Archive for September 11th, 2012

In total, how much do Americans pay in taxes? For what? To whom?.

September 11, 2012

Americans pay a tad over $5 trillion in taxes to the Feds, States and Local Governments.

Technical note: In government parlance, the taxes are called “revenue”.

By taxing authority

Drilling down, the $5 trillion is split roughly 50%-30%-20% to the Feds, States and Locals, respectively

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By type of tax

Roughly 1/3 of the $5 trillion is income taxes individual and corporate)

… about 1/4 is ad valorem taxes (think sales and property taxes)

… just under 1/5 are social insurance (i.e. Social Security, Medicare, Medicaid)

… slightly more than 1/5 are fees and charges (think tolls, business licenses)

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Income taxes

Roughly 1/3 of the $5 trillion – about $1.8 trillion — is income taxes

…  83.4% are individual income taxes; only 16.6% are corporate income taxes

… about 80% of income taxes go to the Feds; around 20% goes to the States & Locals

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Ad-valorem taxes

Roughly 1/4 of the $5 trillion in total taxes paid – about $1.2 trillion – is ad-valorem taxes – taxes paid based on the value of something bought or owned.

…  about 40% of ad-valorem taxes are Local property taxes

…  about 1/3 are Sales Taxes …  going mostly to the States

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Social Insurance

Roughly 1/5 of the $5 trillion in total taxes paid – about $961 billion – is social insurance – with about 80% going to the Feds

…  roughly 60% of the social insurance payments going to the Feds is for Social Security

…  almost 1/4 of the social insurance payments going to the Feds is for Medicare.

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Pulling it all together Ken’s Rosetta Stone of Taxes

All the details — now much? to whom? for what?

Click for a PDF: Ken’s Rosetta Stone of Taxes

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PDF          Data Source

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How to think like a rich guy …

September 11, 2012

Steve Siebold, author of “How Rich People Think,” spent nearly three decades interviewing millionaires around the world to find out what separates them from everyone else.

“It had little to do with money itself, he told Business Insider. It was about their mentality.”

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Here are my favorites from his 21 Ways that Rich People Think Differently:

3. Average people have a lottery mentality. Rich people have an action mentality.

“While the masses are waiting to pick the right numbers and praying for prosperity, the great ones are solving problems”

4. Average people think the road to riches is paved with formal education. Rich people believe in acquiring specific knowledge.

“Many world-class performers have little formal education, and have amassed their wealth through the acquisition and subsequent sale of specific knowledge.”

5. Average people long for the good old days. Rich people dream of the future.

“People who believe their best days are behind them rarely get rich, and often struggle with unhappiness and depression.”

7. Average people earn money doing things they don’t love. Rich people follow their passion.

“To the average person, it looks like the rich are working all the time … But one of the smartest strategies of the world class is doing what you love and finding a way to get paid for it.”

8. Average people set low expectations so they’re never disappointed. Rich people are up for the challenge.

“No one would ever strike it rich and live their dreams without huge expectations.”

12. Average people live beyond their means. Rich people live below theirs.

“The rich live below their means, not because they’re so savvy” … but because they can … and they do!

15. Average people would rather be entertained than educated. Rich people would rather be educated than entertained.

“The rich appreciate the power of learning long after college is over … Walk into a wealthy person’s home and one of the first things you’ll see is an extensive library of books they’ve used to educate themselves on how to become more successful … The middle class reads novels, tabloids and entertainment magazines.”

click for the full list

Thanks to CH for feeding the lead

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Maybe sex doesn’t sell … yeah, right.

September 11, 2012

Punch line: Sex no longer sells for traditional teen retailer Abercrombie & Fitch. 

Faced with new consumers who want unique, affordable fashion, the clothing giant is seeing sales decline and shutting down US stores. 

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Excerpted from Businessweek, “At Abercrombie & Fitch, Sex No Longer Sells”

A&F

Abercrombie & Fitch’s skin-filled ads and nightclub vibe once delighted American teenagers and infuriated parents.

Today, many aren’t even paying attention.

The once-edgy retailer has lost a third of its market value in the past year as it grapples with falling sales in Europe and the U.S.

While Abercrombie blames the economy for its woes, brand consultants say it also has failed to change with the times.

Today’s teens are underwhelmed by the half-naked models and blaring, dimly lit stores.

They’re also less inclined to wear Abercrombie’s longtime uniform of pricey denim and graphic T-shirts.

Sales at non-U.S. stores open at least a year plunged 26 percent in the second quarter.

Abercrombie shuttered 71 U.S. stores in its most recent fiscal year, and in February said it will close another 180 through 2015.

Today’s teens are “radically different” from other generations … and have a bevy of options thanks to the boom in fast fashion from Forever 21 and H&M. 

Abercrombie is “positioned well to take advantage of this group’s desire to be rebellious and indie and different, because that’s what the brand is about … but right now the product mix doesn’t communicate that or facilitate it.”

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