A sensational report arguing that the wealthy don't pay their fair share of income taxes starts to crumble when percentages are replaced with real money.
Advisers remain wary of President Joe Biden's proposals to raise capital gains taxes, which face political obstacles in Congress. There’s almost no chance any Republicans will support the administration's tax proposals.
Tax-rate changes have minimal effect on the financial benefits of Roth conversions, Edward McQuarrie, professor emeritus at Santa Clara University, wrote in a recent paper. The most important factor is actually compounding.
Here are strategies that can be helpful for clients who have regrets over the timing of their Social Security claiming decision, whether they claimed early rather than holding out for a bigger check or waited longer than necessary.
The estimate of lost income, due to planning mistakes alone, is separate from actual cuts to benefits, according to a recent academic paper.
The effective date for the capital gains tax hike would be April 28, 2021, when the American Families plan was introduced, according to the Treasury Department’s Greenbook, a compendium of revenue proposals for fiscal 2022 that was released with the administration's $6 trillion budget proposal in May.
The agency has unveiled a new 'express interview' process to help people apply for original or replacement Social Security cards and submit necessary proof of identity in person. But it encourages the public to continue to submit applications online.
The biggest surprise in Biden’s tax proposal is that it assumes an increase in the capital gains rate would be retroactive to April 2021, which would prevent wealthy people from selling off their assets quickly to avoid the hike.
The budget will assume the increase in the top capital gains tax rate to 43.4% that Biden has proposed will be effective retroactive to late April.
But unemployment resulting from Covid could temporarily reverse that positive trend.
The agency released a revised version of its publication covering rules on inherited IRAs that confirms there are no RMDs required during the 10 years. But the publication raises another question.
A senior advocacy group predicts benefits will rise 4.7% next year, based on the 0.8% increase in the April consumer price index.
President Biden likely will need to keep all Democrats on board to get his spending and related tax proposals through Congress.
President Joe Biden's plan is designed to boost IRS funding to lower the tax gap and raise $700 billion over 10 years.
Tax planning has become an urgent topic following President Joe Biden's proposal aimed at high earners and wealthy investors.
An unscientific poll of readers found 61% disapproving of Biden and 60% opposing his proposed tax increases. The survey was released on April 29, Biden’s 100th day in office.
Expanded government crackdowns on syndicated conservation easement land deals are creating financial and legal headaches for some wealthy investors.
President Joe Biden is considering a proposal to almost doubling the capital gains tax rate for wealthy individuals to 39.6%. The looming increase could add urgency to the market.
The bill, which advances to the House floor with a strong bipartisan push, would raise the RMD age from 72 to 75, among many other provisions.
U.S. companies are the group most likely to see a tax increase given the amount of revenue that could bring in, the CEO of Rockefeller Capital said.
