Welcome 2012!
Like many of you, I was eager to see 2011 in the rear-view mirror. It wasn’t the worst of times, but it wasn’t the best of times either (sorry – I’m re-reading A Tale of Two Cities). As for New Year’s resolutions, well, I wasn’t going to make any this year. But today I changed my mine and made 3. All are very different from previous years’ resolutions, and I’ll keep them to myself, thank you. Here’s wishing you a wonderful 2012.Why we don’t donate in December
All of our mailboxes are full in December. Nestled between the many catalogs and charitable solicitations we don’t want are the few holiday cards we do want.
In our house the catalogs immediately go to recycling and the charitable solicitations are thrown out – all of them. We update our family’s charitable giving choices once a year, then only donate to our chosen charities. So while I may read some of the many charitable “asks” we receive in December, I throw them all out with a clear conscience. I figure if they represent a cause we want to support, I can investigate the charity and suggest we add them to our giving list – next year.
Sure – it feels great to give, especially during the holiday season. But putting your donations on hold, just for a few months, will ensure you make the most of your charitable budget.
Don’t ask yourself “Will I succeed?”
Peter Bregman of the Harvard Business Review is one of my favorite columnists. His recent column discusses the reasons behind the success of his long-term friend, Jim Wolfensohn, who became head of the World Bank. Peter believes that Wolfensohn’s success is due to his never asking himself “Will I succeed?” when deciding whether or not to do something. Instead, Wolfensohn asks himself “Is it worth the risk?”. Here’s the complete column: http://bit.ly/kr20C3
The most expensive tax break cost $264 Billion in 2010
What do you think the most expensive US tax break for individuals is? What cost us $264 billion in 2010? According to the NY Times magazine section, it was the exclusion for employer-provided health insurance. http://nyti.ms/kmzp8G
Surprised? I was. I assumed the home mortgage deduction was the most expensive tax break.
Not taxing employer-provided health insurance is a silly tax break for two reasons. One, it only benefits individuals who have jobs which provide health insurance. Two, it incents businesses to spend relatively more on medical insurance (which is not taxable) instead of salaries (which is taxable).
The solution? Include the value of employer-provided health insurance in a person’s taxable income. Since this would cause quite a income tax increase, especially for lower-wage workers, a tax credit could be justified to soften the shock ( just for lower-wage earners). And/or the tax break could be phased out.
Honestly, why should people with jobs and with employer-provided health insurance get a significant tax break when so many people lack both jobs and insurance? In my book, this tax break is hard to justify.
Career advice for newbies – that means all of us
The marketing blogger Mitch Joel (Six Pixels of Separation) wrote a few words of wisdom for his new-to-the-marketplace self. I think his words ring true for anyone. http://bit.ly/mSGbs0
Recent Comments