MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Open in:

Futures: /quotes/zigman/43106711/delayed S&P 500 -1.3% /quotes/zigman/48241424/delayed DOW -1.2% /quotes/zigman/43108768/delayed NASDAQ -1.8%

need to know
Gold jumps to 3-month high as stocks sell off
European stocks drop to 15-month low
Oil sinks again as fears of oversupply persist
Apple supplier Imagination Tech warns of loss
FTSE 100 stuck in tight range after selloff
• Nikkei rises, as Asian markets ponder Fed
Credit Suisse CEO asks for bonus to be slashed
Struggling LeapFrog bought by VTech

Twitter said to plan algorithm for timeline

Randgold raises dividend after record output
Rio Tinto, 5 others quit London Metal Exchange
Moody’s cuts rating on W. Australia iron ore

Fundamentals are no longer relevant for gold
Anglo American CEO: Tough 2016 ahead

Venezuela can’t get Saudis to cut oil production
Only place left to invest if ‘Oilmageddon’ hits
Iran sets crude oil export volumes for Europe
Mark Mobius no longer investing in Petrobras


China’s forex reserves poised for another record drop
China’s foreign-currency reserves drop $99 bln
Will China soon burn through its reserves?
When is China stock market closed for holiday?
Japan's current account surplus quadruples


Tesla earnings: Model 3 spending, Model X sales in focus
Tesla earnings: Model 3, Model X in focus
Disney, Coca-Cola headline earnings week

John Bogle dismisses index-fund 'danger'
John Bogle dismisses index-fund ‘danger’

Wanted at Vanguard: A CFO

What are the 8 strongest S&P energy stocks?

In U.S., socialism is no longer a dirty word

New refugee crisis looms at Turkey’s border

Soros: EU is ‘on the verge of collapse’
What I learned traveling with Europe’s migrants
Europe wakes up to the danger of immigration


Lehman Brothers lives on,
as a spirit

How to retire early and still avoid 10% penalty
Worst money mistakes at any age
Know 4 important retirement account changes
3 things to avoid in first 3 years of retirement

N. Korea faces new sanctions after rocket test
North Korea fires long-range rocket
The 6 most corrupt countries in the world


Investors dump stocks, scoop up bonds for 5th straight week
Investors again dump stocks, scoop up bonds
FANG stocks take big bite out of Nasdaq

20 dividend stocks that Wall Street loves the most
The 20 dividend stocks that Wall Street loves most
Dividend stocks that will give you a raise

All the bad things Hillary Clinton
has done
Clinton to ‘look into’ paid-speech transcripts
Polls show Sanders nearly even with Clinton
Why do young voters like Sanders so much?

How to know if your tax preparer is a crook
How to know if your tax preparer is a crook

Tax software firm warns of data breach

Four reasons the January jobs report is fishy
Why the Fed is likely to stay put in March
Chicken-little investors, read jobs report

Barron's: Here comes $20 oil
Here comes oil for just $20 a barrel


Morgan Stanley gives up on higher oil prices

Bank stocks have taken enough punishment, UBS analyst says
Bank stocks have taken enough punishment, analyst says

The best biotech plays once sector stabilizes
/conga/frontpage.html 367302

Markets »

