Buying an American Visa For a $500,000 Home Purchase – A Solution to the Housing crisis?

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When someone mentioned this proposal to me, I thought it was nuts. Selling the right to live in America for $500,000? But then a quick search revealed that the Senate is indeed considering such an idea as part of a larger bipartisan provision of immigration measures (VISIT-USA Act), co-authored by Senators. Charles Schumer (D., N.Y.) [...]

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Steve Jobs by Walter Isaacson – Reflections on the Life of a Pioneer in his Official Autobiography

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Steve Jobs’ self-titled autobiography by Walter Isaacson hits shelves on Monday and is already a best seller. I bought a copy of the book on preorder the day it was available and as expected the book has been receiving a lot of press lately. Here are some of the revelations that are emerging from the contents [...]

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Why the 3.6% 2012 COLA Increase Will Result in a Tax Hike For Over 10 Million American Workers

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With the announcement of a 3.6% COLA (cost-of-living-adjustment) increase, many social security recipients were cheering. After two years without a COLA increase for their benefits, this much needed boost was a ray of sunshine to over 60 million retirees. However, the picture is not so great for the 160 million workers in America who are [...]

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The 999 Tax Plan – How Hermain Cain’s Tax Reform Plan Would Affect Your Income Taxes

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There has been a lot of news lately on Republican presidential candidate Hermain Cain’s 999 plan. As the new darling and front runner for the parties presidential nomination, Cain’s tax plan has gone from a joke (e.g. the price of a pizza) to getting some serious, albeit critical, reviews. Here’s what some of the mainstream media [...]

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2012 to 2020 Projections for Unemployment, Home Prices, Inflation and Interest Rates

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The Congressional Budget Office (CBO), a non-partisan congressional budget review agency, recently came up with their latest multi-year actual versus forecast for some key economic indicators. While a number of the underlying assumptions can change, the good news is that things will start getting much better in 2012 and we should return to pre-recession growth [...]

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Existing and Proposed Government Housing Refinance Programs

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One of the most frequent questions I receive is around getting guidance on the various government refinance programs on offer. The table below, published in a recent report looking at the effectiveness of existing refinancing programs, provides a succinct summary of the key refinance programs on offer to Americans. It also contains a couple of [...]

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2012 COLA (Cost-of-Living Adjustment) 3.6% Increase for Social Security, SSI, Federal Retirees and Medicare Premiums

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[Updated October 19 - Official 2012 COLA Increase is 3.6%] The Social Security Administration (SSA) announced that the Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase by 3.6 percent in 2012. The 2012 COLA increase would be the first in two years, reflecting a rise in [...]

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2012 401K, IRA and Roth IRA Contribution and Income Deduction Limits

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[Updated with 2012 details] 2012 tax advantaged retirement plan contribution limits have officially been released by the IRS, with slight increases over 2011 limits; due mainly to cost of living adjustments (COLA). Further with increases in income phase-out thresholds, more people can benefit from employer and self-managed retirement plans.  The table below summarizes key changes [...]

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Good Reads: Déjà vu With Another Government Shutdown Looming and Unsettled Markets Set to Continue

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Busy week ahead as investors brace themselves for another wild ride in the markets. Personally, my 401K and investment portfolio have had their 2011 gains wiped out and are down over 10%. I keep telling myself not to sell in panic, but the fear of further falls is unsettling to say the least. Not helping is [...]

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2011-2012 Best Open Enrollment Choices as Health Care Insurance Continues to Rise

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According to preliminary results from their annual survey of 1,600 employers, Mercer expects employee health care benefit costs to increase by 5.4% next year. You will likely see these costs via higher monthly premiums during your organization’s open enrollment period. Fortunately, there are some things you can do to to mitigate the impact of rising [...]

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Quarterly Estimated Tax Payments and Installment Due Dates – 2011 and 2012 schedules

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Estimated taxes normally have to paid if you do not withhold taxes via your employer or if the amount of income tax being withheld from your salary, pension, or other income is insufficient. Estimated taxes are generally paid by small business’, self-employed workers with variable sources of income/expenses or those that have been notified by [...]

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Adjust or Change Your Paycheck Tax Withholding (W4) After These Personal and Financial Life Events

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During the year many people have personal and financial life changing events that can affect how much they pay in taxes. But they often forget to adjust their income or paycheck tax withholding to cater for these events. This means they ending up owing taxes and associated penalties when filing; or missing out on extra [...]

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