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Worried About Taxes? Consider These Ideas.

If you’re worried about taxes (and who isn’t?), consider these ideas for 2020 and beyond.
Daily, I communicate with professionals, mentors, and people who inspire me. Every year my tax specialist, who prefers to remain anonymous, shares an informative…

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3 years ago

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If you’re worried about taxes (and who isn’t?), consider these ideas for 2020 and beyond.

Daily, I communicate with professionals, mentors, and people who inspire me. Every year my tax specialist, who prefers to remain anonymous, shares an informative newsletter with friends and clients. She’s a master at her craft, and I’m fortunate to be able to tap her expertise.

Below are several of her reminders I selected for RIA readers because who isn’t worried about taxes?

Keep In Mind The Following Democratic Tax Policy Themes For ‘High Incomers.’

The Tax Policy Center estimates the proposed Biden Administration tax increases would raise roughly $3 trillion over the next decade, so ‘High incomers’ should pay attention to the following proposals:

  • A 6% tax rate increase for taxable income > $400,000—defined as “high incomers.”
  • Cap the tax benefit of itemized deductions for high incomers to 28%.
  • Restore the 3% (Pease) limitation on itemized deductions if income > $400,000.
  • Additional payroll taxes (FICA) for high incomers—unlimited wage base >$400,000.
  • Increase capital gains rates imposed on ultra-high incomes (over $1MM) (23.8% to 39.6% shift or cap gains taxed at ordinary income rates.
  • Increase dividend tax rates to equal all other types of ordinary income for ultra-high incomers.

Rosso’s take: I’m not sure how ‘high incomers’ are determined. During the Obama administration, a high-income earner was determined to have a taxable income of $250,000 or greater. To me, it’s all an arbitrary shot in the dark.

‘High incomers’ are likely business owners with employees. Increased taxes on the group may lead to stifled economic growth and ultimately trickle-down negatively to employees. Another proposal to have capital gains taxed at ordinary income rates can stifle entrepreneurial pursuits because lower tax rates are a great incentive to take on business risks.

Investors are rethinking strategies to transfer appreciated assets to loved ones because of Mr. Biden’s proposal to remove the stepped-up basis on appreciated assets. This change can negatively affect the middle as well as upper-class households.  

The Payroll Tax Isn’t All Bad.

Personally, I don’t believe that payroll taxes (12.4%) on wages of $400,000 or greater is harmful because payroll taxes support Social Security (at least I know where the money goes). Close to 20% of older Americans depend on it as their only source of income. The pandemic’s impact on payrolls could potentially jeopardize the Social Security system, and raising payroll taxes on higher earners would ensure the program’s viability for all of us.

A Wharton study from May 28, 2020 – “The Impact of the Coronavirus on Social Security’s Finances,” employs the Penn Wharton Budget Model to analyze possible pandemic effects on retirement benefits.

Hastened Depletion Of The Social Security Trust Fund.

Depending on economic and payroll recovery, the Social Security Trust Fund runs the risk of depletion two to three years sooner than 2035.

Frankly, the vision of a future of sustained economic recovery (not stock market recovery, which has decoupled from economic conditions) is muddy at best. Social Security has required attention before the pandemic, and the urgency to shore it up has increased because of the drop in payrolls.

Be assured the program won’t disappear because it can’t. Many Americans require benefits to survive. According to the National Academy of Social Insurance, roughly 61 million people collect Social Security benefits each month, and they account for about one in five people in the United States. In about one family in four, someone is receiving Social Security benefits.

Remember, Social Security is primarily funded through payroll taxes, so any initiatives that improve economic recovery will positively impact payroll growth. Next year, the maximum earnings subject to the Social Security payroll tax increases by $5,100 to $142,800.

The Democratic Tax Themes For The Masses:

  • Addition of a first-time homebuyers tax credit.
  • The increase of child and dependent tax credits from $6,000 to $8,000.
  • A new credit for people who provide long-term care to their elderly relatives.
  • An expansion of the PP loan program and tax breaks to help employers provide a safe workplace.

The new administration should prohibit access to retirement accounts penalty-free for first-time homebuyers if a tax credit is on the table. Furthermore, caregivers suffer severe economic consequences, so I think it’s about time we recognize those who sacrifice to provide long-term care to loved ones.

