Archive for October, 2011

Bluffing with the Supremacy Clause (2011-10-19)

The Los Angeles Daily News published an op-ed today by the writer of America Wants To Know about the federal government’s crackdown on medical marijuana dispensaries in California. U.S. prosecutors are sending out letters telling the stores that the Constitution gives federal law supremacy over the California law that allows them to operate.
They’re wrong. [...]

Shafting the young and single (2011-10-16)

Thanks in part to the U.S. tax code’s generous breaks for people who own homes and have children, roughly half the people who file tax returns in the United States owe no income taxes at all.
People who don’t have kids or own real estate get hit with the full force of the income tax rates.
Some [...]

Knowing your LIFO from your FIFO (2011-10-4)

“IMPORTANT Tax Related Information,” the mutual fund company statement shouted in bold letters through the plastic insert of a window envelope.
NOW what?
America Wants To Know is a small investor with a trivial amount of hard-earned life savings tucked into a few mutual funds.
“Cost Basis Election Form,” the statement reads. “New Cost Basis Regulations: Response [...]