Many governments have also reduced – or even eliminated – death taxes and wealth taxes. These pro-growth tax reforms didn’t happen because politicians read my columns (I wish!). Instead, they adopted better
After the death of his wife in April 2009 Dave Moore found solace by embarking on a full-time new business of growing seedlings and rearing fowls for sale at his Glen forest plot. Dave Moore incurred the following preliminary expenses in connection with his new undertaking for the year ended...
The decision has opened the door to legal redress for hundreds of thousands of people who were overcharged by the tax authority…based on fictional – rather than actual – returns. …the government assumed that everyone earned a 4pc return on their assets. Taxpayers were then charged 30pc on...
Among other notable developments in individual taxation in the 12 months ending October 2022, the Tax Court decided several cases having to do with taxpayers’ eligibility for the child tax credit, earned income tax credit, and other child-related tax benefits. Final regulations amended the calculat...
It’s a fact that the crime rate in Chico has gone up dramatically over the last 10 years while the city has hired more cops and raised their salaries and benefits to unsustainable heights. It’s a fact that the Shelter Crisis Designation has cost Chico Taxpayers millions of dollars, mone...
Example of Accelerated Benefits Consider a 40-year-old named Fred, a preferred non-tobacco user with a $1 million life insurance policy. Fred contracted terminal brain cancer and decided he wanted to accelerate half the face value of his policy and collect an accelerated death benefit. ...
How Life Insurance Death Benefits May Be Taxed One of the benefits of owninglife insuranceis the ability to generate a large sum of money payable to your heirs upon your death. An even greater advantage is the federal income-tax-free benefit that life insurance proceeds receive when they are...
Washington State also imposesa death tax of 20 percenton residents who were successful in life. Florida’s constitution bars both income and estate taxes. Even if the new tax was not a factor in Bezos’s decision to move to Miami, the move will have a big impact on how much revenue the...