Important Retirement Funding Considerations.

  • Maximize 2020 retirement plan contributions at least up to the employer match.         
  • 2020 may be the perfect time for Roth conversion.  Substitute a partial Roth conversion in place of a traditional IRA distribution in 2020 and pay taxes from other personal assets. 
  • Your adult children will be much happier in the long run to inherit a Roth.
  • To count as a 2020 Roth conversion, the funds must leave the IRA or company plan before December 31, 2020.

Rosso’s take: We are having plenty of Roth discussions this year. As blog readers know, our planners advocate for Roth conversions because of the likelihood of higher taxes in the future. Interesting how the strategy is now in vogue with mainstream financial media.

Think Diversification Of Accounts AND Diversification Of Assets!

At RIA, we teach the importance of ‘diversification of accounts’ whereby a retiree maintains greater distribution flexibility and lifetime control over tax liabilities. 

Recently, a client requested $50,000 to pay off his mortgage. Due to account diversification, he could withdraw $20,000 from his pre-tax rollover IRA, $10,000 from a Roth conversion IRA and the remainder from an after-tax brokerage account. A smart portfolio distribution strategy gave him the freedom to make a large withdrawal with minimal tax impact!

Maximize Annual Contributions To ROTH IRAs For 2020.

So, two common flavors of Roth are contributory and conversion. It’s common for people to confuse the two. So, let’s start with the smarter, more dashing sibling of the traditional IRA: The contributory Roth IRA. Roth accounts overall offer tax-deferred growth and, most important: Tax-free withdrawals.

Currently, the annual contribution limit per individual is $6,000; $7,000 for individuals 50 or older. These limits apply to 2021, too—unfortunately, Roth IRA contribution levels phase-out based on household adjusted gross income.

For example, married filing jointly with modified adjusted gross income less than $196,000 may contribute the maximum. Married couples with MAGIs of $206,000 and greater cannot contribute to Roth IRAs. Based on the generous AGI phaseout levels (> $196,000 but < $206,000 can contribute reduced amounts), most wage earners should be able to fund Roth IRAs.

As a reminder, Roth IRAs fund with after-tax dollars. After a five-year period, which begins January 1st of the year a contribution is made, earnings may be distributed 100% tax-free if younger than 59 1/2, a 10% premature distribution penalty applies to withdrawn earnings.

Participants may withdraw after-tax contributions at any time without taxes or penalties. Moreover, the five-year waiting period for earnings shouldn’t be an obstacle if the Roth is indeed invested for retirement.

Roth Benefits Outlined.

A Roth IRA is not subject to required minimum distribution rules. Furthermore, Roth withdrawals don’t count in the provisional income formula used to tax Social Security; distributions will not add to income that may generate Medicare IRMAA surcharges.

Consider Annual Surgical ROTH Conversions.

People ask me about Roth’s viability in light of massive federal government deficits and stimulus programs to come. Frankly, I’m not concerned about the government changing the tax-free status of Roth.

Why? They’re like J.G. Wentworth!  And the government needs cash now! I’m more concerned about how political parties may consider tax-deferred account balances as fatted calves – all too tempting not to bring to eventual tax slaughter.

The Feds removed the $100,000 AGI ceiling on Roth conversions years ago to allow traditional IRA owners to convert to Roth without limitation (J.G Wentworth!).

A Real-life Example.

Let’s consider a ‘young’ retiree, 57 years old, with a five-year plan to convert his rollover IRA to Roth. His goal is to distribute enough funds every year to maximize the 22% tax bracket. Utilizing a 37-year retirement joint life expectancy, we calculated that his strategy has the potential to increase his lifetime withdrawals and legacy plan by an impressive $871,466. 

A Roth conversion plan not only reduces his lifetime tax liability but it also helps our retiree gain tax control otherwise lost to required minimum distributions at age 72.

Years ago, this retiree and I worked together to allocate investment dollars to an after-tax brokerage account, which came in handy to pay taxes on his Roth conversion, thus allowing 100% of his IRA dollars directed into Roth. Having the tax money available from an outside source instead of withheld from the traditional IRA also avoids the 10% premature distribution penalty.

Due to the SECURE Act, it is now mandatory for non-spouse IRA beneficiaries (your adult children) to accelerate distributions over ten years from your date of death. At least in a Roth, required withdrawals are 100% tax-free and less painful for heirs! See? Your children will love it (although I’m sure they’ll be unfortunate that you’re gone).

