Breaking Bad Review

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TAX TIME: Should I File A Business Extension?

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The Super Rich are mad as hell - and doing great

1) Income for the rich is way up.

Income for the top 1% grew an estimated 31.4% from 2009 to 2012. The bottom 99% saw a gain of 0.4%.

2) The stock market is way up

The Dow has roughly doubled since January 2009. The middle class benefit somewhat from the gains, but it's the rich that benefit the most.

3) Tax rates on the rich are not way up

The rich have undoubtedly been subject to a fair amount of tax hikes recently.

Households with income above $250,000 will pay a 0.9% surtax for Medicare, plus an additional 3.8% on at least some of their investment income. Some of their deductions have also been reduced.

Households making above $400,000 ($450,000 if married) now pay a top income tax rate of 39.6%, up from 35% under Bush, but the same as during the Clinton years.

Those same high earners have to pay 20% on dividends and capital gains, up from 15%.

Meanwhile, the exemption on the federal estate tax stands at a generous $5 million per person.

But the rich crying class warfare need to think about what could have been if the far left had their way:

Nationalizing the banks: If that had happened, JP Morgan CEO Jamie Dimon would not have just gotten a $20 million payday.

Dividends taxed at ordinary income rates: That would have meant a rate of 39.6%, which would have hit wealthy investors much harder than the current structure.

Higher carried interest tax rates for private equity investors: This is the tax Schwarzman was worried about. Some fees paid to investment managers are taxed as investments, but many think their fees are just ordinary income and should be taxed at the much higher income rates.

The "Buffett Rule:" That would have ensured that millionaires paid a minimum of 30% of their taxable income to the federal government. Fact is, even with the increase in the top tax rate, most wealthy people pay an "effective rate" of far less.

One of the things the Super Rich complain about is the harsh language directed toward them. But while Obama referred to "fat cat" bankers on 60 minutes back in 2009, in general, "he dares not offend," as David Remnick wrote in the New Yorker last week. 

UN Launches Appeal for Typhoon-ravaged Philippines

MANILA — International humanitarian officials are grappling with the challenges of trying to get help into typhoon-ravaged central Philippines while people on the ground grow more desperate for food, clean water and medicine. The United Nations is appealing for $301 million, saying the greatest needs are food, water, shelter, medicine and clearing up debris.

As many as 10,000 people are feared dead.  ButPresident Benigno Aquino was quoted on CNN as saying the initial death projection was "too much," and that the final accounting would more likely be around 2,000 to 2,500.
 
In Manila Tuesday, U.N. Undersecretary-General for Humanitarian Affairs Valerie Amos said the magnitude of this crisis is “at the very top” of the U.N.’s scale for measuring the impact of emergencies.
 
“It’s been extremely difficult even to get a sense of what the immediate needs are because it’s been very difficult to get to some of the areas affected," Amos said.
 
Electricity in some provinces remains completely out. In others it is only partially restored. Communications links are slowly improving but many are still trying to reach loved ones on the phones.

As aid groups struggle to deliver food, water and medicine to the some 600,000 people displaced by the crisis, reports from areas in the disaster zone say the situation is getting desperate.

There have been reports of aid trucks being stopped before they can get to their designated locations, grocery stores and malls have been looted. On Tuesday, a mob of about 3,000 people broke through the fence of the airport in Tacloban to meet a military plane delivering provisions.
 
The U.N. appeal is for its action plan which includes 15 projects that support the government’s civil defense, health and social services.
 
The other challenge of trying to give aid has been coordination among those doing the giving.
 
The U.N. is urging aid agencies to go through a logistics briefing once they arrive at the airport in Tacloban, one of the hardest hit cities. The interior minister told a local news outlet people arriving at the airport and wanting to bring aid have at times ended up waiting to find out where and how they can help.
 
More than two dozen governments have offered support in the form of funding, humanitarian aid as well as military assets. Philippines presidential spokesman Edwin Lacierda said the support of the international community has been tremendous.

“Certainly it gives us comfort that we are not alone in this fight- in rehabilitating in the affected areas and in providing relief goods. Therefore we are very thankful for the countries who have pledged assistance to us,” he said.
 
Aid agencies say efforts are “scaling up” as scores of countries pledge money, resources and personnel to help deal with the crisis.  But getting the aid to those who need it most remains the biggest hurdle.

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Rumored iPhone 5S Packaging Shows Silver Ring 'Fingerprint Sensor' Around Home Button

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We're just days away from Apple's September 10th iPhone event, and the last minute leaks appear to be starting. Chinese site C Technology has published photos of what is claimed to be the iPhone 5S packaging. Although the photos appear to confirm the iPhone 5S name, and similar design to the iPhone 5, they also depict a mysterious silver ring around the traditional home button. Fox News anchor Clayton Morris previously claimed that the upcoming iPhone 5S would "have a silver ring around it" in an interview last month, while also noting the button is convex to make way for an embedded fingerprint sensor.

An iPhone 5S fingerprint reader has long been rumored, and alleged images of the sensor leaked earlier this week. The images appear to show an iPhone home button with metal parts around the edges. Apple's own September 10th iPhone invite also includes likely hints at a fingerprint sensor. An image accompanying the invite includes colorful circles and several silver rings. It's still not confirmed that the next iPhone will include a fingerprint sensor on the home button, but it's looking increasingly likely. Stay tuned toThe Verge on September 10th to follow along live as we learn more about the iPhone 5S and any other additional announcements.

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