Meanwhile, the states losing population include some of the country’s worst tax-and-spend jurisdictions. Taxes obviously are not the only reason why people move from one state to another, but there’s a long-standing pattern of people moving to places that have lower fiscal burdens. And, th...
The simple answer is that while most of us live off our salaries, tycoons like Jeff Bezos live off their wealth. In 2019, when Mr. Bezos was still Amazon’s chief executive, he took home an annual salary of just $81,840. But he owns roughly 10 percent of the company, which made a...
there is an exception to this. If you still work for the company that sponsors your 401(k) when you turn 73 and you don't own more than 5% of the company, it's possible to avoid RMDs while
Northwestern University, the Sixth Circuit held this past summer that ERISA does not give the courts any type of broad license to second-guess the investment decisions of retirement plans. In this case, the plaintiffs were participants who claimed the plan breached their fiduciary duties by ...
The Taxpayer Relief Act of 1997 (TRA) included provisions that reduced capital gains taxes (taxes on gains in value of equities, properties, or other holdings) on equities held for more than 18 months; created the Roth IRA, which allowed investors to withdraw their original investment from an...
With respect to liquid assets, the recipient should be allowed a full income-tax deduction if he rolls the gift or bequest into a deductible IRA. The combination of these simple rules would be much more equitable than our current system, and it would prevent people from having to sell ...
Very Simple Assumptions Annual gross salary is $20,000. Income tax is 25% of gross income. There is no interest charged on any loans, as I’m just trying to isolate the issue of double-taxation. There is no growth in the funds, either. He doesn’t need to eat or sleep, so no ot...