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need to know
Burger King to sell hot dogs starting Feb. 23
What to expect from Whole Foods earnings
US Foods files to go public
Salesforce CEO takes stake in Fitbit
NRF expects retail sales to grow 3.1% in 2016
U.S. government runs $55 billion budget surplus

Portland Trail Blazers guards Damian Lillard and C.J. McCollum live with ... mom
Meet the NBA stars who live with their mothers

Musician Lenny Kravitz owned the 19th-century Creole cottage in the French Quarter of New Orleans from 1994 to 2012. It's now back on the market at $1.16 million.

RE/Max N.O. Properties/Mansion Global
A bona fide celebrity abode — believe it or not
S.F. real estate looked like this in 2000, too
San Diego prices sending buyers northward
Location Scouts: Insider intel from top markets

Tesla earnings: Model 3 spending, Model X sales in focus
Tesla earnings: Model 3 spending, Model X

Twitter reports after the bell — what to look for
The Twitter signal that’s giving investors hope
Facebook, Amazon are the keys to this market
Tech money makers can’t make up for losers

A break for zombie-fighting Amazon developers

REIT bonus targets at heart of Brixmor scandal

Burberry sues, says J.C. Penney copied its designs
Hermès sales up 15% on euro, Asian demand

10 essential money questions to ask yourself today

Feds have removed a roadblock to driverless cars

Recipe for less boring Oscar acceptance speeches
Is James Bond’s Pinewood Studios for sale?

Why is everyone freaking out about ‘CoCos’?
Convertible bonds are alluring as stocks fall

If you’re bullish on oil, Chevron and Exxon are buys here
If you’re bullish on oil, these stocks are buys

Social Security in the crosshairs: replacement rates again
Stage is being set for cuts to Social Security

Tricky tax issues you should know about this year

Supreme Court halts Obama’s emissions plan
White House forecasts best growth in years
Obama proposes $4.1 trillion federal budget

Why you should consider retiring abroad
The best places to retire abroad — with friends
Finding the best places to retire abroad
Expat retirees: how life has turned out

The sad truth of why retirement
is a myth


Is it wise to hold onto cash reserves?

Strategists argue stocks need a true purge

IRS says identity thieves breached its systems
How to know if your tax preparer is a crook
Tax software firm warns of data breach
White House's lesson about online security

The 6 Most Shorted NYSE Stocks: Short Sellers Pile on Alcoa, Freeport-McMoRan Again
Short sellers pile on Alcoa, Freeport-McMoRan
24/7 Wall St.: Short sellers retreat from Nasdaq

Cheap oil may make OPEC dominant again
Existential threat to Russians and Saudis: Lynn

Will oil get so cheap, it won’t pay to extract it?


/conga/frontpage.html 367604

Markets »

