The 10 Richest Presidents

Forbes put together a great story on the 10 wealthiest Presidents of the United States. To see what Presidential faces grace the list, check out a segment of the story below or watch this slideshow on Forbes.com.

Don't believe all that born-in-a-log-cabin hype. Only four United States presidents actually started out that way, Abraham Lincoln being the most famous. By the time the other three, Franklin Pierce, James Buchanan and James A. Garfield, entered the nation's highest office, they shared one trait with its other 40 occupants: All had achieved a certain measure of financial prosperity.

Despite two centuries of campaign rhetoric touting identification with the common man, the simple fact is that no truly poor individual ever has become president of the United States.

Can anyone grow up to be president? If history is a judge, one just cannot become President unless they first amass sufficient financial wherewithal to withstand often income-less political races. (If Sarah Palin runs for president she'll need that $10 million Forbes estimates she has earned in book advances and speaking fees over the past year.)

Like citizens themselves, some presidents have been richer than others as they exercised their weighty responsibilities. Who were the flushest?

For our money, George Washington wins hands down. In the largely tax-free environment that characterized colonial America, he was considered one of its richest residents, a product of his shrewd business sense, a marriage to a wealthy widow and several inheritances. He benefited from an older brother's marriage into a powerful family, while early work as a surveyor helped give him a keen understanding of land.

Geithner Favors Allowing Tax Cuts for the "Wealthy" to Expire

From Examiner.com:

In another move sure to up the ante in the perceived class warfare being waged by the Obama administration, Treasury Secretary, Timothy Geithner has said that he is favorably disposed to allowing the present tax cuts for the "wealthiest people" to expire.

He calls it the "responsible thing to do", although most Blue Dog Democrats and Republicans would disagree, as they see it as a failed economic policy (increasing taxes on the wealthiest people) that would only hurt economic growth, in the long run.

While speaking on ABC's "This Week" this morning, Geithner professed that allowing the tax cuts to expire would send a signal to the world that the United States was willing as a country, to take concrete steps, necessary to reducing long-term budget deficits.

What he however failed to propose was how exactly the government intended to make up for the still expected shortfall, as the so-called wealthiest people already pay close to two-thirds of the taxes.

The truth is that invariably, higher taxes on the wealthiest people, will end up hurting the economy in the long run as the latter will withdraw or significantly reduce their charitable donations, thus negatively impacting the non-profit sector of the economy.

U.S. Lost Most Jobs Among Rich Countries

From ABCNews.com:

Unemployment in rich countries may have peaked — but there are still 17 million more people out of work than at the start of the crisis, the OECD said Wednesday.

They are "the human cost of the crisis," OECD chief Angel Gurria said, urging governments not to neglect them as they seek to repair wrecked balance sheets.

The longer a person is unemployed, the harder it typically becomes for them to gain paid employment.

"This threatens to mark whole generations," Gurria said in a news conference to mark the publication by the Organization for Economic Co-operation and Development of the report 'Employment Outlook 2010.'

There are 47 million unemployed in the OECD's 31 member countries — the world's most developed economies, the report says.

That's a rate of 8.6 percent, according to May 2010 figures, and compares with 5.8 percent in 2007.

New Jersey Democrats fail to extend millionaires tax

Do you think millionaires should be charged a hefty income tax? What if it was to solve one of the highest budget short-falls in history?

According to Reuters.com, New Jersey Democrats had wanted to reimpose a one-year, 10.75 percent tax on income above $1 million that would have hit 16,000 people. New Jersey's fiscal shortfall, at 37.4 percent of the current year's budget, is the second-highest among U.S. states, second only to Nevada, according to the Center on Budget and Policy Priorities. However, New Jersey Democratic legislators on Monday failed to gather enough votes to extend a tax on millionaires that would have been used to provide property tax relief for senior citizens and the disabled.

The millionaires' tax would have raised $637 million for rebate checks of up to $1,295 for some 600,000 senior citizens who would otherwise face steep increases in their property taxes during fiscal 2011.

Gov. Christie claimed the tax would keep the millionaire business owners from hiring in our tough economy. However, he proposed a constitutional amendment placing a 2.5 percent cap on annual increases in residential property taxes.

Read the full article here. Tell me what you think on Facebook or @ronideutch on Twitter.

Rich Cling to Life to Beat Tax Man

The temporary repeal of estate taxes for 2010 has some wealthy taxpayers going to great lengths to take advantage of this change. According to this article on the Wall Street Journal, some families are even debating between keeping loved ones on life support for a few days in order to avoid paying estate taxes.

"I have two clients on life support, and the families are struggling with whether to continue heroic measures for a few more days," says Joshua Rubenstein, a lawyer with Katten Muchin Rosenman LLP in New York. "Do they want to live for the rest of their lives having made serious medical decisions based on estate-tax law?"

Currently, the tax applies to about 5,500 taxpayers a year. So, on average, at least 15 people die every day whose estates would benefit from the tax's lapse.

The macabre situation stems from 2001, when Congress raised estate-tax exemptions, culminating with the tax's disappearance next year. However, due to budget constraints, lawmakers didn't make the change permanent. So the estate tax is due to come back to life in 2011 -- at a higher rate and lower exemption.