To all my teenage and younger followers...

Let me tell you some life lessons I have learned in my 24 years on this Earth. 

1. Read the fine print. In every lease agreement, credit card application, and bill. Never take the information in large print as truth. The world is a place full of capitalist greed and people will try to swindle you for every dime you have. 

2. A credit card very rarely makes things better. While suddenly having a couple thousand dollars to spend might sound amazing, keep in mind the fact that you’re going to have to pay that back and then some. Never get a card with an annual fee if you can avoid it- because even if you don’t use it, it’ll still cost you.

3. Set up automatic payments. You will forget payments, and that can cost you (literally) a great deal. Set up automatic online payments with reminders so that you know it’s coming up, but don’t have to worry about it. 

4. In-Store credit cards are almost always terrible. Sears, Home Depot, Victoria’s Secret- all of them. They are usually packaged with fun deals like “get $50 off this purchase if you’re pre-approved!”. They fail to mention the 25% interest rate, annual fees, and the fact that it can only be used in that store. 

5. Keep your receipts. Seriously! Just keep a folder in your car and one in your house and drop every receipt you get in them.  At the end of the month dump them out and go through them. You’ll be amazed at what your spending looks like when it’s splayed out in front of you.  It makes budgeting much easier when you see real numbers. These can also come in handy around tax time- you would be surprised at the things you can write off in certain situations.

6. Learn about income tax. Visit the IRS website and educate yourself! It sounds boring (and it freakin’ is) but in no way does high school prepare you for or teach you about taxes well enough to hold your own in the real world. 

7. Claim as little as possible on your W4. When you start a new job, they always give you a W4 to fill out for tax information.  On line 5 of the form, it’ll ask how many allowances you want to claim. Now, claiming yourself may seem like a good idea because you get to keep more money on your paycheck- but it can also come back to bite you at the end of the year.  You may even end up paying in! On that same note, make sure your employer files your tax information correctly. I once ended up paying in $8,000 in taxes because my employer never had the IRS take taxes out of my checks! Whoops!

8. Start a savings fund. No matter how small it is! Even if you just put away $2 a week- it will eventually add up.  If you can, start a savings account that will earn you interest. 

9. Save your paystubs! If you plan to buy a car or rent an apartment, they’re going to want to see them.

10. Write down the start and end dates of every job you have. Making a resume and filling out job applications will be much easier with this information.

11. Make a good resume and keep printed copies as well as a digital copy at all times.  There are many excellent resume writing resources online that can help you (heck, I can help you- I used to work in HR!) buff up your resume.  You never know when you might meet someone who can present you with an opportunity! 

12. Never be afraid to ask for a raise or promotion.  If you are performing well and meeting or exceeding expectations- ask your supervisor for a raise or change of position that will pay more.  If you are aiming for a promotion, stroke the company’s ego, say something like “I would like the opportunity to prove my worth to the company and further my career with (         ).”

13. Debt collectors do not give up. They are a lot like the Terminator.  If you block their numbers or ignore their calls, they’ll find your family members or show up at your house. This is no joke. I have had hospital bill collectors call roommates, my parents, and even my dad once.  They are relentless and they do not care about your current situation or financial stability. They follow a script and expect you to pay up.  It’s hard not to panic when you get that first collections call- you definitely don’t feel in control of the situation. But remember, debt collectors are actually bound by many restrictions- they are barred from: 

-Using abusive or obscene language. -Harassing you with repeated calls.-Calling before 8 a.m. or after 9 p.m. unless you agree. -Calling you at work if you have asked them to stop. -Talking to anyone but you or your attorney about the debt. -Misrepresenting the amount of your debt. -Falsely claiming to be an attorney or a law enforcement official. -Falsely claiming to be a credit bureau representative. -Threatening to sue unless they actually plan to take legal action. -Threatening to garnish wages or seize property unless they actually intend to do it.

Always ask for written information on the debt- tell them to send you a paper statement of the debt so that you can look it over and decide what to do. Offer to make payments that are within your financial means- if they try to bully you into making larger ones, tell them you are well aware that they’ve looked into your finances and should know what you are able to afford.

14. Get renters insurance. Better to have it and not need it than to need it and not have it! 

15. Take inventory of the things you own. If you own electronics, guns, or other expensive items, write down the serial numbers and take pictures of them in your house. That way, if there’s a break in, fire, or flash flood, you have documentation and data to provide to your insurance company. 

I’ll add more as I think of them, but here’s a start. It’ll be tagged under “successfully adulting”.

EDIT: Here’s a link to the google drive document version of this. It will be updated periodically!
This document also includes a resources section with links to help you get started in many areas of adult life!


“Then there’s Superboy. Is a clone a dependent? Is he me? Do we file together? What does it all mean? What’s the meaning of life?”