66.19MDow Volume:
Avg Vol: 130.29M
Unchanged
127
Decliners
1794
Advancers
4476
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 16,056 +41 0.26%
Nasdaq
/quotes/zigman/12633936/realtime 4,340 +71 1.67%
S&P 500
/quotes/zigman/3870025/realtime 1,870 +18 0.95%
GlobalDow
/quotes/zigman/629063/realtime 2,094 +10 0.46%
Gold
/quotes/zigman/33772884/delayed 1,193 -6 0.50%
Oil
/quotes/zigman/2260836/delayed 27.52 -0.42 1.50%
FTSE 100
/quotes/zigman/3173262/delayed 5,672 +40 0.71%
DAX
/quotes/zigman/2380246/delayed 9,017 +138 1.55%
CAC 40
/quotes/zigman/3173214/delayed 4,061 +64 1.59%
FTSE MIB
/quotes/zigman/1482176/delayed 16,714 +801 5.03%
IBEX 35
/quotes/zigman/2759620/delayed 8,144 +216 2.73%
Stoxx 600
/quotes/zigman/2380150/delayed 315 +6 1.87%
Asia Dow
/quotes/zigman/6959860/realtime 2,454 -17 0.69%
Nikkei 225
/quotes/zigman/5986735/delayed 15,713 -372 2.31%
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 23,759 -262 1.09%
Singapore
/quotes/zigman/1709939/delayed 2,582 -41 1.57%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 0.00 0.30%
Yen
/quotes/zigman/16008150/realtime/sampled 114.07 -1.05 0.91%
Pound
/quotes/zigman/16008140/realtime/sampled 1.45 +0.00 0.21%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 +0.00 0.45%
DXY Index
/quotes/zigman/1652083/delayed 96.13 +0.07 0.07%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.09 -0.19 0.21%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.72 -0.01 0.55%
German 10y
/quotes/zigman/15866409/realtime 0.24 +0.01 2.52%
Italy 10yr
/quotes/zigman/15866497/realtime 1.64 -0.04 2.37%
Spain 10yr
/quotes/zigman/15866444/realtime 1.72 -0.06 3.62%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.42 +0.00 0.13%
Japan 10yr
/quotes/zigman/15866525/realtime 0.01 +0.04 165.64%
Crude Oil
/quotes/zigman/2260836/delayed 28 0 1.50%
Gold
/quotes/zigman/33772884/delayed 1,193 -6 0.50%
Corn
/quotes/zigman/25518691/delayed 360 -1 0.21%
DJIA F
/quotes/zigman/48241424/delayed 15,989 +30 0.19%
S&P F
/quotes/zigman/43106711/delayed 1,863 +15 0.81%
Silver
/quotes/zigman/32655632/delayed 15 0 1.32%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 102.91 3.37 3.38%
AAPL /quotes/zigman/68270/composite 95.30 0.31 0.33%
GOOG /quotes/zigman/59527964/composite 693.71 15.60 2.30%
BAC /quotes/zigman/190927/composite 12.14 -0.06 -0.49%
C /quotes/zigman/5065548/composite 38.11 0.60 1.60%
F /quotes/zigman/264304/composite 11.40 0.05 0.41%
T /quotes/zigman/398198/composite 36.53 -0.12 -0.33%
BP /quotes/zigman/247026/composite 28.10 -0.25 -0.88%
GE /quotes/zigman/227468/composite 28.59 0.31 1.10%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
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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
Business 13.12% 13.12% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.35% 14.12%
Airline 15.17% 15.17% 15.10%
Cash Back 15.20% 15.26% 15.27%
Reward 15.25% 15.28% 15.14%
Instant Approval 18.02% 18.21% 18.00%
Bad Credit 22.56% 22.88% 22.73%
Source:CreditCards.com

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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

New York Markets Close in:

need to know
Burger King to sell hot dogs starting Feb. 23
What to expect from Whole Foods earnings
US Foods files to go public
Salesforce CEO takes stake in Fitbit
NRF expects retail sales to grow 3.1% in 2016
U.S. government runs $55 billion budget surplus

Portland Trail Blazers guards Damian Lillard and C.J. McCollum live with ... mom
Meet the NBA stars who live with their mothers

Musician Lenny Kravitz owned the 19th-century Creole cottage in the French Quarter of New Orleans from 1994 to 2012. It's now back on the market at $1.16 million.

RE/Max N.O. Properties/Mansion Global
A bona fide celebrity abode — believe it or not
S.F. real estate looked like this in 2000, too
San Diego prices sending buyers northward
Location Scouts: Insider intel from top markets

Tesla earnings: Model 3 spending, Model X sales in focus
Tesla earnings: Model 3 spending, Model X

Twitter reports after the bell — what to look for
The Twitter signal that’s giving investors hope
Facebook, Amazon are the keys to this market
Tech money makers can’t make up for losers

A break for zombie-fighting Amazon developers

REIT bonus targets at heart of Brixmor scandal

Burberry sues, says J.C. Penney copied its designs
Hermès sales up 15% on euro, Asian demand

10 essential money questions to ask yourself today

Feds have removed a roadblock to driverless cars

Recipe for less boring Oscar acceptance speeches
Is James Bond’s Pinewood Studios for sale?

Why is everyone freaking out about ‘CoCos’?
Convertible bonds are alluring as stocks fall

If you’re bullish on oil, Chevron and Exxon are buys here
If you’re bullish on oil, these stocks are buys

Social Security in the crosshairs: replacement rates again
Stage is being set for cuts to Social Security

Tricky tax issues you should know about this year

Supreme Court halts Obama’s emissions plan
White House forecasts best growth in years
Obama proposes $4.1 trillion federal budget

Why you should consider retiring abroad
The best places to retire abroad — with friends
Finding the best places to retire abroad
Expat retirees: how life has turned out

The sad truth of why retirement
is a myth


Is it wise to hold onto cash reserves?

