The Great Retirement Ripoff – Part II

I picked up the October 31, 2005 issue of Time with “The Great Retirement Ripoff” cover. The article was terrible. It was so one-sided that it should have been titled as an editorial. The authors made no attempt to explain the situation other than to say Congress allowed everything to happen.

Of course I disagree with companies that leave their retirees high and dry. That should never happen. I think the prudent thing to do would have been to explain to the younger workers that the pensions were no longer going to be available and that they had better start utilizing their 401(k) rather than taking benefits from those who were already retired.

I’ll post more on this later.

Oil Company Profits

A lot of people are upset at the fact that oil companies like Exxon, Chevron, ConocoPhillips, BP, and many others are showing record revenues. Of course these same people weren’t feeling sorry for the oil companies back when oil was at $10 per barrel. What we seem to forget is that one of the major factors that affects how much we pay at the pump for a gallon of gas is that of taxes. As The Tax Professor points out with this post, tax revenues from gasoline exceed oil company profits.
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Start Planning Your Taxes Now

DISCLAIMER: I am NOT a tax expert. When it comes to taxes, if you have doubts or questions you should consult a tax expert.

On Thursday my H&R Block tax class began talking about itemized deductions. There’s a lot of deductions available. The problem is that they take planning and organization ahead of time to be able to take advantage of them. Why? Because you have to keep records so that you have proof in case the IRS ever audits you.
Continue reading Start Planning Your Taxes Now