Those AIG guys just can’t win. The TaxProf Blog has reviewed two analysis of the recent anti-AIG bonus legislation. According to some commentators, people receiving AIG money will still need to calculate their taxable income assuming the bonus was received. Considering that the Alternative Minimum Tax is implemented and accounting for the impact of state and federal obligations, some recipients will be effective taxed at 130%.

Essentially, they lose money even if the bonuses are accepted. Its damned if you do, damned if you don’t. Talk about taxes choking wealth!

Click here for the story.

Best,

James

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1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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