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Revisiting premature IRA/401(k) distributions. Don't take the money without careful consideration. I just completed a tax return for a middle class working couple with one kid. In 2012 they took a distribution from a 401(k) plan. The effective, combined marginal tax rate on that distribution was 50.3%.
In English: the distribution pushed them into the highest tax brackets and they lost half of their distribution to taxes and penalties.
For those who don't know, TWC is a tax guy in real life.
30) NO. It replaces money in the general fund that Moonbeam moved elsewhere. There is NO NEW MONEY FOR SCHOOLS in this proposal.
31) I Don't Care if the state budget is a two year or one year budget, those boneheads will screw it up.
2) YES. Public employee unions have pretty much destroyed this state. Get them out of politics.
33) YES Allows good driver discounts to apply when you change car insurance providers.
34) YES Gets rid of the death penalty. We spend billions of dollars on unending appeals and never execute anyone. Waste of money. Let's stop the charade.
35) NO. Human trafficking is awful. It is also already illegal. This is a basket of worms and won't help.
36) YES. Modifies Three Strikes to apply to violent felonies not shoplifting.
37) NO. Another basket of worms. Pragmatically, the GMO labeling will end up having the same effect as these Prop 65 signs do:
38) NO. We spend over $300,000.00 per classroom each year on education, yet teachers and parents are buying crayons and copy paper at Staples so the kids can have classroom supplies. Half the money spent on education goes to administrative costs. The schools don't need more money, they need to stop flushing money down the toilet.
SIDEBAR: Munger's ballot measure (38) would raise more money than Moonbeam's Prop 30 and put it ALL in the classroom. Ask yourselves why the teacher unions support Prop 30. Hint: It ain't about the kids.
39. NO. Always vote no on tax increases. If enacted, the higher taxes will be used to fund new, Solyndra type alternative energy projects and NOT to reduce the deficit or to cover regular state spending.
40. YES. Not that redistricting will help much. But maybe.
Mencken's observation is spot on and clearly apparent in my county, where my incumbent supervisor earns a cool $175,000.00 a year, plus perks, with an estimated $139,000.00 retirement benefit for life, after holding office for a mere 20 years.
That's a sweet deal for presiding over a 1.8 billion dollar redevelopment debt and a 23 million dollar deficit that was underestimated by 10 million. WTH?
Right. I'm not being fair. I know that county supervisor is an important job and ours ain't. So, what's your retirement benefit? Mine will be about $1,300.00 a month plus whatever I have put aside out of my own pocket. How much did you earn last year? Or did you lose your business or your job? I can tell you one thing, the median household income in this county is less than one third of the county supervisor's pay check. He don't need no second income to make ends meet.
Ain't no wonder he's scrappin' hard to keep that gravy train. We'll see what happens come November.
Tip of the glass to Vonnie, who is putting another candle on her birthday cake today
People try to argue that government isn’t really force. You believe that? Try not paying your taxes. (This is only a thought experiment — suggesting on CNN.com that someone not pay his or her taxes is probably a federal offense, and I’m a nut, but I’m not crazy.). When they come to get you for not paying your taxes, try not going to court. Guns will be drawn. Government is force — literally, not figuratively.
In the end, you & I know what happens to those who refuse to pay their taxes and are willing to go to the mat over it.
California is desperate for cash and as the statute of limitations for tax year 2007 expires on April 15, a rash of demand letters is unleashed on the tax paying public demanding that self-employed taxpayers, who have filed a timely return, file a business tax return.
Many of these have no basis in fact and the tax agency could easily verify that John Q Taxpayer is a sole-proprietor, filed his return, and is not incorporated, not a partnership, and not an LLC.
Like flinging dung at the outhouse wall in hopes some may stick, the tax drones waste precious state resources, scaring the crap out of innocent people, wasting taxpayer's and accountant's time, without any regard for the fact that the three weeks from now until April 15 are the busiest time in the accounting world.
Yet another example of why California is circling the drain. Yes I used that same metaphor to describe Mayor Bloomberg's policy of starving the homeless in New York because donated food might have too much salt in it.