Other Ideas To Consider Before Year-end.

Maximize a Health Savings Account. Maximize contributions to an HSA (if available to you). HSA contributions are tax-free, allocated among mutual funds, appreciate tax-deferred, and ultimately distributed tax-free for qualified healthcare expenses.

The self-only coverage contribution for 2020 is $3,550, $7,100 for family coverage. If 55 or older, add another $1,000 as a catch-up contribution. Limits for 2021: $3,600 self, $7,200 family.

Spend down your Flexible Spending Account.  So, do you have a plan to liquidate your FSA by year-end?  Flexible Spending Accounts allow for tax-free distributions for the purchase of qualified healthcare products and services. An FSA Carryover Rule exists whereby up to a $500 account balance may be carried over early in the new year. However, not every plan provides this option. In conclusion, check with your employer’s benefits department as soon as possible. 

A qualified tax professional is worth his or her weight in gold, and I’m fortunate to have one. Do you?

Keep an eye out for an upcoming allegiance between RIA Advisors and a team of dynamic tax specialists designated to help you make sense of tax implications in the new year and beyond!

The post Worried About Taxes? Consider These Ideas. appeared first on RIA.

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Comments on February Employment Report

The headline jobs number in the February employment report was above expectations; however, December and January payrolls were revised down by 167,000 combined.   The participation rate was unchanged, the employment population ratio decreased, and the …

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March 8, 2024

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The headline jobs number in the February employment report was above expectations; however, December and January payrolls were revised down by 167,000 combined.   The participation rate was unchanged, the employment population ratio decreased, and the unemployment rate was increased to 3.9%.

Leisure and hospitality gained 58 thousand jobs in February.  At the beginning of the pandemic, in March and April of 2020, leisure and hospitality lost 8.2 million jobs, and are now down 17 thousand jobs since February 2020.  So, leisure and hospitality has now essentially added back all of the jobs lost in March and April 2020. 

Construction employment increased 23 thousand and is now 547 thousand above the pre-pandemic level. 

Manufacturing employment decreased 4 thousand jobs and is now 184 thousand above the pre-pandemic level.


Prime (25 to 54 Years Old) Participation

Since the overall participation rate is impacted by both cyclical (recession) and demographic (aging population, younger people staying in school) reasons, here is the employment-population ratio for the key working age group: 25 to 54 years old.

The 25 to 54 years old participation rate increased in February to 83.5% from 83.3% in January, and the 25 to 54 employment population ratio increased to 80.7% from 80.6% the previous month.

Both are above pre-pandemic levels.

Average Hourly Wages

WagesThe graph shows the nominal year-over-year change in "Average Hourly Earnings" for all private employees from the Current Employment Statistics (CES).  

There was a huge increase at the beginning of the pandemic as lower paid employees were let go, and then the pandemic related spike reversed a year later.

Wage growth has trended down after peaking at 5.9% YoY in March 2022 and was at 4.3% YoY in February.   

Part Time for Economic Reasons

Part Time WorkersFrom the BLS report:
"The number of people employed part time for economic reasons, at 4.4 million, changed little in February. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs."
The number of persons working part time for economic reasons decreased in February to 4.36 million from 4.42 million in February. This is slightly above pre-pandemic levels.

These workers are included in the alternate measure of labor underutilization (U-6) that increased to 7.3% from 7.2% in the previous month. This is down from the record high in April 2020 of 23.0% and up from the lowest level on record (seasonally adjusted) in December 2022 (6.5%). (This series started in 1994). This measure is above the 7.0% level in February 2020 (pre-pandemic).

Unemployed over 26 Weeks

Unemployed Over 26 WeeksThis graph shows the number of workers unemployed for 27 weeks or more.

According to the BLS, there are 1.203 million workers who have been unemployed for more than 26 weeks and still want a job, down from 1.277 million the previous month.

This is down from post-pandemic high of 4.174 million, and up from the recent low of 1.050 million.

This is close to pre-pandemic levels.

Job Streak

Through February 2024, the employment report indicated positive job growth for 38 consecutive months, putting the current streak in 5th place of the longest job streaks in US history (since 1939).

