Recent rising interest rates and longer table life expectancies will shift values as between “income” and remainder interests in split interest trusts and charitable gift annuities, altering the tax incentives for these “planned” charitable gift vehicles. This article focuses specifically on the most commonly used “planned” giving vehicle, the charitable gift annuity. And for purposes
Taxes
The idea of a wealth tax as a panacea for budgetary shortfalls at the federal and state levels has been around since at least the 1930s. Recently, using wealth as a source of tax revenues has heated up. Starting with the 2020 Presidential campaign, Senator Bernie Sanders, Senator Elizabeth Warren and others floated the idea
Thanks to some positive feedback on my recent piece, I have decided to dig deeper into the Fair Tax Act of 2023. The Reader’s Digest version of the act is that it eliminates federal corporate and individual income tax, payroll taxes that fund Social Security and Medicare, estate tax and gift tax. In their place
As the international tax community seeks revenue estimates from the OECD’s two-pillar tax reform project, some finance ministries are playing their cards close to the vest. In the United States, Republican lawmakers have repeatedly sought pillar 1 revenue information from the Treasury Department, only to be rebuffed each time. Why is Treasury reluctant to share
Every day, Social Security sends claw-back bills, many massive, to beneficiaries whom it mistakenly overpaid for years/decades. Social Security’s mistake is your mistake. Don’t take a penny before checking what they are going to send you is correct. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic