Tag Archives: Social Security

Three Simple Steps: How to Start Saving for Retirement

By Chuck Saletta

road signpost pointing to work and retire with person walking down the road

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Alamy

Saving for your retirement is a big deal. Barring the income you might get from pensions (not what they once were) and Social Security (not likely to stay what it once was) all you’ll have is the money you save to last you the rest of your life. And it’s no secret that if your accounts run dry, it’s incredibly difficult for a retiree to rejoin the workforce a decade or more after leaving it.

Given all that, it’s understandable if you’re a bit worried about coming up with enough money that you’ll be able to retire comfortably on your terms. While building and maintaining that nest egg is a long-term commitment, it’s important to remember that you have the rest of your career to get there. With a solid plan and the flexibility to handle life’s curve balls, you can greatly improve your chances of retiring with a portfolio that can last as long as you do.

3 Steps to Get From Here to Retired

The toughest part of investing for retirement is that you face so many unknowns. How long will you live? What will the market do? Will your Social Security benefits get cut? How tame (or wild) will inflation be? Will your mental and physical health hold out, or will you need the help of a caregiver?

Those are all wise questions to ask, but unfortunately, they can’t be answered with any certainty until it’s too late to do anything about it. The best any of us can really do is develop a reasonable plan based on decent assumptions, and then adjust as life happens. With that in mind, here is a three-step foundation for a solid plan:

1. Set a target. What sort of lifestyle do you want in your retirement? Are you the kind of person who’d be happy rocking away on the stoop, watching the world go by? Or do you picture a retirement filled with world travel, box seats at the symphony, and generous philanthropic gifts to your favorite charities?

Whatever your plans, start by estimating your anticipated monthly expenses. Subtract from that your anticipated net Social Security check and any monthly pension payments you may get, then multiply the remainder by 300. That’s about how large your total portfolio will need to be to cover your costs. At that size, your portfolio should generate enough growth and income that you can take advantage of the 4 percent rule, a solid (if rough) estimate that will help reduce the odds that you’ll outlive your money.

2. Take what help you can get, and ramp up when you can. While that 300-times-monthly-expenses estimate may seem daunting, there are a number programs available to help you build your nest egg faster. Qualified retirement accounts like IRAs, 401(k)s, 403(b)s, and the government’s Thrift Savings …read more

Source: FULL ARTICLE at DailyFinance

Video: Flashback: Robert Gibbs Asked About Obama’s Conn. #SSN

By NewsEditor

Investigators: Obama using Connecticut Soc. Sec. Number. Two private investigators working independently are asking why President Obama is using a Social Security number set aside for applicants in Connecticut while there is no record he ever had a mailing address in the state.

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Source: FULL ARTICLE at Western Journalism

Suspected Nazi war criminals in US despite deportation orders, eligible for public benefits

At least 10 suspected Nazi war criminals ordered deported by the United States never left the country, according to an Associated Press review of Justice Department data — and four are living in the U.S. today. All remained eligible for public benefits such as Social Security until they exhausted appeals, and in one case even beyond.

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Source: FULL ARTICLE at Fox News – Politics

Obama’s Secret Meeting To Screw Conservati​ves

By Floyd G. Brown

abolish the irs 300x300 Obamas Secret Meeting to Screw Conservati​ves

Recently, IRS official William Wilkins has been implicated in the IRS scandal that targeted Obama’s political opponents. And Capitol Hill Daily has now learned he may have personally discussed his actions with President Obama – just days before Wilkins’ office released new procedures for how the IRS reviews conservative groups.

White House visitor logs confirm that a “William Wilkins” was at the White House on April 23, 2012, specifically to meet with Obama. Was it the same Wilkins? Unfortunately, everyone who can answer that question is hiding behind a lawyer.

Regardless, it’s now clear that directions were given to the IRS officials in Cincinnati from the highest levels of government to target perceived opponents of President Obama. This was no low-level operation. All of the testimony points up the chain of command.

This is a gross violation of the IRS rules intended to keep the agency above or outside of politics. The IRS should never be involved in promoting partisan politics.

If this was an isolated scandal, one might forgive the agency. But this is only one of multiple scandals that show the agency has become a nest of corruption.

A Laundry List of Scandals

Where to begin?

The IRS is giving incarcerated criminals who submit fraudulent returns tens of millions of dollars in refunds. These are dollars that felons aren’t eligible to receive. The fraud figure increases every year, and at last tally, the IRS dealt north of $35 million to crooks, according to a federal audit.

The IRS also gave one million noncitizens, most in the United States illegally, approximately $9 billion in tax credits – even though they didn’t provide valid Social Security numbers on their tax returns.

The IRS also handed out $33 million in bogus electric car credits.

Recently, two dozen IRS employees were charged with stealing hundreds of thousands of dollars in government welfare, including food stamps and housing vouchers. The scheme fleeced U.S. taxpayers out of at least a quarter of a million dollars, according to federal prosecutors on the case.

Another scary prospect is the empowerment of the IRS as part of Obamacare. The IRS will be the go-to agency for enforcing the fines on Americans who don’t buy the expensive, mandated health insurance plans.

As the abuses multiply, it’s time to seriously consider the only real fix.

A Clear Solution

The fix that will end this pattern of scandals is total abolition of the IRS.

And I’m happy to report a movement is building on Capitol Hill to actually abolish the IRS. You see, only abolition can protect us from an agency which has become bathed in scandal.

Abolishing the agency would be easier than most understand. All Congress would have to do is simplify the tax system. With a changed system, we could end the aggressive, highly discretionary and unfair targeting by the IRS. Either a flat tax or a national consumption tax would allow the agency to be eliminated while improving compliance and increase revenues.

Several members of Congress have taken up the battle and called …read more

Source: FULL ARTICLE at Western Journalism

Press Briefing by Press Secretary Jay Carney, 7/23/2013

By The White House

James S. Brady Briefing Room

12:01 P.M. EDT

MR. CARNEY: Welcome to your White House briefing. I'm glad you're all here, and I'm here to take your questions and to provide candid and succinct answers. (Laughter.) Josh.

Q Thanks, Jay. To start with immigration, Republicans are taking issue with that tweet this morning from Dan Pfeiffer, saying that a Spanish language newspaper had nailed the cruel hypocrisy, the GOP plan, to allow legalization just for the DREAMers. I'm wondering if you can clarify, does the White House oppose that piece of legislation?

MR. CARNEY: What Dan was pointing out is that La Opinion opposes the approach being taken by some Republicans, which would avoid the essential responsibility to address immigration reform in a comprehensive way. And what La Opinion makes clear is that a bill that would allow some so-called DREAMers to stay in this country and become the Americans that they've long felt they were, because of their status and the fact that they came here when they were so young, but then deport their parents is hardly a workable solution.

The President believes that we have to address this in a comprehensive way. That is the right thing to do. And the idea that you can, oh, I don't know, declare yourself to have been more committed than anyone to improve our immigration system and then have nothing to show for it is a little laughable.

Q But are you concerned that by throwing cold water on that notion that they're looking at, that you're essentially closing the door to having something emerge through the House that you could have a conference committee with the signed bill that you do like? I mean, isn't that ultimately what the goal is here?

MR. CARNEY: Well, let's just be realistic about what we're saying here. Republicans opposed the DREAM Act when it was presented as a possibility, just like they opposed comprehensive immigration reform previously. The President has taken action to make sure that there is prosecutorial discretion, if you will, in the enforcement of our immigration laws that has provided relief to some DREAMers, DREAM Act kids. And, meanwhile, he has pressed for comprehensive immigration reform, and that effort has enjoyed substantial bipartisan support in the Senate and around the country. Businesses, labor, law enforcement communities, faith communities support this effort.

It's good for the economy. It reduces the deficit. It extends the solvency and viability of Social Security. Some of the goals that conservatives say they most cherish are addressed in comprehensive immigration reform.

And what I think the editorial in La Opinion reflects is the need for all of us, but perhaps mostly Republican leaders, to pay some attention to the Spanish-language media in this country, because that media are making clear that they expect action from Congress and that they hold those who oppose common-sense solutions to this …read more

Source: FULL ARTICLE at The White House Press Office

LookoutServices E Verify 1-9

By katanguy

Depending on the I-9 verification systems you have in place, the federal E-Verify program – which checks information given by new hires against a national database – can either be a time-saving measure, or an expensive and time-consuming obstacle.

At Lookout Services, Inc., we have become leaders in our industry because we are committed to making every step of the I-9 verification process as simple and seamless as possible for our clients. That includes full compliance and integration of the E-Verify system, which is now required by law in many states.

By helping you to compare data submitted by new employees to the federal database (including information like Social Security numbers, dates of birth, and even photo-matching), we can help you ensure that every member of your team is eligible for employment and properly documented. Our E-Verify compliant system can also help you to resolve errors and employee challenges to findings, so you can keep your team productive and working even as employment verification issues are resolved.

E-Verify compatibility isn’t only one of the best features of Lookout’s I-9 verification program, but one that is becoming more important with each passing year. If you want to stay on the right side of the law, avoid penalties, and minimize the time you have to spend on I-9 paperwork, then talk to a member of our team today.

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Source: DoItYourself.com

Health insurance credentials raise the cost of identity theft kits on underground marketplaces

Several underground marketplaces are offering full information packages for sale that contain verified health insurance credentials, bank account numbers, Social Security numbers and other personal information, along with counterfeit physical documents corresponding to the data.

The information packages are known as “fullz” among cybercriminals and cost around US$500 each if they include U.S. health insurance credentials, according to security researchers from Dell’s SecureWorks subsidiary who identified several marketplaces where dossiers of this type are being sold.

“Fullz” usually contain full names, addresses, phone numbers, email addresses with corresponding passwords, dates of birth, Social Security numbers (SSNs), Employer ID Numbers (EINs), and financial data such as bank account information, including account and routing numbers, online banking credentials with varying degrees of completeness, or credit card information, including magnetic stripe data and associated PINs.

These information packages can also be accompanied by counterfeit physical documents including credit cards, drivers’ license, insurance cards and more, in which case they are called “kitz,” the Dell SecureWorks researchers said Monday in a blog post.

To read this article in full or to leave a comment, please click here

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Source: FULL ARTICLE at PCWorld

Florida man awakens in California motel with amnesia, speaking only Swedish

Four months after he was found unconscious in a Palm Springs, Calif., motel, doctors are looking into the mystery of a Florida man who awoke with no memory of his past and speaking only Swedish.

Michael Boatwright, 61, woke up with amnesia, calling himself Johan Ek, The Desert Sun reports. Boatwright was found unconscious in a Motel 6 room in February. After police arrived, he was transported to the Desert Regional Medical Center in Palm Springs where he woke up.

Hospital officials said Boatwright may have been in town for a tennis tournament in the Coachella Valley. He was found with a duffel bag of exercise clothes, a backpack and tennis rackets. He also carried four forms of identification — a passport, a California identification card, a veteran’s medical card and a Social Security card — all of which identified him as Michael Thomas Boatwright.

Palm Springs police have documented his information in case anyone lists Boatwright as missing or wanted, authorities said.

In March, doctors diagnosed Boatwright with Transient Global Amnesia, a condition triggered by physical or emotional trauma that can last for several months.

The rare mental disorder is characterized by memory loss, “sudden and unplanned travel,” and possible adoption of a new identity, according to the Sun.

After an extensive search, medical personnel and social workers have been unable to locate Boatwright’s next of kin. Authorities are still unsure of his birthplace, listed on his ID as Florida — photos show him in Sweden at a young age.

Boatwright doesn’t recall how to exchange money, take public transportation, or seek temporary housing like homeless shelters or hotels, the social worker assigned to his case, Lisa Hunt-Vasquez, told the Sun.

He doesn’t remember his son and two ex-wives, either.

He has no income or insurance, further complicating his treatment at Desert Regional. And he has little money he can access — only $180. He also has a few Chinese bank accounts, but can only access one account, which holds $7, according to the newspaper.

Doctors don’t know how much longer he will be able to stay at the center — aside from his amnesia, Boatwright is in good health. The hospital is currently looking for alternatives that would keep him off the streets. For now, Boatwright is unsure of both his past and his future.

“Sometimes it makes me really sad and sometimes it just makes me furious about the whole situation and the fact that I don’t know anybody, I don’t recognize anybody,” Boatwright told the newspaper.

Last year, a North Dakota college student who went missing for nearly a week before turning up in Arizona said she had a bout of amnesia and didn’t know who she was.

Amber Glatt, a 22-year-old Valley City State University student, vanished on the Fourth of July, prompting aerial searches. She contacted her mother five days later from the Grand Canyon. Her mother said Glatt has had recurring amnesia since suffering a head injury years ago.

Glatt told WDAY-TV (http://bit.ly/NmbSnR ) that after she lost her memory she met a man in a …read more

Source: FULL ARTICLE at Fox US News

Weekly Address: Strengthening our Economy by Passing Bipartisan Immigration Reform

By <a href="/author-detail/3336903">Matt Compton</a>

President Obama discusses how a large, bipartisan majority in the Senate voted to pass comprehensive immigration reform, which would add a big boost to our economy, strengthen Social Security, and modernize our legal immigration system to make it more consistent with our value. He calls on Congress to pass this commonsense bill quickly so that we can fix our broken immigration system and keep America strong for years to come.

Transcript | Download mp4 | Download mp3

Learn more:

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Source: FULL ARTICLE at The White House

Column: Playing politics with crisis is inevitable

Hours after the Boston Marathon bombings, President Barack Obama gave the standard presidential line following a tragedy: “On days like this there are no Republicans or Democrats — we are Americans, united in concern for our fellow citizens.”

And, as usual, Republicans and Democrats alike quickly ignored his don’t-politicize-this plea.

This was inevitable.

Our leaders always play politics after catastrophe, whether made by man or Mother Nature. The Newtown shootings and Superstorm Sandy. The financial crisis and Hurricane Katrina. Our history is filled with moments when something big happens and elected officials maneuver quickly to take advantage of the changing public mindset — or at least the more intense media spotlight — on a specific issue.

Democrat Franklin D. Roosevelt and Congress leveraged public angst over the Depression and a worldwide war in the 1930s to enact the New Deal, overhauling financial systems, funding public works projects and creating Social Security. Some three decades later, Lyndon B. Johnson and his Democrats seized on social unrest to pass the Great Society, anti-poverty and civil rights measures, education and transportation initiatives, Medicare and Medicaid.

During the 1980s, Ronald Reagan and his GOP used the moment of sky-high inflation and a growing Soviet threat to win support for boosting the military, trimming government and cutting taxes. And, in the aftermath of the 9/11 attacks, Republican George W. Bush rallied a fearful America behind expanding the government‘s terrorist-tracking powers, streamlining intelligence gathering and toppling Saddam Hussein.

Most recently, when he took office amid the worst economic conditions in a generation, Obama saw an opportunity to advance an audacious agenda that included ending the costly war in Iraq, improving crumbling transportation arteries and overhauling the health care system. As his first chief of staff, Rahm Emanuel, was fond of saying back then: “You never want a serious crisis to go to waste.”

A gray area exists in all cases.

To some people, politicians who press for new legislation after a tragedy are seizing the perfect time to make needed changes, using typically fleeting we-are-one moments to reach consensus on an issue that long had been languishing behind more pressing priorities or struggling to get the necessary votes. To other people, these politicians are exploiting a tragedy in a blatant attempt to enact their pet, partisan policies.

Source: FULL ARTICLE at Fox US News

Hike in Payroll Taxes Hasn't Halted U.S. Consumer Spending

By The Associated Press

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Spencer Platt/Getty Images

By CHRISTOPHER S. RUGABER

WASHINGTON — This year got off to a sour start for U.S. workers: Their pay, already gasping to keep pace with inflation, was suddenly shrunk by a Social Security tax increase.

Which raised a worrisome question: Would consumers stop spending and further slow the economy? Nope. Not yet, anyway.

On Friday, the government said consumers spent 3.2 percent more on an annual basis in the January-March quarter than in the previous quarter — the biggest jump in two years. It highlighted a broader improvement in Americans’ financial health that is blunting the impact of the tax increase and raising hopes for more sustainable growth.

Consumers have shed debt. Gasoline has gotten cheaper. Rising home values and record stock prices have restored household wealth to its pre-recession high. And employers are steadily adding jobs, which means more people have money to spend.

“No one should write off the consumer simply because of the 2 percentage-point increase in payroll taxes,” says Bernard Baumohl, chief economist at the Economic Outlook Group. “Overall household finances are in the best shape in more than five years.”

Certainly, spending weakened toward the end of the January-March quarter. Spending at retailers fell in March by 0.4 percent, the worst showing in nine months. And more spending on utilities accounted for up to one-fourth of the increase in consumer spending in the January-March quarter, according to JPMorgan Chase (JPM) economist Michael Feroli, because of colder weather.

Higher spending on utilities isn’t a barometer of consumer confidence the way spending on household goods, such as new appliances or furniture, would be.

Americans also saved less in the first quarter, lowering the savings rate to 2.6 percent from 3.9 percent in 2012. Economists say that was likely a temporary response to the higher Social Security tax, and most expect the savings rate to rise back to last year’s level. That could limit spending.

But several longer-term trends are likely to push in the other direction, economists say, and help sustain consumer spending. Among those trends:

Wealth Is Up

Home prices rose more than 10 percent in the 12 months that ended in February. And both the Dow Jones industrial average (^DJI) and Standard & Poor’s 500 (GSPC) stock indexes reached record highs in the first quarter. As a result, Americans have recovered the $16 trillion in wealth that was wiped out by the Great Recession. Economists estimate that each dollar of additional wealth adds roughly 3 cents to spending. That means last year’s $5.5 trillion run-up in wealth could spur about $165 billion in additional consumer spending this year. That’s much more than the $120 billion cost of the higher Social Security taxes.

Debt Is Down

Household debt now equals 102

Source: FULL ARTICLE at DailyFinance

What Will Happen When The Government Collapses?

By Floyd Brown

Yesterday, my colleague, Marty Biancuzzoexplained why America is on a path to inevitable economic and government collapse.

After reading Marty’s piece, another colleague asked me: What will America look like after a government collapse?

It’s an important question, and I want to give a satisfactory answer. But I can’t do that in one short column, so I plan to return to this topic several times over the next few weeks. I hope that when I’m done, you will have a better understanding of where the country is headed.

Now, consider our current situation…

It’s clear that Barack Obama and Congress have no plan to get the dead-in-the-water economy moving. In fact, they appear to be completely incompetent.

Too many Americans are jobless, an excessive number of Americans are dependent on government handouts to eat, and the countless Americans who could contribute to the economic recovery are frozen in place, unwilling to take risks due to an uncertain regulatory environment.

Now, it’s fashionable in some governmental circles to argue that another Great Depression could never happen. Politicians reason that America at present has far more tools to prevent such a cataclysm.

They believe that “things are different this time.”  If only they knew how right they were.

It Is Different This Time… It’s Worse

I’ve heard investment advisors, central bankers, and politicians use the phrase “It’s different this time” so often, I want to wretch. This asinine statement is arrogant beyond reason.

Frankly, I believe we’re much more vulnerable to a prolonged depression than we were in 1929.

Here’s the truth: Today’s monetary manipulation may forestall a bust, but it can’t change the fact that one is inevitable. And when it arrives, it’ll be more devastating and difficult to solve than in the past.

Don’t believe me? Well, I’ve identified seven reasons why we are in fact worse off today than we were leading up to the crash in 1929.

  1. In 1929, America had by no means the social problems we face today.
  2. In 1929, the federal government had very little debt. Today, we have a staggering $16.5 trillion in debt.
  3. In 1929, most state governments weren’t facing insolvency. Today, they are flat-out broke. We have $4 trillion in unfunded pension liabilities at the state level, thanks to decades of union control of local government.  There were no public employee unions in 1929.
  4. In 1929, we didn’t have Social Security, Medicare, and Medicaid, much less Obamacare.  Our obligation to these entitlement programs will consume our entire federal budget in a few years.
  5. In 1929, the costs associated with illegal aliens were non-existent. Today, in California alone, it costs $10.5 billion to pay for the incarceration, health care, and welfare costs of illegal aliens.
  6. In 1929, today’s massive government dependency culture was unheard of. Today, we have food stamps and dozens of other housing and welfare programs. Indeed, over 100 million Americans are now dependent on the Federal government for something.
  7. Taxes were significantly lower in 1929 than today, even as a percent of family income.  Most businesses paid no taxes in 1929; and today, we have the highest corporate tax rate

    Source: FULL ARTICLE at Western Journalism

Why Do I Have To Show ID When Obama Shows None?

By Tom Ballantyne Jr.

I just went through this in re-instating my architectural license in AZ. They wanted me to provide college transcripts, proof of registration in previous states, proof of passing the national licensing exam, and 30 year professional experience (work) history, proof of citizenship, proof of Social Security registration, and government-provided photo ID (not necessary to vote in every state won by Barack Obama in the recent election) – all of which I had to provide 8 years ago upon being licensed initially in the state, and ALL of which is in my file IN THEIR OFFICE. The forms which they send to be re-completed are all available on-line, but cannot be filled out electronically. They have to be printed, filled in by hand (or typewriter!), scanned, printed, and mailed. (I was stunned yesterday that they let me email an additional form they requested from another state!) Meanwhile, the “supervisor” was attending a “conference” in San Francisco, or was it San Diego?