Headline Jobs, Top 10 Streaks
Year EndedStreak, Months
12019100
2199048
3200746
4197945
52024138
6 tie194333
6 tie198633
6 tie200033
9196729
10199525
1Currrent Streak

Summary:

The headline monthly jobs number was above consensus expectations; however, December and January payrolls were revised down by 167,000 combined.  The participation rate was unchanged, the employment population ratio decreased, and the unemployment rate was increased to 3.9%.  Another solid report.

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Immune cells can adapt to invading pathogens, deciding whether to fight now or prepare for the next battle

When faced with a threat, T cells have the decision-making flexibility to both clear out the pathogen now and ready themselves for a future encounter.

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March 8, 2024

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Understanding the flexibility of T cell memory can lead to improved vaccines and immunotherapies. Juan Gaertner/Science Photo Library via Getty Images

How does your immune system decide between fighting invading pathogens now or preparing to fight them in the future? Turns out, it can change its mind.

Every person has 10 million to 100 million unique T cells that have a critical job in the immune system: patrolling the body for invading pathogens or cancerous cells to eliminate. Each of these T cells has a unique receptor that allows it to recognize foreign proteins on the surface of infected or cancerous cells. When the right T cell encounters the right protein, it rapidly forms many copies of itself to destroy the offending pathogen.

Diagram depicting a helper T cell differentiating into either a memory T cell or an effector T cell after exposure to an antigen
T cells can differentiate into different subtypes of cells after coming into contact with an antigen. Anatomy & Physiology/SBCCOE, CC BY-NC-SA

Importantly, this process of proliferation gives rise to both short-lived effector T cells that shut down the immediate pathogen attack and long-lived memory T cells that provide protection against future attacks. But how do T cells decide whether to form cells that kill pathogens now or protect against future infections?

We are a team of bioengineers studying how immune cells mature. In our recently published research, we found that having multiple pathways to decide whether to kill pathogens now or prepare for future invaders boosts the immune system’s ability to effectively respond to different types of challenges.

Fight or remember?

To understand when and how T cells decide to become effector cells that kill pathogens or memory cells that prepare for future infections, we took movies of T cells dividing in response to a stimulus mimicking an encounter with a pathogen.

Specifically, we tracked the activity of a gene called T cell factor 1, or TCF1. This gene is essential for the longevity of memory cells. We found that stochastic, or probabilistic, silencing of the TCF1 gene when cells confront invading pathogens and inflammation drives an early decision between whether T cells become effector or memory cells. Exposure to higher levels of pathogens or inflammation increases the probability of forming effector cells.

Surprisingly, though, we found that some effector cells that had turned off TCF1 early on were able to turn it back on after clearing the pathogen, later becoming memory cells.

Through mathematical modeling, we determined that this flexibility in decision making among memory T cells is critical to generating the right number of cells that respond immediately and cells that prepare for the future, appropriate to the severity of the infection.

Understanding immune memory

The proper formation of persistent, long-lived T cell memory is critical to a person’s ability to fend off diseases ranging from the common cold to COVID-19 to cancer.

From a social and cognitive science perspective, flexibility allows people to adapt and respond optimally to uncertain and dynamic environments. Similarly, for immune cells responding to a pathogen, flexibility in decision making around whether to become memory cells may enable greater responsiveness to an evolving immune challenge.

Memory cells can be subclassified into different types with distinct features and roles in protective immunity. It’s possible that the pathway where memory cells diverge from effector cells early on and the pathway where memory cells form from effector cells later on give rise to particular subtypes of memory cells.

Our study focuses on T cell memory in the context of acute infections the immune system can successfully clear in days, such as cold, the flu or food poisoning. In contrast, chronic conditions such as HIV and cancer require persistent immune responses; long-lived, memory-like cells are critical for this persistence. Our team is investigating whether flexible memory decision making also applies to chronic conditions and whether we can leverage that flexibility to improve cancer immunotherapy.

Resolving uncertainty surrounding how and when memory cells form could help improve vaccine design and therapies that boost the immune system’s ability to provide long-term protection against diverse infectious diseases.

Kathleen Abadie was funded by a NSF (National Science Foundation) Graduate Research Fellowships. She performed this research in affiliation with the University of Washington Department of Bioengineering.

