Did it thrill you to see your children cash their first paycheck? Do you display that special kind of inner pride knowing your children have that special kind of responsibility that makes employers want to hire them despite their young age? Then hold on to your seats, it’s about to get a whole lot more
Taxes
Everyone likes free stuff, no matter who they are, and the Academy Awards every year hands out pricey gifts. Maybe things are more austere this year, since a gift bag for top nominees in the past has been jam-packed and worth $205,000. This year, it’s a more svelte $140,000 worth of stuff, but that’s still
Topline As part of his proposed budget for the upcoming fiscal year, President Joe Biden on Monday released a proposed minimum income tax rate applying to the highest-earning Americans, marking the first time the White House has ever directly targeted billionaire wealth after a similar Democrat-proposed measure failed to move forward last fall. Key Facts
President Biden is unfurling his proposed “Billionaire Minimum Income Tax,” as part of his new budget, but his chances of success remain murky. Not even all democrats are likely to agree. As he unveils a new tax on billionaires, it is supposed to “ensure that the very wealthiest Americans pay a tax rate of at
Today’s Social Security column addresses questions about how and when COLAs are applied, switching to spousal benefits after early retirement benefits and divorced survivor’s benefits before retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. Shouldn’t My Age 70 Benefit Estimate Increase
Anyone with earned income can make a non-deductible (after tax) contribution to an IRA and benefit from tax-deferred growth. But it may not be worth it due (in part) to often overlooked ongoing recordkeeping requirements. For many, the biggest risk and most common downfall is significant: paying taxes again when withdrawing the money in retirement.
The American Rescue Plan passed last March included $1.9 trillion in economic relief for individuals and businesses affected by the Covid-19 pandemic. In addition to the popular Economic Impact Payments (stimulus checks) the Plan included tax benefits designed specifically to help families, most notably expansions of the Child Tax Credit (CTC) and the Child and
If you face a tax audit and can legitimately point to the statute of limitations to head off trouble and expense, you should. Why should you have to prove you were entitled to a deduction — or find and produce receipts — if it’s too late for the government to make a claim? Rules are
You can stumble across some interesting things on the internet. I recently encountered a Twitter thread related to the OECD’s pillar 1 proposal, which provided thoughtful insights that are worth sharing. The thread examined how pillar 1 would affect various nations in terms of net revenue gains or losses. That’s no trivial matter. The OECD project envisions billions of dollars in
Today’s column addresses questions about filing first on a spouse’s benefits and then for retirement benefits, filing for retroactive retirement benefits after first taking spousal benefits and whether it’s worth taking the option at 70 to file six months retroactively. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president