Strategists argue stocks need a true purge

IRS says identity thieves breached its systems
How to know if your tax preparer is a crook
Tax software firm warns of data breach
White House's lesson about online security

The 6 Most Shorted NYSE Stocks: Short Sellers Pile on Alcoa, Freeport-McMoRan Again
Short sellers pile on Alcoa, Freeport-McMoRan
24/7 Wall St.: Short sellers retreat from Nasdaq

Cheap oil may make OPEC dominant again
Existential threat to Russians and Saudis: Lynn

Will oil get so cheap, it won’t pay to extract it?


/conga/frontpage.html 367604

Markets »

66.19MDow Volume:
Avg Vol: 130.29M
Unchanged
127
Decliners
1794
Advancers
4476
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 16,056 +41 0.26%
Nasdaq
/quotes/zigman/12633936/realtime 4,340 +71 1.67%
S&P 500
/quotes/zigman/3870025/realtime 1,870 +18 0.96%
GlobalDow
/quotes/zigman/629063/realtime 2,094 +10 0.46%
Gold
/quotes/zigman/33772884/delayed 1,193 -6 0.50%
Oil
/quotes/zigman/2260836/delayed 27.52 -0.42 1.50%
FTSE 100
/quotes/zigman/3173262/delayed 5,672 +40 0.71%
DAX
/quotes/zigman/2380246/delayed 9,017 +138 1.55%
CAC 40
/quotes/zigman/3173214/delayed 4,061 +64 1.59%
FTSE MIB
/quotes/zigman/1482176/delayed 16,714 +801 5.03%
IBEX 35
/quotes/zigman/2759620/delayed 8,144 +216 2.73%
Stoxx 600
/quotes/zigman/2380150/delayed 315 +6 1.87%
Asia Dow
/quotes/zigman/6959860/realtime 2,454 -17 0.69%
Nikkei 225
/quotes/zigman/5986735/delayed 15,713 -372 2.31%
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 23,759 -262 1.09%
Singapore
/quotes/zigman/1709939/delayed 2,582 -41 1.57%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 0.00 0.30%
Yen
/quotes/zigman/16008150/realtime/sampled 114.07 -1.05 0.91%
Pound
/quotes/zigman/16008140/realtime/sampled 1.45 +0.00 0.21%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 +0.00 0.45%
DXY Index
/quotes/zigman/1652083/delayed 96.13 +0.07 0.07%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.09 -0.19 0.21%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.72 -0.01 0.55%
German 10y
/quotes/zigman/15866409/realtime 0.24 +0.01 2.52%
Italy 10yr
/quotes/zigman/15866497/realtime 1.64 -0.04 2.37%
Spain 10yr
/quotes/zigman/15866444/realtime 1.72 -0.06 3.62%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.42 +0.00 0.13%
Japan 10yr
/quotes/zigman/15866525/realtime 0.01 +0.04 165.64%
Crude Oil
/quotes/zigman/2260836/delayed 28 0 1.50%
Gold
/quotes/zigman/33772884/delayed 1,193 -6 0.50%
Corn
/quotes/zigman/25518691/delayed 360 -1 0.21%
DJIA F
/quotes/zigman/48241424/delayed 15,989 +30 0.19%
S&P F
/quotes/zigman/43106711/delayed 1,863 +15 0.81%
Silver
/quotes/zigman/32655632/delayed 15 0 1.32%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 102.83 3.29 3.31%
AAPL /quotes/zigman/68270/composite 95.27 0.28 0.29%
GOOG /quotes/zigman/59527964/composite 693.55 15.44 2.28%
BAC /quotes/zigman/190927/composite 12.15 -0.06 -0.45%
C /quotes/zigman/5065548/composite 38.08 0.57 1.51%
F /quotes/zigman/264304/composite 11.39 0.04 0.33%
T /quotes/zigman/398198/composite 36.53 -0.12 -0.33%
BP /quotes/zigman/247026/composite 28.09 -0.26 -0.92%
GE /quotes/zigman/227468/composite 28.58 0.30 1.06%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
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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% 11.96% 11.62%
Business 13.12% 13.12% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.35% 14.12%
Airline 15.17% 15.17% 15.10%
Cash Back 15.26% 15.26% 15.27%
Reward 15.28% 15.28% 15.14%
Instant Approval 18.21% 18.21% 18.00%
Bad Credit 22.88% 22.88% 22.73%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/23556538/composite TWTR+4.86%
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  • /quotes/zigman/13139813/composite SCTY-26.95%
  • /quotes/zigman/245568/composite DIS-3.15%
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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:

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