Thursday, January 31, 2013

Boston College's Graduate Accounting Program - #1!

http://www.ft.com/cms/90e47d8c-66fe-11e2-a83f-00144feab49a.pdf

Saturday, January 26, 2013

Monday, January 21, 2013

Phil Mickelson Discusses Taxes


From CBS Sports:

Phil Mickelson says changes are coming because of taxes and how they affect his family. Is Lefty considering retiring? He won't turn 43 until June.

Scott Michaux first reported that Mickelson said he was considering retirement after his final round Sunday at the Humana Challenge.

You should read his entire transcript. I've picked out a few of the more interesting quotes below.

Q: When you're asked about Stricker's semi-retirement, with the political situation the last couple months ... what did you mean by that? Do you find it an unsettling time in a way?
Phil Mickelson:
Well, it's been an interesting offseason. And I'm going to have to make some drastic changes. I'm not going to jump the gun and do it right away, but I will be making some drastic changes.
Q: Meaning leaving from California?
Mickelson:
I'm not sure.
Q. Moving to Canada?
Mickelson:
I'm not sure what exactly, you know, I'm going to do yet. I'll probably talk about it more in depth next week. I'm not going to jump the gun, but there are going to be some. There are going to be some drastic changes for me because I happen to be in that zone that has been targeted both federally and by the state and, you know, it doesn't work for me right now. So I'm going to have to make some changes.
Q: So why do you say next week? What is going to happen so drastic next week?
Mickelson:
No, but I'll probably be in the media center and I'll probably be a little more open to it because San Diego is where a lot more things, it's where I live, it's where the Padre thing was a possibility, and it's where my family is. And it just seems like a better fit than right here off of 18 on Palm Springs.
Q: Is it a stance that you are taking because on the one hand, you've made a lot of money, and no matter how much they take out, you are left with a lot of money?
Mickelson:
Yeah. I'll probably go into it more next year or next week. But if you add up, if you add up all the federal and you look at the disability and the unemployment and the Social Security and the state, my tax rate's 62, 63 percent. So I've got to make some decisions on what I'm going to do.
Again, check out Michaux's post for the rest of the transcript -- he references the PGA Tour retirement plan and how it plays into this as well.
And you guys thought Tiger Woods' 2013 PGA Tour debut was going to dominate the news next week.

Wednesday, January 16, 2013

Boston College Applications Decline by 26%

The number of applicants for the class of 2017 declined by 26% from approximately 34,000 to approximately 25,000 due to the new requirement of a 400 word essay based on the applicants selection of  one of the following topics:

1. St. Ignatius of Loyola, founder of the Society of Jesus, encouraged his followers to live their lives in the service of others. How do you plan to serve others in your future endeavors?

2. From David McCullough's recent commencement address at BC:
“Facts alone are never enough. Facts rarely if ever have any soul. In writing or trying to understand history one may have all manner of 'data,' and miss the point. One can have all the facts and miss the truth. It can be like the old piano teacher's lament to her student, 'I hear all the notes, but I hear no music.”
Tell us about a time you had all of the facts but missed the meaning.

3. In his novel, Let the Great World Spin, Colum McCann writes:
“We seldom know what we're hearing when we hear something for the first time, but one thing is certain: we hear it as we will never hear it again. We return to the moment to experience it, I suppose, but we can never really find it, only its memory, the faintest imprint of what it really was, what it meant.”
Tell us about something you heard or experienced for the first time and how the years since have affected your perception of that moment.

4. Boston College has a First-Year Convocation program that includes the reading and discussion of a common book that explores Jesuit ideals, community service and learning. If you were to select the book for your Convocation, what would you choose and why?

Sunday, January 13, 2013

Let's Introduce The Falcons

Matt Ryan.

Boston College. 