Sketch From Superheroes Presents, Superhero Tax Season: Superman

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Oregon goes ahead with plan to tax per mile of driving

They’ll be trying it out at first with “volunteers.” I wonder how long that will last…

From The AP:

Oregon is about to embark on a first-in-the-nation program that aims to charge car owners not for the fuel they use, but for the miles they drive.
The program is meant to help the state raise more revenue to pay for road and bridge projects at a time when money generated from gasoline taxes are declining across the country, in part, because of greater fuel efficiency and the increasing popularity of fuel-efficient, hybrid and electric cars.
Starting July 1, up to 5,000 volunteers in Oregon can sign up to drive with devices that collect data on how much they have driven and where. The volunteers will agree to pay 1.5 cents for each mile traveled on public roads within Oregon, instead of the tax now added when filling up at the pump.
Some electric and hybrid car owners, however, say the new tax would be unfair to them and would discourage purchasing of green vehicles.

“This program targets hybrid and electric vehicles, so it’s discriminatory,” said Patrick Connor, a Beaverton resident who has been driving an electric car since 2007.
State officials say it is only fair for owners of green vehicles to be charged for maintaining roads, just as owners of gasoline-powered vehicles do.

Read the Rest

Pardon me while I bang my head on my keyboard…

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Okay. That’s better.

There are so many aspects to this:

  1. Like every other government program, this will eventually become mandatory. Mark my words, regardless of how utterly disastrous this program is, it will be heralded as a success by the media and government officials. And, much like the Obamcare tax, it will start off, relatively low to ease people in. And as soon as it becomes mandatory, the taxes will be raised dramatically.

  2. Notice that the drivers will have to use a tracking device on their cars. I can’t possibly see a scenario where that might be abused. At the touch of a button, the government officials in Oregon will know precisely where every citizen is at any given time. Yay!

  3. This is being put in place because of the growing use of fuel efficient cars that the government has been pushing on us for years.
    “State officials say it is only fair for owners of green vehicles to be charged for maintaining roads, just as owners of gasoline-powered vehicles do.”
    Yet these “officials” have been telling us the opposite for years now. They used to give tax incentives to people to buy fuel efficient vehicles but now, with the loss in tax revenue, they have to have a special tax for people that buy them. In other words, the government has become a victim of its own success – depending, of course, on how you define success. Only government could be this incompetent.

This is a case-study on how government always begets more government. In order to “fix” a problem government created, we have to implement more government.

anonymous asked:

My economics professor that simply increasing the taxes on the 1 percent would result in an increase in income for the rest of "us" and allow more funding to education and such. What do you think would be an good counter argument to this?

Your professor is an ideological stooge and is effectively doing what is presented in the comic below.

This is the story we hear from leftists all the time. “If we just raise the taxes on the top 1% we can do so much!” They often try to maintain that the 1% is this group of people that are born rich, remain rich, never work a day in their life and the only reason you’re poor is because they’re rich.

It’s an effective narrative because it sounds good and takes very little thought to believe. The 1% is just that, 1% of the population had has very little power as far as voting goes. 55% of Americans think the 1% doesn’t pay enough.

First let’s establish the current state of taxation in America. What does it take to be in the 1%

To be in the top 1%. You don’t have to be a billionaire. You don’t have to be a millionaire. You don’t have to make half a million per year. To be in the 1% you have to make roughly $390k per year. To be in the top 10% you have to make $114k per year. Ask your parents how much they make a year and you’d be surprised how high you might be. I’m only going to address federal income tax as state and local taxes vary depending where you live. We’ll also ignore how the top 1% tends to pay more of other taxes such as capital gains tax since generally speaking, they own more investments.

In 2014, the federal government took in 1.4 Trillion dollars in income tax revenue. The top 1% pays 37% of those taxes. They payed 45.7% of their income to the federal government in 2014 as it is.

Meanwhile, the bottom 50% of earners pay 2% of the tax burden. 

The bottom 40%, not only pays nothing to the government, they get money from the government.

(screenshot from this video)

Your professor’s idea that we can tax the rich to solve our problems has more holes in it than swiss cheese. Despite being an economics professor, he completely ignored what in economics is called The Laffer Curve. 

The Laffer Curve postulates that at a certain point, tax revenue will decrease as tax rates increase. This was proven to exist during the Reagan administration as Reagan cut taxes, revenue increased.

A study by Christina Romer, one of the most left wing economists, found that the curve existed around tax rates of about 33%, far below what current rates are for the wealthiest Americans.

So if your professor was honest, and really wanted more revenue to spend, he would support lower taxes on the rich.
Further your professor assumes that our income is related inversely to our income. Any economist worth his salt will tell you that income is individual. Just because someone is rich, doesn’t mean you get paid less. People get paid based on what their labor is worth and the competition they face in the market. 

TL;DR Version: He’s a shitty professor using his position to spread his ideology not education.

The IRS took $107K from this man’s bank account — even though he hadn’t been charged with a crime 

Last July, North Carolina convenience store owner Lyndon McLellan came into work one day to see more than a dozen federal agents in his story. They informed him all of the money in his bank account, around $107,000, had been seized by the government. He didn’t know why — but that didn’t stop him from fighting back.