- Mike Segar/Reuters
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In their latest study, WalletHub analysts investigated which states taxed their residents the most aggressively. They compared tax burdens by measuring property taxes, individual income taxes, and sales and gross receipt taxes (the three parts of a state tax burden) as percentages of total personal income in each state.
New York has the highest tax burden at 13.12%. It was followed by Hawaii (11.86%), Maine and Vermont (11.13%), and Connecticut (10.91%).
Red states have a lower tax burden than blue states. New Jersey has the highest property tax as a fraction of personal income (5.41%), while New York and Oregon have the highest individual income taxes as a fraction of personal income (4.76% and 4.04%, respectively.)
Texas’ Attorney General was charged with securities fraud (Associated Press)
“Federal securities regulators have filed civil fraud charges against Texas Attorney General Ken Paxton over recruiting investors to a high-tech startup before becoming the state’s top prosecutor,” report Paul J. Weber and Jim Vertuno of the Associated Press.
Paxton’s attorney said he hasn’t yet reviewed the civil federal lawsuit, and added that his client “vehemently denies” any wrongdoing, according to Weber and Vertuno.
“The typical person at retirement age today – the baby boomer – they don’t want the retirement of their parents,” Scott Hanson, a senior partner at financial advisory firm Hanson McClain, told The Street. Baby boomers don’t want to downsize in retirement, he said. Rather, they want to keep growing and flourishing.
“Everyone wants to be at a point where work is an option and not an obligation,” he continued. “But the goal of ‘quit working and live on a fixed income for the rest of their life’ has changed for most people.”
The hottest investment product is going to make mutual funds extinct (Business Insider)
Mutual funds have been a standby of retirement plans for decades, helping to provide a less risky vehicle for people to grow their wealth. But low-cost ETFs could soon be the new standard, argues Meb Faber of Cambria Investment Management.
“It’s a one-way street,” Faber told Business Insider’s Bob Bryan. “Mutual funds have so much baggage… and are still dominated by active managers, which usually means they charge more. Once you go from a high-fee, tax inefficient structure to a very low fee, tax efficient structure you don’t go back.”
Waddell joins Focus Financial Partners (InvestmentNews)
Waddell & Associates, a Tennessee-based RIA with $750 million of assets, joined Focus Financial Partners, reports Christine Idzelis.
Waddell is the fourth RIA to join Focus Financial in 2016.