Share to Twitter Share to Linkedin The 27,000 Americans with more than $10 million of income have lower average federal income tax rates than the 580,000 Americans with income between $1 million and $10 million. And though the share of federal income tax revenue from taxpayers with income in the top percentile rose from 33.2 percent in 2001 to 42.3 percent in 2020, that doesn’t mean the affluent are more oppressed or less well off. That’s because over the two decades spanning 2001 through 2020, their share of total before-tax income has risen, and their average effective income tax rate has declined. Those observations, and others discussed below, add important context to — and counter the thrust of — assertions by the editorial board of The Wall Street Journal . First, about the income tax code, the board noted: “There is no denying that it is steeply progressive.” And second, it said, “The trend over the past two decades is that the income tax burden has … [Read more...] about Are The Superrich More Burdened And Paying The Highest Tax Rates?
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Fire Victims Wait Years For PG&E & Edison To Settle Then Face IRS Taxes
Share to Twitter Share to Linkedin Most legal settlements are taxable, even for a devastating fire loss. That grim fact can be an unpleasant surprise to fire victims and seems particularly unfair. There are federal tax bill pending that if passed, could make certain fire lawsuit recoveries nontaxable. The proposed federal bill was introduced in 2022 by Congressmen Doug LaMalfa (R – Calif.) and Mike Thompson (D – Calif.) and would exempt thousands of fire victims who are receiving compensation from the PG&E Fire Victims Trust from having to pay federal income tax on their settlements. However, the Congressional session ended, and a new Congress was sworn in, before it passed, making the federal bill effectively dead. A new, substantially identical, bill, H.R.176, was quickly introduced in the new Congress by Representative LaMalfa (along with other co-sponsors, including Representative Thompson) in January 2023. It too has not seen any significant … [Read more...] about Fire Victims Wait Years For PG&E & Edison To Settle Then Face IRS Taxes
OKC Thunder To Face Most Pivotal Road Trip Of Season
Share to Twitter Share to Linkedin “The core of your team gets built on the road,” said Oklahoma City Thunder coach Mark Daigneault on Sunday evening before the team hit the road for a trip out west. To him, road trips are great for a developing young team and there are plenty of lessons to be learned. “I love playing on the road. It’s a great test,” said Daigneault. “It’s strips away everything except for your team. It’s just you. I actually think road games, wins and losses, build a lot of chemistry because it limits a lot of distractions.” While these games are great tests, they’re extremely difficult to win. In fact, only two teams in the entire Western Conference have a winning record on the road this season. Oklahoma City is currently 13-21 away from Paycom Center in the 2022-23 campaign and facing a pivotal a four-game road trip. Over the course of the next week, the Thunder will play the LA Clippers twice, followed by the Los Angeles Lakers … [Read more...] about OKC Thunder To Face Most Pivotal Road Trip Of Season
After Stanford, What’s Next For Haley Jones?
Share to Twitter Share to Linkedin While the 2022-23 season didn’t end the way Haley Jones envisioned it for Stanford — with a 54-49 loss to Mississippi that concluded Jones’ senior season in the second round of the NCAA Tournament — Jones’ multi-dimensional life plan means she’s just getting started on what’s on tap for 2023. “Yeah, my time at Stanford has been interesting,” Jones told reporters following the game Sunday. “I guess, you know, COVID, freshman year, that played into a lot of different things, and then the COVID season that's unheard of. I never expected that to be part of my college experience. “So then winning a National Championship, three Pac-12 Championships, 2 Pac-12 Tournament Championships; so I have a lot to be proud of for my Stanford career. It's hard to feel that way right now, but I know at some point that will hit and sink in. I'm happy with my time at Stanford and the relationships I've made that are going to carry on past my … [Read more...] about After Stanford, What’s Next For Haley Jones?
Prepaid College Savings Plan Under Fire In Maryland: Should You Be Worried?
Share to Twitter Share to Linkedin Prepaid college savings plans have long been an alternative to a 529 plans when it comes to saving for college. What is a prepaid college tuition plan ? Generally speaking, these plans let parents lock in college tuition at today's prices with the goal of funding school ahead of time. The idea behind these plans is letting families purchase college units or credits with a lump sump payment, or through regular payments, at which point the plan administrator invests the money on their behalf. With the money stashed away and invested, the goal of these accounts is growing the underlying funds to keep up with rising tuition costs until the child reaches college age. At that point, the funds are transferred to the school to cover tuition costs and other eligible higher education expenses. While that all sounds good and well, something is going wrong in the prepaid college tuition industry — at least in the state of … [Read more...] about Prepaid College Savings Plan Under Fire In Maryland: Should You Be Worried?