Elisa Clark performed her research in affiliation with the University of Washington (UW) Department of Bioengineering and was funded by a National Science Foundation Graduate Research Fellowship (NSF-GRFP) and by a predoctoral fellowship through the UW Institute for Stem Cell and Regenerative Medicine (ISCRM).

Hao Yuan Kueh receives funding from the National Institutes of Health.

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President Biden Delivers The “Darkest, Most Un-American Speech Given By A President”

President Biden Delivers The "Darkest, Most Un-American Speech Given By A President"

Having successfully raged, ranted, lied, and yelled through…

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March 8, 2024

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President Biden Delivers The "Darkest, Most Un-American Speech Given By A President"

Having successfully raged, ranted, lied, and yelled through the State of The Union, President Biden can go back to his crypt now.

Whatever 'they' gave Biden, every American man, woman, and the other should be allowed to take it - though it seems the cocktail brings out 'dark Brandon'?

Tl;dw: Biden's Speech tonight ...

  • Fund Ukraine.

  • Trump is threat to democracy and America itself.

  • Abortion is good.

  • American Economy is stronger than ever.

  • Inflation wasn't Biden's fault.

  • Illegals are Americans too.

  • Republicans are responsible for the border crisis.

  • Trump is bad.

  • Biden stands with trans-children.

  • J6 was the worst insurrection since the Civil War.

(h/t @TCDMS99)

Tucker Carlson's response sums it all up perfectly:

"that was possibly the darkest, most un-American speech given by an American president. It wasn't a speech, it was a rant..."

Carlson continued: "The true measure of a nation's greatness lies within its capacity to control borders, yet Bid refuses to do it."

"In a fair election, Joe Biden cannot win"

And concluded:

“There was not a meaningful word for the entire duration about the things that actually matter to people who live here.”

Victor Davis Hanson added some excellent color, but this was probably the best line on Biden:

"he doesn't care... he lives in an alternative reality."

*  *  *

Watch SOTU Live here...

*   *   *

Mises' Connor O'Keeffe, warns: "Be on the Lookout for These Lies in Biden's State of the Union Address." 

On Thursday evening, President Joe Biden is set to give his third State of the Union address. The political press has been buzzing with speculation over what the president will say. That speculation, however, is focused more on how Biden will perform, and which issues he will prioritize. Much of the speech is expected to be familiar.

The story Biden will tell about what he has done as president and where the country finds itself as a result will be the same dishonest story he's been telling since at least the summer.

He'll cite government statistics to say the economy is growing, unemployment is low, and inflation is down.

Something that has been frustrating Biden, his team, and his allies in the media is that the American people do not feel as economically well off as the official data says they are. Despite what the White House and establishment-friendly journalists say, the problem lies with the data, not the American people's ability to perceive their own well-being.

As I wrote back in January, the reason for the discrepancy is the lack of distinction made between private economic activity and government spending in the most frequently cited economic indicators. There is an important difference between the two:

  • Government, unlike any other entity in the economy, can simply take money and resources from others to spend on things and hire people. Whether or not the spending brings people value is irrelevant

  • It's the private sector that's responsible for producing goods and services that actually meet people's needs and wants. So, the private components of the economy have the most significant effect on people's economic well-being.

Recently, government spending and hiring has accounted for a larger than normal share of both economic activity and employment. This means the government is propping up these traditional measures, making the economy appear better than it actually is. Also, many of the jobs Biden and his allies take credit for creating will quickly go away once it becomes clear that consumers don't actually want whatever the government encouraged these companies to produce.

On top of all that, the administration is dealing with the consequences of their chosen inflation rhetoric.

Since its peak in the summer of 2022, the president's team has talked about inflation "coming back down," which can easily give the impression that it's prices that will eventually come back down.

But that's not what that phrase means. It would be more honest to say that price increases are slowing down.

Americans are finally waking up to the fact that the cost of living will not return to prepandemic levels, and they're not happy about it.

The president has made some clumsy attempts at damage control, such as a Super Bowl Sunday video attacking food companies for "shrinkflation"—selling smaller portions at the same price instead of simply raising prices.

In his speech Thursday, Biden is expected to play up his desire to crack down on the "corporate greed" he's blaming for high prices.

