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China to close market this week to honor WW II
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Pope puts abortion forgiveness on the table
Survey may confirm our worst gender fears
GE names first female vice chair
Amgen finds data falsified in diabetes study

NYSE invokes Rule 48 before market open

McDonald’s set to offer all-day breakfast


 
Uber drivers lawsuit  endangers much more than Uber
Uber driver suit can proceed as class-action

Never use a market order when stocks are selling off

Texas edges out North Dakota in this oil list

Where every Fed member stands on raising rates

Rate-hike question is what Yellen didn’t want
Boston Fed president: Sept. doubt remains

New on the shelves of your local Apple Store: drones

Annie Leibovitz is working on UBS’s image

How LVMH poached Apple digital exec Ian Rogers

What to expect at September Apple event
What to expect from the Apple event on Sept. 9
Apple talks to Hollywood for exclusive content
Apple, Cisco team to put business users on iOS
Apple will let iPhone and iPad users block ads
Lost Apple deal leads to 40% job cut at GT

Yahoo CEO Marissa Mayer
Yahoo CEO Marissa Mayer pregnant with twins

Canada’s economy enters recession — arguably

Construction laborers work on the top floor of a high rise apartment building in New York.
Building is emerging as strongest sector of economy
U.S. manufacturing growth at 2-year low: ISM

How China turned minor yuan issue into global rout
Chinese factory data pull Asian shares lower
Beijing bumbling is China’s biggest problem

These are the cars that get the most Instagram attention

Best time to buy a new car may be just around the corner
U.S. car sales are stronger than expected

10 cities in U.S. with the very worst traffic problems
Lowest Labor Day gas prices in 11 years: AAA

Trump says Mount McKinley name change ‘insult to Ohio’
Trump: Switch to Denali is ‘insult to Ohio’
Mount McKinley in Alaska is renamed Denali
Which U.S. president has the tallest mountain?

Classified details blacked out in new Clinton emails
Classified details blacked out in new emails
Clinton says she supports ‘revolving door’ bill
Biden a tougher matchup than Clinton: poll

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Markets »

171.39MDow Volume:
Avg Vol: 111.86M
Unchanged
163
Decliners
5264
Advancers
1172
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 16,058 -470 2.84%
Nasdaq
/quotes/zigman/12633936/realtime 4,636 -140 2.94%
S&P 500
/quotes/zigman/3870025/realtime 1,914 -58 2.96%
GlobalDow
/quotes/zigman/629063/realtime 2,293 -2 0.10%
Gold
/quotes/zigman/662444/delayed 1,141 +1 0.07%
Oil
/quotes/zigman/2331095/delayed 44.45 -0.96 2.11%
FTSE 100
/quotes/zigman/3173262/delayed 6,059 -189 3.03%
DAX
/quotes/zigman/2380246/delayed 10,016 -244 2.38%
CAC 40
/quotes/zigman/3173214/delayed 4,541 -112 2.40%
FTSE MIB
/quotes/zigman/1482176/delayed 21,451 -491 2.24%
IBEX 35
/quotes/zigman/2759620/delayed 9,993 -266 2.59%
Stoxx 600
/quotes/zigman/2380150/delayed 353 -10 2.73%
Asia Dow
/quotes/zigman/6959860/realtime 2,712 -6 0.23%
Nikkei 225
/quotes/zigman/5986735/delayed 18,106 -60 0.33%
Hang Seng
/quotes/zigman/2622475/delayed 21,047 -138 0.65%
Shanghai
/quotes/zigman/1859015/delayed 3,123 -43 1.36%
Sensex
/quotes/zigman/1652085/delayed 25,651 -45 0.18%
Singapore
/quotes/zigman/1709939/delayed 2,898 +15 0.52%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 0.00 0.34%
Yen
/quotes/zigman/16008150/realtime/sampled 120.16 +0.78 0.66%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 +0.00 0.03%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 +0.00 0.28%
DXY Index
/quotes/zigman/1652083/delayed 95.59 +0.22 0.23%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.36 +0.19 0.21%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.16 +0.00 0.20%
German 10y
/quotes/zigman/15866409/realtime 0.80 +0.00 0.39%
Italy 10yr
/quotes/zigman/15866497/realtime 2.00 +0.08 4.05%
Spain 10yr
/quotes/zigman/15866444/realtime 2.14 +0.08 3.76%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.83 -0.02 1.25%
Japan 10yr
/quotes/zigman/15866525/realtime 0.40 +0.04 11.00%
Crude Oil
/quotes/zigman/2331095/delayed 44 -1 2.11%
Gold
/quotes/zigman/662444/delayed 1,141 +1 0.07%
Corn
/quotes/zigman/7599553/delayed 371 +2 0.47%
DJIA F
/quotes/zigman/38649152/delayed 16,239 +152 0.94%
S&P F
/quotes/zigman/30356461/delayed 1,935 +19 0.98%
Silver
/quotes/zigman/3134148/delayed 15 0 0.48%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 87.23 -2.20 -2.46%
AAPL /quotes/zigman/68270/composite 107.72 -5.04 -4.47%
GOOG /quotes/zigman/30194416/composite 597.79 -20.46 -3.31%
BAC /quotes/zigman/190927/composite 15.58 -0.76 -4.65%
C /quotes/zigman/5065548/composite 50.94 -2.54 -4.75%
F /quotes/zigman/264304/composite 13.72 -0.15 -1.08%
T /quotes/zigman/398198/composite 32.32 -0.88 -2.65%
BP /quotes/zigman/247026/composite 32.14 -1.40 -4.17%
GE /quotes/zigman/227468/composite 23.88 -0.94 -3.79%
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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
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 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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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