139.01MDow Volume:
Avg Vol: 128.61M
Unchanged
165
Decliners
4918
Advancers
1419
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,205 -212 1.29%
Nasdaq
/quotes/zigman/12633936/realtime 4,363 -146 3.25%
S&P 500
/quotes/zigman/3870025/realtime 1,880 -35 1.85%
GlobalDow
/quotes/zigman/629063/realtime 2,125 -14 0.65%
Gold
/quotes/zigman/33772884/delayed 1,176 +18 1.55%
Oil
/quotes/zigman/2260836/delayed 30.14 -0.75 2.43%
FTSE 100
/quotes/zigman/3173262/delayed 5,738 -110 1.89%
DAX
/quotes/zigman/2380246/delayed 9,050 -236 2.55%
CAC 40
/quotes/zigman/3173214/delayed 4,099 -102 2.43%
FTSE MIB
/quotes/zigman/1482176/delayed 16,926 -324 1.88%
IBEX 35
/quotes/zigman/2759620/delayed 8,277 -223 2.62%
Stoxx 600
/quotes/zigman/2380150/delayed 318 -7 2.29%
Asia Dow
/quotes/zigman/6959860/realtime 2,507 -3 0.12%
Nikkei 225
/quotes/zigman/5986735/delayed 17,004 +185 1.10%
Hang Seng
/quotes/zigman/2622475/delayed 19,288 +105 0.55%
Shanghai
/quotes/zigman/1859015/delayed 2,763 -18 0.63%
Sensex
/quotes/zigman/1652085/delayed 24,287 -330 1.34%
Singapore
/quotes/zigman/1709939/delayed 2,623 +65 2.53%
Euro
/quotes/zigman/16008136/realtime/sampled 1.11 0.00 0.37%
Yen
/quotes/zigman/16008150/realtime/sampled 116.72 -0.15 0.13%
Pound
/quotes/zigman/16008140/realtime/sampled 1.44 -0.01 0.67%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 +0.00 0.25%
DXY Index
/quotes/zigman/1652083/delayed 97.15 +0.10 0.11%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.98 +0.17 0.19%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.83 -0.01 0.47%
German 10y
/quotes/zigman/15866409/realtime 0.26 -0.04 13.78%
Italy 10yr
/quotes/zigman/15866497/realtime 1.58 +0.02 1.51%
Spain 10yr
/quotes/zigman/15866444/realtime 1.68 +0.03 2.13%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.52 -0.05 2.93%
Japan 10yr
/quotes/zigman/15866525/realtime 0.04 +0.01 25.61%
Crude Oil
/quotes/zigman/2260836/delayed 30 -1 2.43%
Gold
/quotes/zigman/33772884/delayed 1,176 +18 1.55%
Corn
/quotes/zigman/25518691/delayed 365 -1 0.34%
DJIA F
/quotes/zigman/48241424/delayed 15,930 -201 1.25%
S&P F
/quotes/zigman/43106711/delayed 1,852 -24 1.27%
Silver
/quotes/zigman/32655632/delayed 15 +0 1.23%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 104.07 -6.42 -5.81%
AAPL /quotes/zigman/68270/composite 94.02 -2.58 -2.67%
GOOG /quotes/zigman/59527964/composite 683.57 -24.44 -3.45%
BAC /quotes/zigman/190927/composite 12.95 -0.30 -2.26%
C /quotes/zigman/5065548/composite 39.86 -0.93 -2.28%
F /quotes/zigman/264304/composite 11.45 -0.08 -0.69%
T /quotes/zigman/398198/composite 36.88 0.35 0.96%
BP /quotes/zigman/247026/composite 30.46 -0.15 -0.49%
GE /quotes/zigman/227468/composite 28.54 -0.64 -2.19%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.3%
2 yr CD
0.7%
1 yr CD
0.5%
MMA $10K+
0.2%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.96% 11.88% 11.62%
Business 13.12% 13.11% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.30% 14.12%
Airline 15.17% 15.16% 15.10%
Cash Back 15.26% 15.23% 15.27%
Reward 15.28% 15.25% 15.14%
Instant Approval 18.21% 18.18% 18.00%
Bad Credit 22.88% 22.88% 22.73%
Source:CreditCards.com

Top 3 from Barron's

Today's list of the most-viewed stories from Barron's. More »

  1. 1.
  2. 2.
  3. 3.

Visit Barrons.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/59392505/composite NUGT+16.77%
  • /quotes/zigman/420125/composite GDX+5.57%
  • /quotes/zigman/3059264/composite DUST-16.63%
  • /quotes/zigman/588977/composite DIA-1.34%
  • /quotes/zigman/118681/composite TSLA-7.26%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration

SmartMoney Blogs

Encore
A blog about living in and planning for retirement

Is Warren Buffett Confusing the Tax Debate?

Alicia Munnell, the director of the Center for Retirement Research at Boston College, is a weekly contributor to “Encore.”

Warren Buffett has been making the point whenever possible that he pays a smaller percent of his income to the federal government than his secretary. President Obama regularly incorporates the plight of Mr. Buffett and his secretary into his speeches. The problems with Mr. Buffett’s statement are twofold: 1) his tax situation is not representative of high-income people generally; and 2) he diverts attention from the larger picture that we Americans under-tax ourselves. In the view of most economists a well-designed tax system will have tax rates that rise with income. Under such a structure, high-income people pay not only higher taxes but also a higher percentage of their income in taxes. The rates in the Federal personal income tax currently range from 10 percent for incomes under $8,500 to 35 percent on incomes over $379,150. For the population as a whole, these progressive marginal rates appear to translate into a progressive overall tax burden.

Figure 1 shows for different quintiles of the income distribution the shares of income before taxes and shares of total taxes paid. In 2007, households in the top quintile earned a disproportionate share – 55% – of before-tax income, but these households paid almost 70% of total taxes. That is, they paid a disproportionately large share of total taxes. For all other quintiles, their share of total taxes was less than their share of total income. Now some might argue that the wealthiest should have paid even more, but that concern seems secondary to the fact that the overall tax system is moderately progressive. Presumably, Warren Buffett pays a low rate because he receives a large share of his income in long-term capital gains and other forms of non-wage income, where maximum tax rates are at an all-time low.

The real problem with our tax system is not the distribution of burden, but the fact that our total local, state, and federal taxes amount to such a small share of our Gross Domestic Product (GDP). As Figure 2 below, from the Organisation for Economic Co-operation and Development (OECD) shows, 2008 taxes amounted to only 26.9 percent of GDP in the United States. The average for all OECD countries was 35.8 percent. The only OECD countries with a lower national tax rate were Korea, Turkey, and Mexico.

The implications of our low national tax rate are profound. Proposals abound to cut back on “entitlements” – Social Security and Medicare – and to scuttle the safety net for our vulnerable populations. Unfortunately, in this context, the conversation about Mr. Buffett and his secretary is a diverting side show.

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (4 of 4)

View all Comments »
    • Peaktrader,I acknowledge that there are qtilauy differences, but conventional PPP measures are supposed to adjust for both price and qtilauy.Perhaps the IMF measure of 4.5x Japan/China difference is slightly off. But my question was, What data sources claims the difference is “over ten times greater”? This would be a huge error on the part of IMF and other similar sources.

    • Taxpayers:Here are people are gitetng wages and lifetime pensions and medical benefits at your expense, sometimes after just 20 years of service. Department of Defense 3,000,000Veterans Affairs 275,000Homeland Security 250,000Treasury 115,000Justice 112,000Energy 109,000USDA 109,000Interior 71,000Labor 17,000HUD 10,000Education 4,487

    • 4. 6 monhts in Europe (Greece) and 6 monhts in the U.S. – plan to leave California for good and live a nomad life in the U.S. once the kids are out of the house – renting/living in different cities in the U.S. with my primary home in Greece.———————————spent a month in Greece this past summer,(know the country very well well & have inherited a home there). Upon returning to USA spent a couple of weeks in NYC area and realized how everything was so much cheaper that in Greece! ..and I’m talking NY metro area prices too!…the further west I traveled, the US seemed like a bargain.Point: Greece has been savaged by the euro and is more expensive than Northern EU countries in many categories, if not all, if you figure in the value proposition in goods and services. Another major shortcoming is the horrendous health care system that an older retiree might be dependent on.From a purely financial angle in today’s world, USA is one of top retirement choices.

    • So we really need to raise everyone’s taxes, because the good folks employed by the government certainly know what to do with our money far better than we mere plain folks do. What an elitist attitude.

About Encore

  • Encore examines the changing nature of retirement, from new rules and guidelines for financial security to the shifting identities and priorities of today’s retirees. The blog also explores news that affects retirement, from the Wall Street Journal Digital Network and around the web. Lead bloggers are reporter Catey Hill and senior editor Jeremy Olshan. Other contributors include The Wall Street Journal’s retirement columnists Glenn Ruffenach and Anne Tergesen; the Director for the Center for Retirement Research at Boston College, Alicia Munnell; and the Director of Research for Pinnacle Advisory Group, Michael Kitces, CFP.

MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Open in:

Futures: /quotes/zigman/43106711/delayed S&P 500 -1.3% /quotes/zigman/48241424/delayed DOW -1.2% /quotes/zigman/43108768/delayed NASDAQ -1.8%

need to know
Gold jumps to 3-month high as stocks sell off
European stocks drop to 15-month low
Oil sinks again as fears of oversupply persist
Apple supplier Imagination Tech warns of loss
FTSE 100 stuck in tight range after selloff
• Nikkei rises, as Asian markets ponder Fed
Credit Suisse CEO asks for bonus to be slashed
Struggling LeapFrog bought by VTech

Twitter said to plan algorithm for timeline

Randgold raises dividend after record output
Rio Tinto, 5 others quit London Metal Exchange
Moody’s cuts rating on W. Australia iron ore

Fundamentals are no longer relevant for gold
Anglo American CEO: Tough 2016 ahead

Venezuela can’t get Saudis to cut oil production
Only place left to invest if ‘Oilmageddon’ hits
Iran sets crude oil export volumes for Europe
Mark Mobius no longer investing in Petrobras


China’s forex reserves poised for another record drop
China’s foreign-currency reserves drop $99 bln
Will China soon burn through its reserves?
When is China stock market closed for holiday?
Japan's current account surplus quadruples


Tesla earnings: Model 3 spending, Model X sales in focus
Tesla earnings: Model 3, Model X in focus
Disney, Coca-Cola headline earnings week

John Bogle dismisses index-fund 'danger'
John Bogle dismisses index-fund ‘danger’

Wanted at Vanguard: A CFO

What are the 8 strongest S&P energy stocks?

In U.S., socialism is no longer a dirty word

New refugee crisis looms at Turkey’s border

Soros: EU is ‘on the verge of collapse’
What I learned traveling with Europe’s migrants
Europe wakes up to the danger of immigration


Lehman Brothers lives on,
as a spirit

How to retire early and still avoid 10% penalty
Worst money mistakes at any age
Know 4 important retirement account changes
3 things to avoid in first 3 years of retirement

N. Korea faces new sanctions after rocket test
North Korea fires long-range rocket
The 6 most corrupt countries in the world


Investors dump stocks, scoop up bonds for 5th straight week
Investors again dump stocks, scoop up bonds
FANG stocks take big bite out of Nasdaq

20 dividend stocks that Wall Street loves the most
The 20 dividend stocks that Wall Street loves most
Dividend stocks that will give you a raise

All the bad things Hillary Clinton
has done
Clinton to ‘look into’ paid-speech transcripts
Polls show Sanders nearly even with Clinton
Why do young voters like Sanders so much?

How to know if your tax preparer is a crook
How to know if your tax preparer is a crook

Tax software firm warns of data breach

Four reasons the January jobs report is fishy
Why the Fed is likely to stay put in March
Chicken-little investors, read jobs report

Barron's: Here comes $20 oil
Here comes oil for just $20 a barrel


Morgan Stanley gives up on higher oil prices

Bank stocks have taken enough punishment, UBS analyst says
Bank stocks have taken enough punishment, analyst says

The best biotech plays once sector stabilizes
/conga/frontpage.html 367302

Markets »

