Tag Archive for Taxes

Posturing from Weakness

By James Kwak President Obama’s 2015 budget proposes a number of tax increases that will mainly affect the rich. They include: Limiting the tax savings on deductions to 28 percent of the deduction amount (and applying this limit to exclusions as well, such as the one for employer-provided health benefits) Requiring a minimum 30% income … … Continue reading

Death Tax Woes: Don’t Make the Same Mistake Tony Soprano Did – Money Morning

We were all shocked by the sudden, untimely death of James Gandolfini. Gandolfini was an immensely gifted actor who changed the face of television entertainment in the role of Anthony “Tony” Soprano, a deeply troubled gangster-in-therapy, who had to balance obligations to his family… and his Family.

By all accounts, James Gandolfini was generous and kind to family and friends alike. It has been reported that he left a large legacy, in excess of $70 million, to be divided between them. His net worth is an estimate, and his asset inventory hasn’t yet been disclosed, but he did alright for a middle class kid from North Jersey.

Sadly, however, his nearest and dearest won’t see anywhere near the full amount he left behind.

It turns out that James Gandolfini was generous – to a fault. His wish was that his legacy, in the form of real estate and other assets in the United States and Italy, be distributed in large chunks, the largest in a trust for his 13-year old son, Michael and 8-month old daughter, Liliana. His widow, Deborah Lin, is set to receive 20% of his estate. The will stipulates that the shares to be doled out after taxes.

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Money, Taxes and What We Can Afford- Dan Kervick- New Economic Perspectives

Money, Taxes and What We Can Afford

By Dan Kervick People sometimes seem to suggest that the Western democracies are at the end of the road economically.  They claim that these governments are spent, broke, tapped out.  They insinuate that Western nations can no longer afford to … Continue reading

Money, Taxes and What We Can Afford