Say you want to tax the rich and raise revenue for ambitious new spending programs. How should you do it?
s on the amount of tax people actually pay. When rates rise, taxpayers seek out tax deductions or exclusions, recategorize income as capital gains that are subject to a much lower rate, or defer income.
There are a few problems: First, it won’t raise much money. In part, that’s because only about one quarter of U.S. corporate stock is held by taxable shareholders, according to to replace the corporate income tax. And they confronted many of the challenges of taxing unrealized gains.Investors can avoid capital gains tax entirely by holding on to assets until they die. Not only does the estate tax exclude the first $11 million-plus in bequests but heirs also benefit from a feature of the tax code called the step-up basis. This allows an heir to avoid tax on any increases in asset values over a decedent’s lifetime.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here’s how Elizabeth Warren’s wealth tax could hit the fortunes of Bezos, Gates and BuffettHow much less money would these billionaires have today if Elizabeth Warren’s wealth tax had been in place? Jeff Bezos: $87 billion vs. $160 billion Bill Gates: $36 billion vs. $97 billion Warren Buffett: $27 billion vs. $88 billion
Read more »
Anna Sui RTW Spring 2020.AnnaSui's spring collection was light but rich in layers and sweet as can be.
Read more »
Kendall Jenner Is 'Self-Conscious' About This Body Part, Wishes People Would Be 'A Little Bit Nicer'Kourtney Kardashian, meanwhile, says she doesn’t feel self conscious about “any part” of her body (via toofab)
Read more »
The New Tax Math for People Living in High-Tax StatesMore snowbirds are expected to make a permanent move as the curbs on state and local tax deductions are starting to be felt
Read more »
'Crazy Rich Asians' director and cast support writer Adele Lim in pay dispute'Crazy Rich Asians' director Jon M. Chu and stars Gemma Chan and Henry Golding stand with screenwriter Adele Lim in her fight for pay equality.
Read more »
Egypt's petroleum minister advocates business over politics in gas-rich East MediterraneanEgypt's petroleum minister praised the 'practical and pragmatic' approach to energy security among countries signed up to the Eastern Mediterranean Gas Forum.
Read more »