London Markets Open in:

need to know
China to close market this week to honor WW II
CNN shakes up GOP debate criteria
Pope puts abortion forgiveness on the table
Survey may confirm our worst gender fears
GE names first female vice chair
Amgen finds data falsified in diabetes study

NYSE invokes Rule 48 before market open

McDonald’s set to offer all-day breakfast


 
Uber drivers lawsuit  endangers much more than Uber
Uber driver suit can proceed as class-action

Never use a market order when stocks are selling off

Texas edges out North Dakota in this oil list

Where every Fed member stands on raising rates

Rate-hike question is what Yellen didn’t want
Boston Fed president: Sept. doubt remains

New on the shelves of your local Apple Store: drones

Annie Leibovitz is working on UBS’s image

How LVMH poached Apple digital exec Ian Rogers

What to expect at September Apple event
What to expect from the Apple event on Sept. 9
Apple talks to Hollywood for exclusive content
Apple, Cisco team to put business users on iOS
Apple will let iPhone and iPad users block ads
Lost Apple deal leads to 40% job cut at GT

Yahoo CEO Marissa Mayer
Yahoo CEO Marissa Mayer pregnant with twins

Canada’s economy enters recession — arguably

Construction laborers work on the top floor of a high rise apartment building in New York.
Building is emerging as strongest sector of economy
U.S. manufacturing growth at 2-year low: ISM

How China turned minor yuan issue into global rout
Chinese factory data pull Asian shares lower
Beijing bumbling is China’s biggest problem

These are the cars that get the most Instagram attention

Best time to buy a new car may be just around the corner
U.S. car sales are stronger than expected

10 cities in U.S. with the very worst traffic problems
Lowest Labor Day gas prices in 11 years: AAA

Trump says Mount McKinley name change ‘insult to Ohio’
Trump: Switch to Denali is ‘insult to Ohio’
Mount McKinley in Alaska is renamed Denali
Which U.S. president has the tallest mountain?

