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• Tweet ^[1]
• Email ^[2]

I’m sure you’ve heard about the TEA Party, “Taxed Enough Already,” and how they want change (if you haven’t, turn on the news!). Well, did you also know that, according to a USA Today’s article ^[3], we are paying the lowest amount of taxes in 60 years? Federal, state, and local taxes consumed 9.2% of all personal income in 2009, the lowest since 1950 and far below the 12% average of the last fifty years.

Remember, the tax brackets ^[4] are just a starting point… after deductions and credits, very few people pay anything close to their marginal tax rate.

Here are this week’s choice cuts:

• 60 Minutes ^[5] had a short piece today about strategic defaulting, where homeowners who are underwater on their mortgages willingly walk away from a loan. I’m OK with it and most of you are too (if last year’s Your Take on whether it’s OK to default on an underwater mortgage ^[6] still holds).
• Gen Y workers are not only the worst performers but have the greatest sense of entitlements, says a new academic study ^[7] from the University of New Hampshire. “As a group, he says, Gen Yers are characterized by a “very inflated sense of self” that leads to “unrealistic expectations” and, ultimately, “chronic disappointment.”” Yikes.
• I was glad to share some thoughts with Liz Weston on her latest article “5 ways to earn more from your bank ^[8].” Definitely worth checking out and not just because I was in it!
• Trent at The Simple Dollar explains why it may be a mistake to chase interest rates ^[9]. He gives a lot of good reasons why.
• Jeremy looks at The 7 Biggest Money Problems for Most People ^[10]… how many of them do you have?

Finally, Lazy Man shares 8 ways to be more focused when you work from home ^[11]. I found eating breakfast (and wearing pants) are absolutely crucial.

Enjoy the rest of your weekend and be on the lookout for this week’s New Graduate Guide!

(Photo: alancleaver ^[12])