worth was $319,970.
A few days later, Canada and the U.S. both released the latest job figures. Canada’s unemployment rate fell, again, to 7.2 percent, and America’s was a stagnant 8.2 percent. Canada continues to thrive while the U.S. struggles to find its way out of an intractable economic crisis and a political sine curve of hope and despair. The difference grows starker by the month: The Canadian system is working; the American system is not. As a study recently published in the New York University Law Review pointed out, national constitutions based on the American model are quickly disappearing. FBI launches JPMorgan probe, shareholders back Dimon. Gay Marriage Could Give The Economy A Much-Needed Boost. David Peters, right, and Luke Whited, a gay couple who are joined in a civil union in Illinois, pose for the camera prior to being interviewed about Obama's statement of support of gay marriage on Wednesday If President Obama's endorsement of gay marriage does convince more states to follow suit with full-fledged legislation, it could free up a lot of cash along the way.
Eric Cantor on Raising Taxes on the Poor: 'You've Got to Discuss That' - Derek Thompson - Business. The High Cost of Looking Low Class. In Weak Job Market, One In Two College Graduates Are Jobless Or Underemployed. WASHINGTON — The college class of 2012 is in for a rude welcome to the world of work.
A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don't fully use their skills and knowledge. Young adults with bachelor's degrees are increasingly scraping by in lower-wage jobs – waiter or waitress, bartender, retail clerk or receptionist, for example – and that's confounding their hopes a degree would pay off despite higher tuition and mounting student loans. An analysis of government data conducted for The Associated Press lays bare the highly uneven prospects for holders of bachelor's degrees. Opportunities for college graduates vary widely. While there's strong demand in science, education and health fields, arts and humanities flounder. Investment, Mutual Funds, ETFs & Stocks. Fix income inequality with $10 million loans for everyone! So why not let everyone participate?
Under my plan, each American household could borrow $10 million from the Fed at zero interest. The more conservative among us can take that money and buy 10-year Treasury bonds. At the current 2 percent annual interest rate, we can pocket a nice $200,000 a year to live on. The more adventuresome can buy 10-year Greek debt at 21 percent, for an annual income of $2.1 million. Super Rich Still Have Little To Fear From IRS. 401K/Flickr In 2009, IRS commissioner Doug Shulman said in a speech that the IRS had formed a new group of auditors who were going to be directing their attention at a special group of taxpayers: the super rich.
Dubbing them "global high wealth individuals," Shulman promised that his agency would be taking a hard look at people who had tens of millions of dollars worth of assets and income tied up in complicated financial dealings that often involved overseas banking and aggressive tax avoidance strategies. The IRS, he said, wanted to make sure that hard-working, tax-paying Americans could be sure that everyone is paying her own fair share.
It's certainly a ripe area for the government to turn up more revenue. In fiscal 2011, audits of people making more than $1 million identified $5 billion in underreported income tax, and that's just for the roughly 15 percent of millionaires the IRS audited. Companies Buying Stocks, Not Employees. 20 Tax Changes You Need To Know About. 233 Ways to Make Money. Many of our customers are entrepreneurs. In this post, I thought I’d try to light the entrepreneurial fire under some of our other readers by publishing the world’s longest list of ways to make money. I aimed to include as many ways to make money that don’t require special training as possible (and I’ll add to the list over time so bookmark it now).
Without further ado, the list… Financial Insights from Your Wallet to Wall Street. Topics Advertising Ask the Expert Careers & Workplace Economy Small Business Why Is Facebook Taking Down Marijuana Dispensary Pages?
Volkswagen’s Former CEO ‘Knew About Defeat Device in Early 2014’ Taxes That Surprisingly Most Americans Support. If ever there was a truism, it’s that everybody hates taxes—this week especially. Or do they? In at least a handful of situations, a surprisingly large portion of Americans favor introducing new taxes or jacking up the rates on existing ones. Here are five possible new taxes that, at least in theory, get plenty of support: Soda Tax Taxing sugary soft drinks has been proposed as a way to discourage people—kids especially—from drinking high-calorie beverages, which would hopefully lower obesity rates. The idea has been endorsed by the New England Journal of Medicine because it would also raise significant revenues for health care. Facebook Increasingly Becomes a Helpful Tool for Employers in Job Interviews.