3 Things 9-27
09/27/2021 Although MAS is a financial services company, not everything published herein will be about numbers or investing. But no matter the topic, we hope for three things: 1) That you find the time you spend engaged worthwhile. 2) That you’ll reach out to us for help in any of our areas of expertise if something we discuss creates an urging in you to do so. 3) That you’ll share this with somebody new each time you read it. Thing One Everybody Has A Guy We all know somebody, or at least know somebody who knows somebody, that can help up us with things like handyman jobs or automobile repairs in a pinch. Typically you’ve either heard of his good work or you can vouch for him personally. So when things in his sphere of competency need attention, you go to him or refer to him reflexively. We’d like for you to think of us as “the guy” for a range of financial issues. To that end, here’s a broad reminder of things we can help with when they “pop up”. Investments and Financial Planning - Need help with your investments, inside or outside of a retirement plan, or need help sorting through more than that, the timing is always right to reach out to us. Life Insurance – If you have dependents who would suffer in your absence you should have some. Timing-wise now would be good. Auto and Home Insurance – This doesn’t really “pop-up” in most people’s minds like it should, but you really should shop your policies at least yearly. You can start (and in most cases, complete, an online quote on our website). Health insurance: Medicare/Medicare Advantage - For older(or otherwise qualified people) needing help with Initial Enrollment (3 months before through three months after 65th birthday), Annual Enrollment (October 15 – December 7), General Enrollment (Jan 1 – March 31), or Special Enrollment (year-round) Tax prep – April 15th comes every year! Again, for any of the above, we can be your guy. And thanks to those of you who have already told people that you know a guy. You know who you are.
Thing Two Tax Increases As A Road To Prosperity Are A Fallacy The most recent claim made by the POTUS is that the $3.5 trillion dollar infrastructure bill will cost nothing because the revenue will be raised to pay for it. The supposed source of that revenue is the same as it always is - rich corporations and rich individuals. So the argument goes that the average person shouldn’t be concerned with taxes going up because they’ll be a beneficiary rather than being harmed. Well, some informed individuals and organizations say otherwise. Take this recent excerpt from the Wall Street Journal: “If there’s one idea that unites economists, it’s that corporations don’t pay the corporate tax – they pass it on to workers, consumers, and stockholders. The Joint Committee on Taxation last month produced an analysis of how the corporate tax hike would be distributed among taxpayers. With a rate hike to even 25%, within 10 years some 172 million taxpayers would be paying the bill – 98.4% of them with incomes below $500,000.” The article from which the above quote was taken goes on to explain how the tax increase would be passed on: “…Among the tax hikes are a 5.5 percentage point increase in the corporate income tax rate that will be paid by workers in lower wages, consumers in higher prices, and investors in lower returns. Though they’ll be pleased to know this all adds up to zero dollars.” To all this I say, workers, consumers, and investors of the world, unite. Tell your representatives that you understand that a certain level of taxes are necessary to pay for the things that we decide we need as a country but instead of scheming to spend beyond what we have agreed to and vilifying the producers of wealth, we should be encouraging production and investment (by corporations and individuals) because it helps us all grow more prosperous instead of just helping them, as members of the political class, to raise their profiles and bolster their re-elections prospects.
Thing Three Just A Thought “Any fool can know. The point is to understand.”— Albert Einstein