US, world headed for 25 year depression: Jim Rickards

US, world headed for 25 year depression: Jim Rickards

“When I use the phrase 25 year depression, it sounds extreme but it’s not. We had a 30 year depression in the United States from about 1870 to 1900…The Great Depression lasted from about 1929 to 1940. The U.S. is in a depression today.” Well, it's been in the works for

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Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

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Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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Content By: The Coming Depression Editorial Staff (dates cited below)
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hose put taxes in basket

Considering a move to another state? Not so fast. Be sure to weigh state taxes when calculating the difference in cost of living.

Here is Yahoo News’s updated 2014 list of the ten least tax-friendly states (1). Their choices remain the same as last year. Almost all these states levy property taxes well above the national median of $1,324. State income taxes are high, as are combined state and local sales taxes that could cost you up to an additional 10% per purchase, depending the municipality in which you live or shop. Finally, some of these states have the highest gas prices in the U.S., in part because they charge above-average fuel taxes and fees.

California:

State income tax: 1%-13.3%
State sales tax: 7.5%
Gas taxes and fees: $0.53 per gallon (National average is $0.31)

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The Golden State is home to movie stars, beautiful beaches, Silicon Valley… and the highest income tax rates in the U.S. Rates range from 1% on taxable income of up to $7,582 for individuals ($15,164 for married joint filers) to 13.3% for individuals or married couples with taxable income of more than $1 million.

Connecticut:

State income tax: 3%-6.7%
State sales tax: 6.35%
Gas taxes and fees: $0.49 per gallon

The Constitution State has the second-highest property taxes in the U.S. after New Jersey, according to the Tax Foundation. The median property tax on the state’s median home value of $291,200 is $4,738.

The top income tax rate of 6.7% kicks in at $250,000 in taxable income for individuals and $500,000 for married couples.

There are no local sales taxes, but residents pay a state sales tax of 6.35% on most items. Luxury items, such as jewelry worth more than $5,000, are taxed at 7%.

New Jersey:

State income tax: 1.4%- 8.97%
State sales tax: 7%
Gas taxes and fees: $0.15 per gallon

The Garden State’s combined state and local tax burden is the second-highest in the nation, after New York. What’s more, seven of the top ten counties with the highest median real estate taxes are in New Jersey, according to the Tax Foundation. The median property tax on the state’s median home value of $348,300 is $6,579.

New York:

State income tax: 4%-8.82%
State sales tax: 4%
Gas taxes and fees: $0.49 per gallon (varies by county)

Residents of the Empire State shoulder the highest state and local tax burden in the U.S., according to the Tax Foundation.

Income tax rates range from 4% on up to $8,200 of taxable income for single filers and $16,450 for married couples filing jointly to 8.82% on taxable income of more than $1,029,250 for single filers and $2,058,550 for married couples filing jointly.

Hawaii:

State income tax: 1.4%-11%
State sales tax: 4%
Gas taxes and fees: $0.48 per gallon (varies by county)

The Aloha State is known for its high cost of living and high income tax rates are part of the reason. The top rate of 11% applies to taxable income of $300,000 for individual filers and $400,000 for married couples.

Rhode Island

State income tax: 3.75%-5.99%
State sales tax: 7%
Gas taxes and fees: $0.33 per gallon

In 2011, the Ocean State dropped its top income tax rate from 9.9% to 5.99%, but it’s still far from a tax haven. The Tax Foundation says Rhode Island’s median real estate taxes are the seventh-highest in the U.S. The median property tax on the state’s median home value of $267,100 is $3,618.

Income tax rates range from 3.75% on up to $59,600 of taxable income to 5.99% on taxable income that exceeds $135,500.

Groceries, most clothing and footwear, and prescription drugs are exempt from the 7% state sales tax. Over-the-counter drugs, such as aspirin, are taxed unless you have a prescription. The tax also applies to the portion of any individual sale of clothing and footwear that exceeds $250. Sales tax on vehicles is 7%.

Maine

State income tax: 6.5%-7.95%
State sales tax: 5.5%
Gas taxes and fees: $0.32 per gallon

The Pine Tree State dropped its top state income tax rate from 8.5% to 7.95% in 2013. But that’s still steep compared to other states, and it kicks in once taxable income exceeds just $20,900 for single filers or $41,850 for joint filers.

Maine is one of only a few states that prohibit local jurisdictions from imposing their own sales tax. Food for home consumption and prescription drugs are exempt from sales taxes; but prepared foods in restaurants are taxed at 8%.

Minnesota

State income tax: 5.35%-9.85%
State sales tax: 6.875%
Gas taxes and fees: $0.29 per gallon

The North Star State recently added a new top income tax rate for high earners. Tax rates range from 5.35% on taxable income of less than $24,680 for single filers and $36,080 for joint filers to 9.85% on taxable income of more than $152,540 for single filers and $254,241 for joint filers.

Vermont

State income tax: 3.55%-8.95%
State sales tax: 6%
Gas taxes and fees: $0.33 per gallon

The Green Mountain State has a steep top income tax rate, and its property taxes are among the ten highest in the U.S., according to the Tax Foundation. And the median property tax on the state’s median home value of $216,300 is $3,444, also high.

Income tax rates range from 3.55% on up to $36,900 of taxable income ($59,050 for married couples) to 8.95% on taxable income of more than $405,100 for singles and joint filers.

Illinois

State income tax: 5%
State sales tax: 6.25%
Gas taxes and fees: $0.39 per gallon

Sales taxes are steep in the Prairie State. In some municipalities, combined state and local sales taxes are as high as 10%. Qualifying food and prescription and nonprescription drugs are taxed at 1%, however. And the state income tax is a flat 5%.

The state’s homestead exemption for owner-occupied residential property exempts up to $6,000 ($7,000 in Cook County) from a property’s assessed value. Even then, though, the state has some of the highest property taxes in the U.S., according to the Tax Foundation. The median property tax on the state’s median home value of $202,200 is $3,507.

References:

(1) Yahoo News

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