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Why We're On the Brink of the Best GDP Growth Since the 90s

By , Associate Editor, Money Morning -

Keith Fitz-Gerald

We haven't seen GDP growth like this since the 90s.

But you can still outperform the markets with these four sectors...

Why a Tax Cut Delay Won't End the Current Rally

By , Associate Editor, Money Morning -

tax cut delay

Chief Investment Strategist Keith Fitz-Gerald appeared on Fox Business Network's "Varney & Co." today to discuss why a tax cut delay won't derail the markets the way analysts expect it to.

Here's what he had to say - including what investors should do now...

Here's How Much Earnings Go Up When Taxes Go Down

By , Associate Editor, Money Morning -

earnings

Trump has unveiled his plan for a corporate tax cut from 35% to 20%.

If passed, this will translate directly to bigger earnings.

Money Morning Capital Wave Strategist Shah Gilani joins Charles Payne on FOX Business Network to explain how.

Continue Reading...

Look to CEOs, Not Politicians, to Boost Your Portfolio

By , Associate Editor, Money Morning -

boost your portfolio

Trump's plan for tax reform is finally here.

Wall Street jumped at the news, but Money Morning Chief Investment Strategist Keith Fitz-Gerald sees a "dangerous" mix in the plan Trump outlined.

Keith joined CNBC World to explain.

Here's What Will Happen to the Markets If We Don't See Tax Cuts Soon

By , Associate Editor, Money Morning -

tax cuts

Amid all the brouhaha in Washington over the failed healthcare bill and threats of nuclear war from North Korea, Trump's promised tax cuts may have to come later rather than sooner.

In fact, Money Morning Chief Investment Strategist Keith Fitz-Gerald thinks we likely won't see the tax cuts until this time of year...

This Is Where Trump's Corporate Tax Cuts Miss the Mark

By , Associate Editor, Money Morning -

Dow Jones news today

On the campaign trail, President Trump touted massive corporate tax cuts, as well as cuts to individual tax rates.

But now the White House is proposing a slimmed-down version of the tax plan.

And there's a big problem with this "new and improved" version...

When Are Taxes Due in 2017?

By , Associate Editor, Money Morning -

When Are Taxes Due in 2017

April 15 is universally dreaded across the nation as Tax Day, except not this year.

This year you will have several extra days to procrastinate filing your taxes thanks to some tax law exceptions about when they are due.

So when are taxes due in 2017?

Protect Your Money with These 10 Tips for Tax Season

By , America's No. 1 Pattern Trader, Money Morning • @powerproftrades -

tax season

We're approaching the end of the year, which means we're also approaching tax season - and you need to start thinking about your tax plan right now.

Specifically, you need to make sure your protect your hard-earned money from Uncle Sam.

Here are 10 things traders need to think about as we head into the end of the year...

Weary Investors Signal an Exhausted Bull

By , Global Credit Strategist, Money Morning • @MichaelELewitt -

It was probably not a coincidence that stocks ended their worst week of the year on the same day that Hillary Clinton gave a speech outlining her capital gains tax proposals. Stocks didn't crater just because of the speech, but it sure didn't help.

As I noted in a Money Morning Special Broadcast sent out just after the speech on Friday, the Democratic presidential candidate proposed to double capital gains taxes on most investors.  There was no mention in her speech of any desire to extinguish the egregious "carried interest" tax that allows her richest private equity donors to pay lower taxes than their secretaries. But her proposal was neither about showing political courage nor intelligent tax and economic policy.

It was merely one more cynical effort to appeal to left-wing Democrats by a woman who is desperately searching for an original or compelling idea to support her candidacy...Someone call me when she finds one.

[CHART] U.S. Corporations That Pay No Taxes

By , Associate Editor, Money Morning • @TaraKateClarke -

Corporations

Every working American is required to pay income taxes, but American companies get away with paying zero...

This year, the IRS collected roughly $1.4 trillion from U.S. taxpayers on April 15. Even individuals exempt from the federal income tax are subject to payroll taxes – and even the 14% exempt from both still must pay a sales tax.

But there are a record 54 U.S. corporations that pay no taxes or are at least partially exempt. That’s more than twice the amount five years ago. Most of them actually got tax refunds.

Let's take a look at exactly which companies wriggled their way out of paying income taxes in 2014...

How to Prepare for the 17% "Supertax"

By , Resource Specialist, Money Morning -

“You never let a serious crisis go to waste… It’s an opportunity to do things you could not do before.” –Rahm Emanuel

The once unthinkable is quickly becoming probable.

At some point in the next few years, your assets could well become the target of a “Supertax” as high as 17%.

Last week, we talked about the need to buy “out of print” assets to protect our wealth from brazen government seizures.

I explained that quantitative easing (QE) was likely to get bigger, not smaller, and that you needed to become your own central bank.

The truth is, the writing’s already on the wall. We’ve seen it happen.