Luke Kuechly Returning to BC

Students at Boston College may find themselves seated next to a budding NFL star at class starting next week. Panthers MLB Luke Kuechly told PFW he is returning to the campus where he became the nation's top collegiate linebacker before being drafted by Carolina last spring. Kuechly said he is eight classes short of the requirement for a degree in marketing, but intends to complete the required courses.

Saturday, January 5, 2013

Boston College’s Special Commemorative Digital Publication Saluting Coach Jerry York

http://85ad6fd8035da3566d3d-0c54b4af7b377989c9561792d719c8a2.r50.cf2.rackcdn.com/York-925-Tribute/index.html#?page=0

The Stealth Tax Hike Why the new $450,000 income threshold is a political fiction.

FROM TODAY'S WSJ

Anyone still need a reason to abandon "grand bargains" and deals negotiated between this President and GOP Congressional leaders? Here it is: The revival of two dormant provisions of the tax code means the much ballyhooed $450,000 income threshold for the highest tax rate is largely fake.

The two provisions are the infamous PEP and Pease, which aficionados of stealth tax increases will recognize immediately as relics of the 1990 tax increase. Those measures, which limit deductions and exemptions for higher-income taxpayers, expired in 2010. The Obama tax bill revived them this week. It isn't going to be pretty.

Under the new law, some of the steepest tax increases may fall on upper-middle class earners with incomes just above $250,000. Here's why:

During the negotiations, the White House won a concession from Republicans to allow phaseouts for personal exemptions and limitations on itemized deductions, starting at an income of $250,000 for individuals and $300,000 for joint filers. 

The Senate Finance Committee informs us that in effect the loss of the personal exemptions, currently $3,800 per family member, can mean a 4.4 percentage point rise in the marginal tax rate for a married couple with two kids and incomes above $250,000. A family with four kids in that income range faces about a six percentage point marginal rate hike. The restored limitations on itemized deductions can raise the tax rate by another one percentage point.

High-income Americans with incomes of more than $1 million may lose up to 80% of their itemized deductions for home mortgage payments, health care, state and local taxes—and charities. Cue the local symphony's development office. 

Add it together and families in the 33% tax bracket could see their effective marginal rate paid on each additional dollar earned rise to above 38%.

A store manager married to a dentist with a combined income of, say, $350,000 may pay a higher tax rate under the new law than if the tax code had simply reverted back to the Clinton-era rates that Mr. Obama championed. Those earning more than $450,000 would see their de facto tax rate rise to about 41% under the new law, not 39.6%. Add in the new ObamaCare investment taxes and the tax rate on interest income is close to 45%. 

How did this happen? Recall that early in the fiscal-cliff negotiations House Speaker John Boehner offered to cap itemized deductions to raise $800 billion, in lieu of raising tax rates, if the President would agree to spending cuts. The White House rejected that.

Mr. Obama then insisted on reviving PEP and Pease, thereby recapturing much of the income he claimed to be "compromising" away by agreeing to a higher income threshold for the top bracket. But instead of using phaseouts to offset higher rates as Mitt Romney proposed, Mr. Obama insisted on raising tax rates too. 

Democrats are advertising the higher $400,000-$450,000 threshold as a victory for affluent taxpayers in blue states. But with PEP and Pease these Democrats are hammering their own constituents via the backdoor.

Taxpayers in blue states claim roughly twice as much in itemized deductions as those in red states. Income tax rates are steeper in California and New York than Texas and Utah. Chuck Schumer just put a tax bull's-eye on upper-income Manhattanites, and Barbara Boxer whacked Silicon Valley. Some $150 billion, about one-quarter of all the money raised by this tax bill, will come from this stealth tax hike. 

Mr. Obama purports this is merely "a return to the Clinton-era tax rates." But capital-gains rates will be about three to five percentage points higher than in the 1990s, the Medicare tax is higher, and his stealth tax will raise personal rates higher than advertised. Forget the golden Clinton memories. Mr. Obama is pushing the U.S. back to the Carter era.