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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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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Toast’s three co-founders are all billionaires after company’s IPO

Toast's surge past $30 billion in market cap in its stock market debut on Wednesday turned all three of its co-founders into billionaires.Steve Fredette, Aman Narang and Jonathan Grimm started the company in 2012 after their prior employer, Endeca, was sold to Oracle for $1 billion. They stayed home

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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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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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