By the Way, just try telling them that your birth certificate is posted on your MySpace page, and let me know how that works out for you. Oh yeah, your’re not the guy with the Connecticut Social Security Number (who couldn’t pass the Federal Government’s own E-Verify system last year), and whose Selective Service Registration is a clear forgery (both departments refusing to provide proof of original documentation, while scurrying to destroy past records – all such actions a matter of public record). Anyway, you’re not the guy walking around with the Nuclear Launch Codes (the Nuclear Football) within 20 feet of you at all times (or was it meters?), so no big deal. Oops! I got that backwards. It isn’t a big deal for HIM, but it is for those of us who hire and pay him, and to whom HE is to answer. But saying all of this only makes me a “racist” and “birther” according to the media elites in BOTH parties.

No, you and I are just people who believe that under the Rule of Law, we are all EQUAL, even if we’re not an impoverished, government-assisted, transgender “male” (or lesbian), Muslim, or, at least non-Christian or non-Jewish (yes, lots of contradictions there) person of color. Too bad about that “document of negative liberties”…but that apparently only applies to angry white Christian males…like those who wrote that dusty old document (found recently in a trash bin behind the Capitol!).

Tom Ballantyne – Author of Oh Really, O’Reilly! an expose of the greatest fraud and cover-up in American history, by none other than the political elites in the Republican Party and so-called “Conservative” establishment media. (Available at www.UncommonSenseNow.com.)

When To File For Ex’s Social Security Benefits?

By The Huffington Post News Editors

I just turned 62 and am divorced and single. My ex-husband will be 63 years old this year. Is it possible for me to collect on his Social Security now? I am still working, but our unemployed adult son is going to college. Our finances are really tight since I am the only income earner in our home. My plan is to work until I am 66. If I can tap my ex-husband’s Social Security soon, what is the impact on my own Social Security benefits?

Read More…

From: http://www.huffingtonpost.com/2013/04/19/when-to-file-for-exs-soci_n_3119483.html

Poll: Trust In Government, Obama Approval Slip

By Breaking News

WASHINGTON — A new Associated Press-GfK poll finds that President Barack Obama’s approval rating has declined somewhat since his re-election.

Congress’ reputation remains dismal. And only about one in five Americans say they trust the government to do what’s right most of the time.

Most adults disapprove of Obama’s handling of the federal deficit. But they also dislike key proposals to reduce deficit spending. Those include a slower growth in benefits from Social Security and Medicare.

Read More at OfficialWire . By Charles Babington.

From: http://www.westernjournalism.com/poll-trust-in-government-obama-approval-slip/

Divisions Within Democratic Party Could Prove Harmful

By The Huffington Post News Editors

So what do a governor’s race in Rhode Island, President Obama’s proposed Social Security and Medicare cuts, a bankruptcy in Stockton, Calif., the fiscal cliff, and the funding mechanism for the Affordable Care Act have in common? This isn’t some quirky setup for a joke only a wonk could love. The common thread here is that they all involve cross-currents in the Democratic Party that pose existential threats to their coalition.

Read More…
More on Barack Obama

From: http://www.huffingtonpost.com/2013/04/19/divisions-democratic-party_n_3116653.html

John Cochrane's Alternative Maximum Tax: What Should The Rate Be?

By Tim Worstall, Contributor This is a fascinating little proposal in the WSJ from John Cochrane. Just as there is an Alternative Minimum Tax, to make sure that people cannot use all the tweaks to the tax code to end up paying an “unfair” amount, so also should there be an Alternative Maximum Tax. An amount, rate or portion of income above which someone cannot be taxed. This would, as with the current AMT, be cumulative, would include all of the various different taxes to which an income might be subjected: I like half, but the principle matters more than the number. Once the country settles on a number, each of us gets to add up everything we pay to government at every level: federal income taxes, yes, but also payroll (Social Security, Medicare, etc.) taxes, state, city and county taxes, estate taxes, property taxes, sales taxes, payroll taxes and unemployment insurance for nannies, household workers, or other employees, excise taxes, real-estate transfer taxes, and so on and on, right down to your vehicle stickers and those annoying extra taxes on your airline tickets.

From: http://www.forbes.com/sites/timworstall/2013/04/17/john-cochranes-alternative-maximum-tax-what-should-the-rate-be/