Jeff Bezos’ Earth Fund Announces $35 Million In New Grants To Climate Reporting And Sustainable Agriculture
Share to Twitter Share to Linkedin The Bezos Earth Fund, a multi-billion dollar pledge by Jeff Bezos, the world’s third-richest person, is putting $34.5 million toward better climate reporting and sustainable food, the organization announced on Tuesday. The new donations put the Earth Fund’s total amount granted at $1.66 billion. In early 2020, Bezos pledged to spend $10 billion over a decade to fight the impact of climate change. One third of the way into that ten year period, the organization has accomplished nearly 17% of its goal. The newly announced grants include $19.1 million in funding for environmental impact reporting efforts. The Carbon Disclosure Project, or CDP , which is known for its A-F environmental impact ratings, will receive $9.9 million. The GHG Protocol , an international standard for calculating and disclosing greenhouse gas emissions, is being granted $9.25 million. The Earth Fund’s grants aim to help CDP and the GHG Protocol … [Read more...] about Jeff Bezos’ Earth Fund Announces $35 Million In New Grants To Climate Reporting And Sustainable Agriculture
From France To The U.S.: Pension Reforms And The Retirement Age Debate
Share to Twitter Share to Linkedin French President Emmanuel Macron took a bold step last Friday by raising the legal retirement age in his country from 62 to 64, bypassing parliament and potentially setting his government up for a vote of no confidence. The unpopular pension reform, Macron says, is necessary to address the financial deficits caused by pandemic spending and the European energy crisis. With the U.S. watching closely, could France’s pension reform serve as a blueprint for future changes to Social Security? I don’t envy Macron for making this tough call. The people of France enjoy one of the most generous pension systems in the European Union (EU). According to 2020 data, France spent a jaw-dropping 14.7% of its GDP on pensions alone. However, the sustainability of this pension system is being threatened by demographic changes. The Western European country has one of the highest life expectancies in the world, and the expected years in … [Read more...] about From France To The U.S.: Pension Reforms And The Retirement Age Debate
Phuket Gazette: Record-breaking US$640 million jackpot shared
PHUKET MEDIA WATCH – World news selected by Gazette editors for Phuket’s international community Winning ‘Mega Millions’ tickets sold in Maryland, other states Phuket Gazette PHUKET: A winning ticket for the record-breaking US$640 million ‘Mega Millions’ jackpot was sold in Maryland, lottery officials confirmed on early Saturday. Winning tickets were also sold in several other states. The Maryland Lottery said one of the winning tickets for yesterday’s drawing had been purchased at a retailer in Baltimore County. “Lottery officials are waiting for information on jackpot winners from other Mega Millions states,” the lottery said in a statement, adding that several winning tickets had been sold nationwide. State lottery officials said no one won the jackpot in California or Oregon. The winning numbers were 2 – 4 – 23 – 38 – 46 and Mega Ball 23. Related news North Korea conducts nuclear tests, spews rhetoric 14 hours ago Donald Trump … [Read more...] about Phuket Gazette: Record-breaking US$640 million jackpot shared
Are Multifamily Prices Coming Down Soon?
Share to Twitter Share to Linkedin Founder of Apartment Loan Store a Commercial Mortgage Firm. Author of “ The Encyclopedia of Commercial Real Estate Advice ," Publisher- Wiley. What a ride! For the past five years, apartment building owners hit the jackpot with their property values going up nationally by 37%, according to Marcus and Millichap. This was fueled by record rental increases of 13.5% in 2021 and 6.2% in 2022 and mortgage rates hitting their lowest ever in January 2021 . But this trend is seemingly slowing. According to CBRE, the average multifamily cap rate went up by 38 basis points to 4.49% in the last quarter of 2022, which means prices are starting to come down. And thank goodness! As a commercial mortgage banker specializing in multifamily financing nationally, 2022 was an extremely difficult year. It was a head-on collision between property values going up and mortgage rates going up. This produced smaller loan sizes, … [Read more...] about Are Multifamily Prices Coming Down Soon?
Here Are The 14 States Moving To Prohibit Sexually Explicit Drag Shows For Minors
In March, Tennessee became the first state to bar sexually explicit drag shows from public places where minors may be exposed. Other red states such as Idaho, Kentucky, Missouri, Oklahoma and Texas are following Tennessee’s lead, pushing for similar legislation against such performances. “Just as state legislatures have worked to protect children from harmful cross-sex hormones or experimental surgeries, they are also tackling the broader problem of activist educators and administrators attempting to influence young children and push the left’s radical gender ideology,” Jessica Anderson, Heritage Action executive director, told the Daily Caller News Foundation. After Tennessee became the first state to prohibit drag shows in places where children may be present, several red states are pushing for similar legislation. States including Idaho, Kentucky, Missouri, Oklahoma and Texas are focused on passing legislation that would restrict or outlaw sexually explicit drag shows … [Read more...] about Here Are The 14 States Moving To Prohibit Sexually Explicit Drag Shows For Minors