139.01MDow Volume:
Avg Vol: 128.61M
Unchanged
165
Decliners
4918
Advancers
1419
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,205 -212 1.29%
Nasdaq
/quotes/zigman/12633936/realtime 4,363 -146 3.25%
S&P 500
/quotes/zigman/3870025/realtime 1,880 -35 1.85%
GlobalDow
/quotes/zigman/629063/realtime 2,125 -14 0.65%
Gold
/quotes/zigman/33772884/delayed 1,175 +17 1.49%
Oil
/quotes/zigman/2260836/delayed 30.13 -0.76 2.46%
FTSE 100
/quotes/zigman/3173262/delayed 5,738 -111 1.89%
DAX
/quotes/zigman/2380246/delayed 9,050 -236 2.55%
CAC 40
/quotes/zigman/3173214/delayed 4,099 -102 2.43%
FTSE MIB
/quotes/zigman/1482176/delayed 16,924 -326 1.89%
IBEX 35
/quotes/zigman/2759620/delayed 8,277 -223 2.62%
Stoxx 600
/quotes/zigman/2380150/delayed 318 -7 2.29%
Asia Dow
/quotes/zigman/6959860/realtime 2,507 -3 0.12%
Nikkei 225
/quotes/zigman/5986735/delayed 17,004 +185 1.10%
Hang Seng
/quotes/zigman/2622475/delayed 19,288 +105 0.55%
Shanghai
/quotes/zigman/1859015/delayed 2,763 -18 0.63%
Sensex
/quotes/zigman/1652085/delayed 24,287 -330 1.34%
Singapore
/quotes/zigman/1709939/delayed 2,623 +65 2.53%
Euro
/quotes/zigman/16008136/realtime/sampled 1.11 0.00 0.38%
Yen
/quotes/zigman/16008150/realtime/sampled 116.73 -0.15 0.12%
Pound
/quotes/zigman/16008140/realtime/sampled 1.44 -0.01 0.67%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 +0.00 0.27%
DXY Index
/quotes/zigman/1652083/delayed 97.15 +0.10 0.11%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.98 +0.17 0.19%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.83 -0.01 0.47%
German 10y
/quotes/zigman/15866409/realtime 0.26 -0.04 13.78%
Italy 10yr
/quotes/zigman/15866497/realtime 1.58 +0.02 1.51%
Spain 10yr
/quotes/zigman/15866444/realtime 1.68 +0.03 2.13%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.52 -0.05 2.93%
Japan 10yr
/quotes/zigman/15866525/realtime 0.04 +0.01 25.61%
Crude Oil
/quotes/zigman/2260836/delayed 30 -1 2.46%
Gold
/quotes/zigman/33772884/delayed 1,175 +17 1.49%
Corn
/quotes/zigman/25518691/delayed 365 -1 0.34%
DJIA F
/quotes/zigman/48241424/delayed 15,930 -201 1.25%
S&P F
/quotes/zigman/43106711/delayed 1,852 -24 1.27%
Silver
/quotes/zigman/32655632/delayed 15 +0 1.23%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 104.07 -6.42 -5.81%
AAPL /quotes/zigman/68270/composite 94.02 -2.58 -2.67%
GOOG /quotes/zigman/59527964/composite 683.57 -24.44 -3.45%
BAC /quotes/zigman/190927/composite 12.95 -0.30 -2.26%
C /quotes/zigman/5065548/composite 39.86 -0.93 -2.28%
F /quotes/zigman/264304/composite 11.45 -0.08 -0.69%
T /quotes/zigman/398198/composite 36.88 0.35 0.96%
BP /quotes/zigman/247026/composite 30.46 -0.15 -0.49%
GE /quotes/zigman/227468/composite 28.54 -0.64 -2.19%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.3%
2 yr CD
0.7%
1 yr CD
0.5%
MMA $10K+
0.2%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.96% 11.88% 11.62%
Business 13.12% 13.11% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.30% 14.12%
Airline 15.17% 15.16% 15.10%
Cash Back 15.26% 15.23% 15.27%
Reward 15.28% 15.25% 15.14%
Instant Approval 18.21% 18.18% 18.00%
Bad Credit 22.88% 22.88% 22.73%
Source:CreditCards.com

Top 3 from Barron's

Today's list of the most-viewed stories from Barron's. More »

  1. 1.
  2. 2.
  3. 3.

Visit Barrons.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/59392505/composite NUGT+16.77%
  • /quotes/zigman/420125/composite GDX+5.57%
  • /quotes/zigman/3059264/composite DUST-16.63%
  • /quotes/zigman/588977/composite DIA-1.34%
  • /quotes/zigman/118681/composite TSLA-7.26%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration