Wednesday, October 27, 2021
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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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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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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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Democrats may rein in big estates without reforming the estate tax

Drew Angerer | Getty Images News | Getty ImagesDemocrats may scuttle tactics used by the rich to pass wealth to heirs with little to no tax, part of a broader plan to raise money for an expansion of the U.S. safety net.Specifically, the party is considering disallowing some complex

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Democrats eye reforms to Trump tax break for businesses as part of $3.5 trillion spending plan

Congressional Democrats are considering reforms to the 20% pass-through tax deduction as part of a $3.5 trillion federal spending package.Democrats' proposal would phase out the tax break for business owners with taxable income exceeding $400,000, according to a discussion list obtained by CNBC. It would also make the tax

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Democrats’ budget prohibits higher taxes for those making less than $400,000. Here’s who might pay more

Senate Majority Leader Chuck Schumer, D-N.Y., and President Joe Biden arrive at the U.S. Capitol for a Senate Democratic luncheon on July 14, 2021.Drew Angerer | Getty Images News | Getty ImagesSenate Democrats aim to fund a $3.5 trillion budget measure partly on the backs of higher taxes for

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Tax refunds and stimulus checks delayed by identity fraud crossfire

Samuel Corum/Bloomberg via Getty ImagesJeff Lavigne plans to use a tax refund this year for long-delayed medical help.Yet his refund, almost $2,700, has been in limbo since mid-March, when Lavigne filed his tax return, records show.The IRS flagged the return for potential identity theft — as it did for

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