FBI: Why Do You Rob Banks?

A: Because That Is Where the Money Is.

The above exchange is attributed to Willie Sutton a nationally (in)famous serial bank robber during the 1930s.

The same applies to income tax.  The 2020 political cycle (aka “silly season”) started earlier than usual. On que, all sorts of calumny are attributed to the IRS.  In response, it may be of some inconvenient interest to look at the facts.

The IRS recently released its summary of the 2016 individual (Form 1040) tax year returns. The following table summarizes the key data points:

Row A shows the number of cumulative tax returns filed by each group of individuals.  There...

What does it mean to be a patriot? Is it what the media and celebrities tell us, or is it something more meaningful?

The current uncertainties contributing to the market's ups and downs have probably been there in one form or another as people have been living in groups.  As many people have long noted, social media and the Internet brings us everything, and social media and the Internet brings everything with an unprecedented immediacy.  This contributes to the general feeling that the world is falling apart.


The world has been falling apart for many millennia. All the world’s religions seek to bring order and reason to a chaotic world.  And all the world’s religions date back millennia.


Several years ago, a financial planning speaker brought this hom...

The December 2017 tax cut law was the longtime work of former Speaker of the House Paul Ryan and his pursuit of supply side economics - making the tax code simpler as well as lowering rates. As with most supply side economics in a world awash with Keynesian economic theory, the changes are not always obvious or immediately visible.

Brexit?  What Brexit?

The S&P 500 is an index of the 500 largest capitalized publically traded companies in the US.  The Standard and Poors (S&P) 500 index is the measure which most academics use as a baseline when studying stock market activity.

Here are some interesting S&P 500 numbers from recent days:

Brexit was a political referendum. While its impact will play out over the next several years, it had virtually no short-term impact on the market, other than scaring the pants off most investors and thereby creating a good buying opportunity.

Meanwhile, the media ignores the bond market which is screaming all kinds of projections.

The bond m...

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