Wednesday, October 27, 2021
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Here’s why Democrats’ proposed elimination of Roth conversions for the wealthy doesn’t start until 2032

Photo by Mike Kline (notkalvin) | Moment | Getty ImagesHouse Democrats proposed a rule to forbid Roth conversions for the wealthy as part of a broad package of tax increases on affluent Americans.But there's an irony in the proposal, according to tax experts.A Roth conversion is a mechanism that

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How Biden’s $3.5 trillion economic plan compares to LBJ’s Great Society and FDR’s New Deal

Anna Moneymaker | Getty Images News | Getty ImagesPresident Joe Biden's $3.5 trillion economic agenda — and the social spending it would usher in — has few parallels in modern U.S. history.The New Deal era of the 1930s and the Great Society of the 1960s are its closest comparisons,

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Here’s how many people pay the estate tax

Jodi Jacobson | E+ | Getty ImagesHouse Democrats proposed a change to the estate tax that would lead to more households having to pay up each year.But just how many people actually pay the tax, and how might the proposal change that share?The short answers: Few people pay it

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Billionaire Wise co-founder fined nearly $500,000 by UK tax collectors

Kristo Kaarmann, Co-Founder & CEO, TransferWise, on Centre Stage during day one of MoneyConf 2018 at the RDS Arena in Dublin. (Photo By Eóin Noonan/Sportsfile via Getty Images)Eoin Noonan | Sportsfile | Getty ImagesLONDON — The co-founder of $15 billion fintech start-up Wise has been slapped with a £365,651

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Why the White House and Democrats use $400,000 as the threshold for taxing ‘the rich’

President Joe Biden addresses the 76th Session of the U.N. General Assembly on Sept. 21, 2021 in New York.Eduardo Munoz-Pool/Getty ImagesPresident Joe Biden and House Democrats have unveiled plans to raise taxes on households with more than $400,000 of annual income, and cut or maintain taxes for those below

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Billionaire Peter Thiel could be forced to pull $5 billion from his retirement account, if House bill passes

Billionaire Peter Thiel, PayPal co-founder and chairman of Palantir Technologies, during a news conference in Tokyo, Japan, on Nov. 18, 2019.Kiyoshi Ota/Bloomberg via Getty ImagesBillionaire Peter Thiel and others with huge retirement account balances are in lawmakers' crosshairs.House Democrats unveiled a tax package on Monday that would force distributions

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House Democrats’ tax plan would increase marriage penalty for wealthy couples

The tax package House Democrats unveiled this week would increase the so-called marriage penalty for wealthy couples.Couples who file a joint tax return experience a marriage penalty if their income-tax bill is larger than the one they'd get filing as single taxpayers.A penalty is more common when each spouse

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House Democrats’ capital gains tax proposal is better for the super rich than Biden plan

NICHOLAS KAMM | AFP | Getty ImagesThe uber rich may be cheering House Democrats' proposed tax reforms on investment income relative to the Biden administration's earlier plan.The White House called for a 39.6% top federal tax rate on long-term capital gains and dividends — nearly double the current 20%.Long-term

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Millionaire taxes would increase 11% in 2023 under House Democrat plan

Drew Angerer | Getty Images News | Getty ImagesHouseholds earning $1 million or more would see their taxes rise by almost 11%, on average, in 2023 due to reforms proposed by House Democrats, according to Joint Committee on Taxation estimates published Tuesday.They'd pay an extra $96,000 that year, and

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House Democrats propose new retirement plan rules for the rich, including contribution limits and a repeal of Roth conversions

Mandel Ngan | AFP | Getty ImagesHouse Democrats proposed a slew of changes to retirement accounts for the rich on Monday, part of a re-structuring of the tax code tied to a $3.5 trillion budget plan.Taken together, Democrats' reforms aim to erode the use of retirement accounts as a

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