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On October 3, 1913, US President Woodrow Wilson signed the Underwood-Simmons Act into law, creating what would become the first modern US income tax. The legislation (at least, the income tax portion) was only 16 pages and imposed a base tax rate of just 1%. The highest tax rate was
In early March 1938 in a dusty corner of the Arabian desert, Max Steineke finally had the breakthrough he was hoping for. Steineke was the chief geologist for the California Arabian Standard Oil Company (CASOC), a venture owned by what we know today as Chevron. And he hadn’t had a
This was the one of the easiest offshore bank account experiences I’ve ever had. It only took me 20 minutes to open this offshore bank account in Georgia. Read on to learn how and at which bank you can easily begin banking in Georgia. In 1991, the country of Georgia
Every year the Swiss banking giant Credit Suisse publishes a detailed report about Global Wealth. And while drawing conclusions about ‘wealth’ (i.e. ‘net worth’) for the world’s 7.6 billion people is far from an exact science, the report routinely offers some interesting insights and trends. This year’s report was just
On the morning of February 27, 1992, 79-year old Stella Liebeck and her grandson Chris pulled up to a McDonald’s drive-through in Albuquerque, New Mexico and ordered a $0.49 cup of coffee. Chris pulled the car over and parked momentarily so that his grandmother could add cream and sugar. While
By January 1920, much of Europe was in total chaos following the end of the first World War. Unemployment soared and steep inflation was setting in across Spain, Italy, Germany, etc. But an Italian-American businessman who was living in Boston noticed a unique opportunity amid all of that devastation. He
About twelve years ago, at the height of the real estate boom in the United States, banks began issuing what became known as NINJA loans. You’ve probably heard the term before– NINJA stood for No Income, Job, or Assets. These were the famed ‘no money down’ loans at low, teaser
Roughly two thousand years ago, the government of ancient Rome was facing a serious problem. The tributium capitus, or poll tax, they had imposed across their provinces was becoming unpopular. And there was a growing minority of Roman subjects who felt they were being forced to pay an overly burdensome
Every quarter the United States government publishes a list of individuals who have chosen to renounce their US citizenship. The latest list came out yesterday, and 1,376 people are on it. That might sound like a small number, but the total for 2017 is projected to be more than 20%
500 years ago to the day, on October 31, 1517, a German monk of the Augustinian order named Martin Luther sent a letter to his Archbishop expressing concern about certain practices of Church officials. In Luther’s era it had become typical for clergymen to sell ‘indulgences’ to anyone who wanted
There’s been something happening this month that very few people have noticed. It’s been lost beneath all the other headline-dominating news, from the Las Vegas shooting to Harvey Weinstein to the Mueller investigation. But very quietly behind the scenes there’s been an extremely rapid uptick in the US national debt.
Last year, I attended the Benjamin Graham Conference in New York City – this annual event brings together the best value investors in the world. A speech by billionaire hedge fund manager Leon Cooperman stood out to me. He discussed why the hedge fund industry was on the ropes. “[O]ur
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