{"id":30396,"date":"2015-03-28T08:30:20","date_gmt":"2015-03-28T15:30:20","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=30396"},"modified":"2023-04-30T06:56:27","modified_gmt":"2023-04-30T13:56:27","slug":"black-coffee-more-proof-that-taxes-grow-without-rain-and-sunlight","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id30396-black-coffee-more-proof-that-taxes-grow-without-rain-and-sunlight.html","title":{"rendered":"Black Coffee: More Proof That Taxes Grow Without Rain (and Sunlight)"},"content":{"rendered":"

\"\"<\/a>It’s time to sit back, relax and enjoy a little joe<\/em> …<\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

Okay, off we go …<\/p>\n

Credits and Debits<\/strong><\/p>\n

Debit:<\/strong><\/span> More cash-strapped Americans than ever are turning to so-called “refund anticipation” checks — and paying the fees<\/a> that come with them — when getting tax preparation help; almost 22 million in 2014 alone. That’s up 17% since 2011.<\/p>\n

Credit:<\/strong><\/span> Taxpayers aren’t the only ones who are cash-strapped: For those of you who still don’t believe that the United States’ debt situation is dire, check out this post<\/a> by Brandon Smith — it explains why you probably should.<\/p>\n

Debit:<\/strong><\/span> The bottom line is that the official $18 trillion National Debt is vastly understated. How understated is it? According to Professor Lawrence Kotlikoff of Boston University, the real National Debt<\/a> was $205 trillion — in 2013.<\/p>\n

Debit:<\/strong><\/span> That means US debt is at least 13 times its “official” GDP — which is America’s national income. There’s a word that describes most people with household debt equivalent to 13 times their annual income: bankrupt<\/a>.<\/p>\n

Debit:<\/strong><\/span> Don’t think the world doesn’t know the US is drowning in red ink<\/a> — and that the US dollar is, therefore, on borrowed time. It’s why China has been patiently working behind the scenes to create an alternative to the current dollar-based international monetary system.<\/p>\n

Credit:<\/strong><\/span> Yet another nail was pounded into the dollar’s coffin<\/a> last week when the UK, Germany, France and Italy all applied to join China’s new Asian Infrastructure Investment Bank — despite US protestations. Even America’s traditional European allies see the writing on the wall.<\/p>\n

Debit:<\/strong><\/span> Then again, our insolvent European allies are also desperate for more income — which is why Italy has resorted to taxing shadows<\/a>. No, really. The tax applies to businesses with awnings that cast a shadow on public property.<\/p>\n

Debit:<\/strong><\/span> And I thought Maryland’s rain tax<\/a> was patently absurd. That tax, which went into effect last year, is based on the amount of rain that falls on developed property. Well, unless it’s government<\/em> property. That’s exempt. Naturally.<\/p>\n

Debit:<\/strong><\/span> Then there’s France: Not only did it just announce a prohibition on cash payments<\/a> of more than 1000 euros ($1089), but the French government now requires people to report whenever they travel with gold. Think about that for a moment — because the implications are chilling. So much for libert\u00e9<\/em>.<\/p>\n

Credit:<\/strong><\/span> Speaking of gold … Until a couple of weeks ago, the mainstream media lamented that the yellow metal was on its worst “losing” streak<\/a> in 40 years. I looked at it as simply an incredible opportunity to buy gold on sale.<\/p>\n

Credit:<\/strong><\/span> Remember, despite their falling prices, gold and<\/em> silver can still buy essentially the same amount of gasoline<\/a> and other commodities that they could 40 years ago — unlike the dollars they’re measured against. And they always will.<\/p>\n

Credit:<\/strong><\/span> Maybe that’s why Ireland’s Minister of Finance recently sold his euro shares<\/a> for gold. Unfortunately, he bought “paper gold” in an ETF — which is fraught with counterparty risk — instead of physical metal, which has none.<\/p>\n

Debit:<\/strong><\/span> Did you see this? An illiterate cook in Australia was awarded $200,000<\/a> after the restaurant owner forced him to work 12-hour shifts, 7 days a week, for 16 consecutive months. Yikes.<\/p>\n

Credit:<\/strong><\/span> Before you get too indignant, you should know that his boss wasn’t a total slave-driver: The cook did<\/em> get Christmas off.<\/p>\n

Credit:<\/strong><\/span> I’m sure the rainbows-and-unicorns crowd will tell you it was most likely a paid holiday<\/a>.<\/p>\n

Debit:<\/strong><\/span> On a related note, a California restaurant owner was arrested last week for allegedly beating and enslaving one of his chefs<\/a> over a period of more than three years. And food servers think they<\/em> have it bad?<\/p>\n

By the Numbers<\/strong><\/p>\n

Last month Hakim Emmanuel of Stoughton, Massachusetts, bowled a perfect 300 game while playing in a doubles league. Then he bowled another one. Then he bowled another<\/em> one, making him an exclusive member of bowling’s 900 Club. How exclusive is it? Read on:<\/p>\n

27<\/strong><\/span><\/span> Number of official 900 series currently in the record books.<\/p>\n

1997<\/strong><\/span><\/span> Year when bowling’s governing body, the US Bowling Congress, first affirmed the feat.<\/p>\n

1982<\/strong><\/span><\/span> Year of the first unofficial 900 series, bowled by Glenn Allison. (The USBC said the oil in the lanes wasn’t compliant<\/a>.)<\/p>\n

1,460,000,000<\/strong><\/span><\/span> Approximate number of all series bowled since 1997.<\/p>\n

0.000000018%<\/strong><\/span><\/span> Chance of bowling a 900 series.<\/p>\n

0.00008%<\/strong><\/span><\/span> Chance of being struck by lightning during an 80-year lifetime.<\/p>\n

4<\/strong><\/span><\/span> Number of 300 games bowled by Mr. Emmanuel. He bowled his fourth perfect game last week on the same lanes he recorded his 900 series.<\/p>\n

Source: The Wall Street Journal<\/a><\/em><\/p>\n

The Question of the Week<\/strong><\/p>\n

[poll id=\"54\"]<\/code><\/p>\n

Last Week’s Poll Results<\/strong><\/p>\n

What is your favorite color?<\/p>\n