Why the rich need to plan for a tougher estate tax, not a wealth tax:
Share to linkedinAt a tax conference exploring the populist idea of an annual wealth tax, the conversation shifted to the estate tax, which is on the books and hits the rich at death already. Why is that significant? Changes to the estate tax would be an easier way to address wealth inequality; they’re way more likely to happen than the pie in the sky idea of a wealth tax. And they could hit people at much lower levels of net worth.
“The exemption under the estate tax has risen astronomically. Probably by most measures, it’s too high,” said Beth Kaufman, an estate lawyer with Caplin & Drysdale in Washington, D.C., who spoke at the Tax Policy Center’s. You could justify imposing higher estate tax rates at higher levels of wealth and starting at a lower threshold, she noted. There are also bills in Congress aiming to close loopholes. That would go a long way towards raising revenue, Kaufman said.
In the past, Warren has similarly proposed lowering the estate tax exemption to $3.5 million and raising the tax rate to 55% to start, going up to 75% for the biggest estates.
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.
Why The Rich Need To Plan For A Tougher Estate Tax, Not A Wealth TaxChanges to the estate tax would be an easy way to address wealth inequality. Are you ready?
Read more »
Here's who is saving the most money from Trump's tax cutsThe savings rate in the U.S. was 17% higher in 2018 than in 2017, according to data from the Commerce Department cited by the Wall Street Journal, and it has continued to trend upward this year. Part of the increase can be attributed to a boost after President Trump's Tax Cuts and Jobs Act went into effect, but the Journal reports not everyone has benefited equally.
Read more »
Sanders Rolls Out Aggressive Anti-Billionaire Tax Tougher Than Warren’sBernie Sanders' aggressive anti-billionaire tax is tougher than Elizabeth Warren's by skleb1234
Read more »
A tax hike threatens the health of Japan’s economyAn influx of boozy rugby fans is not the only reason for Japanese retailers to top up their inventories this month
Read more »