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Weekly Roundup: Not Enough Taxes

Posted By Jim On 05/15/2010 @ 12:03 pm In Personal Finance | 48 Comments

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])


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[2] Email: mailto:?subject=http://www.bargaineering.com/articles/weekly-roundup-not-enough-taxes.html

[3] USA Today’s article: http://consumerist.com/2010/05/actually-youre-paying-the-lowest-amount-of-taxes-in-60-years.html

[4] tax brackets: http://www.bargaineering.com/articles/federal-income-irs-tax-brackets.html

[5] 60 Minutes: http://www.cbsnews.com/stories/2010/05/06/60minutes/main6466484.shtml

[6] default on an underwater mortgage: http://www.bargaineering.com/articles/default-underwater-mortgage.html

[7] academic study: http://www.nypost.com/p/news/business/jobs/the_worst_generation_ZHtISjvJY3GglWGTlWa0gO

[8] 5 ways to earn more from your bank: http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/weston-5-ways-to-earn-more-from-your-bank.aspx

[9] a mistake to chase interest rates: http://www.thesimpledollar.com/2010/05/13/can-you-actually-make-money-chasing-rates/

[10] The 7 Biggest Money Problems for Most People: http://genxfinance.com/2010/05/11/the-7-biggest-money-problems-most-people-have/

[11] 8 ways to be more focused when you work from home: http://www.lazymanandmoney.com/work-from-home-8-ways-to-keep-focused/

[12] alancleaver: http://www.flickr.com/photos/alancleaver/4122172006/sizes/m/

Thank you for reading!