Classified details blacked out in new Clinton emails
Classified details blacked out in new emails
Clinton says she supports ‘revolving door’ bill
Biden a tougher matchup than Clinton: poll

Unlucky lottery winner gets IOU from Illinois

/conga/frontpage.html 353884

Markets »

171.39MDow Volume:
Avg Vol: 111.86M
Unchanged
163
Decliners
5264
Advancers
1172
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 16,058 -470 2.84%
Nasdaq
/quotes/zigman/12633936/realtime 4,636 -140 2.94%
S&P 500
/quotes/zigman/3870025/realtime 1,914 -58 2.96%
GlobalDow
/quotes/zigman/629063/realtime 2,293 -2 0.10%
Gold
/quotes/zigman/662444/delayed 1,141 +1 0.06%
Oil
/quotes/zigman/2331095/delayed 44.44 -0.97 2.14%
FTSE 100
/quotes/zigman/3173262/delayed 6,059 -189 3.03%
DAX
/quotes/zigman/2380246/delayed 10,016 -244 2.38%
CAC 40
/quotes/zigman/3173214/delayed 4,541 -112 2.40%
FTSE MIB
/quotes/zigman/1482176/delayed 21,451 -491 2.24%
IBEX 35
/quotes/zigman/2759620/delayed 9,993 -266 2.59%
Stoxx 600
/quotes/zigman/2380150/delayed 353 -10 2.73%
Asia Dow
/quotes/zigman/6959860/realtime 2,712 -6 0.23%
Nikkei 225
/quotes/zigman/5986735/delayed 18,106 -60 0.33%
Hang Seng
/quotes/zigman/2622475/delayed 21,044 -142 0.67%
Shanghai
/quotes/zigman/1859015/delayed 3,122 -45 1.41%
Sensex
/quotes/zigman/1652085/delayed 25,652 -45 0.17%
Singapore
/quotes/zigman/1709939/delayed 2,897 +14 0.50%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 0.00 0.34%
Yen
/quotes/zigman/16008150/realtime/sampled 120.15 +0.78 0.66%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 +0.00 0.03%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 +0.00 0.27%
DXY Index
/quotes/zigman/1652083/delayed 95.59 +0.22 0.23%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.36 +0.19 0.21%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.16 +0.00 0.20%
German 10y
/quotes/zigman/15866409/realtime 0.80 +0.00 0.19%
Italy 10yr
/quotes/zigman/15866497/realtime 2.00 +0.08 4.05%
Spain 10yr
/quotes/zigman/15866444/realtime 2.14 +0.08 3.76%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.83 -0.02 1.25%
Japan 10yr
/quotes/zigman/15866525/realtime 0.40 +0.04 11.00%
Crude Oil
/quotes/zigman/2331095/delayed 44 -1 2.14%
Gold
/quotes/zigman/662444/delayed 1,141 +1 0.06%
Corn
/quotes/zigman/7599553/delayed 371 +2 0.47%
DJIA F
/quotes/zigman/38649152/delayed 16,238 +151 0.94%
S&P F
/quotes/zigman/30356461/delayed 1,935 +19 1.00%
Silver
/quotes/zigman/3134148/delayed 15 0 0.48%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 87.23 -2.20 -2.46%
AAPL /quotes/zigman/68270/composite 107.72 -5.04 -4.47%
GOOG /quotes/zigman/30194416/composite 597.79 -20.46 -3.31%
BAC /quotes/zigman/190927/composite 15.58 -0.76 -4.65%
C /quotes/zigman/5065548/composite 50.94 -2.54 -4.75%
F /quotes/zigman/264304/composite 13.72 -0.15 -1.08%
T /quotes/zigman/398198/composite 32.32 -0.88 -2.65%
BP /quotes/zigman/247026/composite 32.14 -1.40 -4.17%
GE /quotes/zigman/227468/composite 23.88 -0.94 -3.79%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
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 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/12221594/composite AMBA-6.30%
  • /quotes/zigman/15952148/composite OVAS-10.65%
  • /quotes/zigman/413712/composite USO-6.80%
  • /quotes/zigman/88601/composite WYNN-5.41%
  • /quotes/zigman/6849146/composite SVXY-14.34%
X
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