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 , 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  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  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  still holds).
- Gen Y workers are not only the worst performers but have the greatest sense of entitlements, says a new academic study  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 .” 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 . He gives a lot of good reasons why.
- Jeremy looks at The 7 Biggest Money Problems for Most People … how many of them do you have?
Finally, Lazy Man shares 8 ways to be more focused when you work from home . 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 )