Cyprus’s “bail-in” cost numerous bank depositors more than 47% of their capital.

Poland’s “pension reform” saw private pensions raided to help lower the government’s debt-to-GDP ratio.

And Spain plundered its Social Security Reserve Fund to keep buying its own risky debt, when no one else would.

Dangerous precedents are being set, with chilling regularity.

More than ever, you need to be prepared…

Death Tax Woes: Don't Make the Same Mistake Tony Soprano Did

By , Managing Editor, Money Morning -

We were all shocked by the sudden, untimely death of James Gandolfini. Gandolfini was an immensely gifted actor who changed the face of television entertainment in the role of Anthony "Tony" Soprano, a deeply troubled gangster-in-therapy, who had to balance obligations to his family... and his Family.

By all accounts, James Gandolfini was generous and kind to family and friends alike. It has been reported that he left a large legacy, in excess of $70 million, to be divided between them. His net worth is an estimate, and his asset inventory hasn't yet been disclosed, but he did alright for a middle class kid from North Jersey.

Sadly, however, his nearest and dearest won't see anywhere near the full amount he left behind.

It turns out that James Gandolfini was generous - to a fault. His wish was that his legacy, in the form of real estate and other assets in the United States and Italy, be distributed in large chunks, the largest in a trust for his 13-year old son, Michael and 8-month old daughter, Liliana. His widow, Deborah Lin, is set to receive 20% of his estate. The will stipulates that the shares to be doled out after taxes.

To continue reading, please click here...

High Taxes Mean It's Lights Out For California

By , Money Morning -

Would the last person leaving California please turn out the lights...

Whether by coincidence or design there is a mass exodus of business and upper management from the golden state.

Here's a guess why: California is the highest taxed state in the nation.

Its top income tax rate is 13.3%, and its property tax per capita is $1,450. California also has the highest sales tax at 7.5% and is the proud bearer of the country's highest gas tax according to the Petroleum Institute.

To continue reading, please click here...

2013 Tax Law Changes: Watch Out for These Hits

By , Money Morning -

Some of the 2013 tax law changes slated to take effect Jan. 1 could hit your portfolio if you aren't prepared - and some will go into effect regardless of the fiscal cliff resolution.

In fact, the Internal Revenue Service (IRS) has released 159 pages of rules that will apply to trusts, annuities and individual equity traders.

One tax that could affect you is a new 3.8% surtax on investment income - or as it's fondly called, the investment income Medicare tax. The new tax is part of the 2010 healthcare reform law passed by Congress, and represents the first surtax on capital gains and dividend income.

There's also a new 0.9% healthcare tax on wages for high-income individuals; it is called the earned income Medicare tax increase.

Combined, these two taxes could raise an estimated $317.7 billion over the next decade, reported Reuters, based on a June Joint Committee on Taxation analysis.

To find out if you qualify for these taxes - and how to avoid them - check out this look at the proposed changes.

2013 Tax Law Changes: Medicare Surtax

The 3.8% Medicare surtax is a big deal because it's the first time a Medicare tax will be assessed on investment income.

For the purposes of the rule, investment income includes the following:

  • Interest, Dividends, Royalties, and Annuities
  • Capital gains, including any profit you make on the sale of your residence if it exceeds the amount you are allowed to exclude
  • Passive-activity income. This can defined as earnings that stem from rental property, limited partnerships or other business that an individual is not actively involved.
You'll be affected by the Medicare surtax if your modified adjusted gross income (MAGI) is more than $200,000 as an individual, or $250,000 for married couples filing jointly.

Your MAGI is the total of adjusted gross income plus any foreign income. So if you work in the United States, MAGI will equal AGI, which includes your net investment income (gains minus losses).

It's a bit tricky, though.

To continue reading, please click here...

Warren Buffett, Bill Clinton Sound off on "Recession 2013"

By , Money Morning -

As concerns mount that the United States is headed for a recession, two famous minds offered opposing takes on what's in store for the U.S. economy.

In one corner was the Oracle of Omaha, Warren Buffett; in the other, the 42nd President of the United States, Bill Clinton.

Speaking at the 25th anniversary dinner of the Economic Club of Washington, Buffett said that it is unlikely the U.S. economy will fall into another recession. He said the chances of that happening are "very low."

Buffett, who blames both political sides for the budget deficit, once again called for raising taxes and cutting spending.

"The problem is the Democrats don't want to talk about what expenditures they would cut and the Republicans don't want to talk about raising revenues," he said.

Buffett said "the big question" remains what's ahead for the euro.

"We've got this system where they're half in and half out," said Buffett, who is currently auctioning off a lunch with himself this week on eBay for charity. "They have to reconcile these things."

Reflecting on the Eurozone he said there is the possibility the U.S. will feel a "spill over" effect from Europe - which some would argue has already happened.

To continue, reading please click here...

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