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What You Need to Know About Roth IRAs

Investopedia.com:  

Since its introduction under the Taxpayer Relief Act of 1997, the Roth IRA has become a popular retirement and estate-planning tool among U.S. taxpayers. According to a study done by the Investment Company Institute, Roth IRA assets increased to $215 (estimated) billion as of December 2009.  However, many individuals are prevented from participating in the Roth IRA because of the stringent qualification requirements.  Here we revisit some of these requirements and explore some qualification opportunities that may be available to certain individuals.

 

 

Top Earners Pay Almost All of the Federal Income Taxes

The BlogProf:  “After calling for a ‘new civility,’ Obama used his SOTU address to demonize the most productive Americans. Again. A quote from his SOTU speech on January 25, 2011:

‘And if we truly care about our deficit, we simply cannot afford a permanent extension of the tax cuts for the wealthiest 2 percent of Americans. It’s not a matter of punishing their success. It’s about promoting America’s success.’

Except it IS a matter of punishing their success.”

The charts and graphs in the article will shock the uninformed that think the rich aren’t paying their fair share of federal income taxes.

Fleeced: The upper 1% earned 19.6% of total income before tax, and paid 41% of the individual federal income tax. “No other major country is so dependent on so few taxpayers”

The BlogProf:  “Darned straight! The rich in this country pay far more than their fair share. And not only does bottom 47% of taxpayers pay no federal income tax, but the bottom 40% GET MONEY BACK! That goes right along in consistency with a prior post of mine: 60 Minutes/Vanity Fair Poll: 50% of Americans that don’t pay taxes thinks “rich” people ought to pay more, even though top 1% pay more than bottom 95%

New Tax Law Packed with Obscure Business Tax Cuts

Associated Press:  “The massive new tax bill signed into law by President Barack Obama is filled with all kinds of holiday stocking stuffers for businesses: tax breaks for producing TV shows, grants for putting up windmills, rum subsidies for Puerto Rico and the Virgin Islands.  There is even a tax break for people who buy race horses.”

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