Tax Cheats in Super Cars?Posted on March 19th, 2013
This respondent edited the printed screener, wrote outside the boxes: "I don't own a Ferrari, I own three! . . . Rolex? I have three plus . . .Breitling, Cartier, Movado, Omega, Tag Heuer . . . (wine collection) 2,000 bottles." Mr. Multiplinski, aka Mr. M, was first profiled in Stop Acting Rich. But it is time for an update. Mr. M is a member of the glittering rich club, extremely wealthy with a net worth that exceeds $100 million, and a taxable income in the multimillions. He is not shy about communicating his financial achievement. . . has a very strong need ....
The Independence Day PhysicianPosted on April 17th, 2012
Q: Dr. Klug, what type of physician are you? A: I'm an Independence Day physician. I work from January 1 to July 4 each year to pay my taxes. Dr. Klug does not focus on the injustice of our tax system where the top 1% of income generators pay nearly 40% of income taxes. He is quite good at counting his blessings: excellent health, loving family and rewarding occupation. Yet like most top income producers he is concerned about how the press and liberal politicians villainize the so-called "rich." Why is it that the 1 percenters in this country are not all...
New Tax Law Targets America's Most Productive WorkersPosted on April 27th, 2010
I was not going to tackle the issue of the new tax law changes at this time. However, Ben A. wrote an excellent response to my "Henry" blog last week. Ben pointed out accurately that the top 10% of the income earners in the United States pays over 70% of the tax on personal income. After reading this, I went back and looked at the data that I had gathered from the IRS. From this I estimate that in 2009 42% of the total federal income taxes in America will be paid by the top 1% of the income earners even though...
$1 Million: Something or Nothing? (Part II)Posted on December 10th, 2009
Among the millionaire types profiled in Part I, what are some of the occupational groups that tend to have higher wealth indices than the norm? Some of these include: self-employed business owners (non-retail); executives of privately held corporations (see: The Millionaire Next Door); educators (and those married to an educator, see Stop Acting Rich, pp. 23-24); engineers (see Stop Acting Rich, pp. 186-190); supermarket store managers; discount store managers; mathematicians; scientists; regional planners; writers; actuaries; property managers; farmers, and farm managers. Those with lower indices tend to be highly compensated attorneys, managers of public corporations, physicians and marketers of investment products and...
Taking Risks: A Recipe for SuccessPosted on November 3rd, 2009
During these uncertain times, it pays to be vigilant in recognizing economic opportunities. Over the years, more than a few millionaires have told me that during one's lifetime, major economic opportunities will confront most of us. Unfortunately, the majority of people don't capitalize upon them. Some just don't recognize "gold" when they stumble across it; others are too set in their ways, too rigid, to change. And some say they are just too old to transition into a different vocation. Also, the fear of taking economic risks tends to cloud one's vision. It is unfortunate that most people have never considered self...
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