In the name of "bringing down costs for Americans," the administration wants to implement targeted price ceilings - something anyone who has taken even a single economics class could tell you does more harm than good. Biden would never place the blame for the dramatic price increases we've experienced during his term where it actually belongs—on all the government spending that he and President Donald Trump oversaw during the pandemic, funded by the creation of $6 trillion out of thin air - because that kind of spending is precisely what he hopes to kick back up in a second term.

If reelected, the president wants to "revive" parts of his so-called Build Back Better agenda, which he tried and failed to pass in his first year. That would bring a significant expansion of domestic spending. And Biden remains committed to the idea that Americans must be forced to continue funding the war in Ukraine. That's another topic Biden is expected to highlight in the State of the Union, likely accompanied by the lie that Ukraine spending is good for the American economy. It isn't.

It's not possible to predict all the ways President Biden will exaggerate, mislead, and outright lie in his speech on Thursday. But we can be sure of two things. The "state of the Union" is not as strong as Biden will say it is. And his policy ambitions risk making it much worse.

*  *  *

The American people will be tuning in on their smartphones, laptops, and televisions on Thursday evening to see if 'sloppy joe' 81-year-old President Joe Biden can coherently put together more than two sentences (even with a teleprompter) as he gives his third State of the Union in front of a divided Congress. 

President Biden will speak on various topics to convince voters why he shouldn't be sent to a retirement home.

According to CNN sources, here are some of the topics Biden will discuss tonight:

  • Economic issues: Biden and his team have been drafting a speech heavy on economic populism, aides said, with calls for higher taxes on corporations and the wealthy – an attempt to draw a sharp contrast with Republicans and their likely presidential nominee, Donald Trump.

  • Health care expenses: Biden will also push for lowering health care costs and discuss his efforts to go after drug manufacturers to lower the cost of prescription medications — all issues his advisers believe can help buoy what have been sagging economic approval ratings.

  • Israel's war with Hamas: Also looming large over Biden's primetime address is the ongoing Israel-Hamas war, which has consumed much of the president's time and attention over the past few months. The president's top national security advisers have been working around the clock to try to finalize a ceasefire-hostages release deal by Ramadan, the Muslim holy month that begins next week.

  • An argument for reelection: Aides view Thursday's speech as a critical opportunity for the president to tout his accomplishments in office and lay out his plans for another four years in the nation's top job. Even though viewership has declined over the years, the yearly speech reliably draws tens of millions of households.

Sources provided more color on Biden's SOTU address: 

The speech is expected to be heavy on economic populism. The president will talk about raising taxes on corporations and the wealthy. He'll highlight efforts to cut costs for the American people, including pushing Congress to help make prescription drugs more affordable.

Biden will talk about the need to preserve democracy and freedom, a cornerstone of his re-election bid. That includes protecting and bolstering reproductive rights, an issue Democrats believe will energize voters in November. Biden is also expected to promote his unity agenda, a key feature of each of his addresses to Congress while in office.

Biden is also expected to give remarks on border security while the invasion of illegals has become one of the most heated topics among American voters. A majority of voters are frustrated with radical progressives in the White House facilitating the illegal migrant invasion. 

It is probable that the president will attribute the failure of the Senate border bill to the Republicans, a claim many voters view as unfounded. This is because the White House has the option to issue an executive order to restore border security, yet opts not to do so

Maybe this is why? 

While Biden addresses the nation, the Biden administration will be armed with a social media team to pump propaganda to at least 100 million Americans. 

"The White House hosted about 70 creators, digital publishers, and influencers across three separate events" on Wednesday and Thursday, a White House official told CNN. 

Not a very capable social media team... 

The administration's move to ramp up social media operations comes as users on X are mostly free from government censorship with Elon Musk at the helm. This infuriates Democrats, who can no longer censor their political enemies on X. 

Meanwhile, Democratic lawmakers tell Axios that the president's SOTU performance will be critical as he tries to dispel voter concerns about his elderly age. The address reached as many as 27 million people in 2023. 

"We are all nervous," said one House Democrat, citing concerns about the president's "ability to speak without blowing things."

The SOTU address comes as Biden's polling data is in the dumps. 

BetOnline has created several money-making opportunities for gamblers tonight, such as betting on what word Biden mentions the most. 

As well as...

We will update you when Tucker Carlson's live feed of SOTU is published. 

Tyler Durden Fri, 03/08/2024 - 07:44

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