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June 10, 2021

Government taxation and revenue

Advisors say life insurance may help combat Biden’s proposed tax increase

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CNBC – For more and to sign up click here President Joe Biden delivers remarks on the May jobs report in Rehoboth Beach, Delaware. Kevin Lamarque | Reuters If their inherited property growth exceeds $1 million, they may owe as much as 43.4% long-term capital gains taxes, not including state......

Bezos, Buffett, Bloomberg, Musk, Icahn and Soros pay tiny fraction of wealth in income taxes, report reveals

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CNBC – For more and to sign up click here Some of the world’s richest men — Jeff Bezos, Elon Musk, Warren Buffett, Carl Icahn, Michael Bloomberg and George Soros — pay just a tiny fraction of their increasing wealth in taxes, and in some cases pay no taxes in......

Chip shortage will pose a ‘daily challenge’ for next year, Commerce Secretary Raimondo says

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CNBC – For more and to sign up click here A global shortage of semiconductors will continue to strain markets for months to come, Commerce Secretary Gina Raimondo said Monday. “For the next year or so, this will be a daily challenge,” Raimondo said on CNBC’s “Closing Bell.” The scarcity......

The IRS is sending letters to more than 36 million families who may be eligible for the new monthly child tax credit

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CNBC – For more and to sign up click here Uwe Krejci | DigitalVision | Getty Images The IRS on Monday announced it has started sending letters to more than 36 million American families who may be eligible for the expanded child tax credit and monthly payments set to begin......

Amazon, Google and Facebook will be hit hard by the G-7 tax deal. Here’s how they responded

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CNBC – For more and to sign up click here This photograph taken on September 28, 2017, shows a smartphone being operated in front of the logos of Google, Apple, Facebook and Amazon web giants. Damien Meyer | AFP | Getty Images The world’s biggest tech companies are facing a......

‘The beginning of a long road’: Global tax reform will take sweat and tears to implement, experts say

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CNBC – For more and to sign up click here Britain’s Chancellor of the Exchequer Rishi Sunak (R) welcomes US Treasury Secretary Janet Yellen to the G7 Finance Ministers Meeting at Lancaster House, central London on June 4, 2021. STEVE REIGATE | AFP | Getty Images Group of Seven (G-7)......

These charts show the highest and lowest corporate tax rates around the world

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CNBC – For more and to sign up click here Britain’s Chancellor of the Exchequer Rishi Sunak (center), U.S. Treasury Secretary Janet Yellen (right) attend the first day of the G-7 Finance Ministers Meeting at Lancaster House in London on June 4, 2021. Stefam Rousseau | AFP | Getty Images......

G-7 nations reach historic deal on global tax reform

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CNBC – For more and to sign up click here Britain’s Chancellor of the Exchequer Rishi Sunak (from left), U.S. Treasury Secretary Janet Yellen, Managing Director of the IMF Kristalina Georgieva and Canada’s Finance Minister Chrystia Freeland chatting on the first day of the Group of Seven Finance Ministers Meeting......

Low-tax stocks slide after report says Biden is pushing for a 15% minimum corporate rate

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CNBC – For more and to sign up click here Amazon vans line up at a distribution center to pick up packages for delivery on Amazon Prime Day in Orlando, Florida. Paul Hennessy | NurPhoto | Getty Images Amazon, Qualcomm and Micron were among stocks that fell Thursday after a......

Biden’s proposed 39.6% top tax rate would apply at these income levels

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CNBC – For more and to sign up click here Tasos Katopodis | Bloomberg | Getty Images (By comparison, the 37% top individual rate applies to income exceeding: $523,600 for single filers and heads of household, $628,300 for married joint filers, and $314,150 for married separate filers.) The 39.6% top......

Dividing cryptocurrency in a divorce settlement is complicated

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CNBC – For more and to sign up click here STR | NurPhoto | Getty Images Cryptocurrency has increasingly become a factor in divorce settlements as bitcoin, dogecoin and other types gain mainstream acceptance and values spike.  More than 20 million Americans may own cryptocurrency, industry groups estimate, and the......

JPMorgan’s Dimon, Citigroup’s Fraser doubt Joe Biden’s minimum global corporate tax rate plan would work

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CNBC – For more and to sign up click here JPMorgan Chase Chairman and CEO Jamie Dimon testifies during a US House Financial Services Committee hearing on Capitol Hill in Washington, DC, June 19, 2012, about JPMorgan Chase’s trading loss. Saul Loeb | AFP | Getty Images JPMorgan Chase CEO......

Parents should start planning now for July 15 start of monthly child tax credit payments

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CNBC – For more and to sign up click here lisegagne | E+ | Getty Images Parents anxiously awaiting the July 15 start of the monthly child tax credit payments should start planning how they’ll use the extra money now. The child tax credit got a boost from the American......

Biden’s bid to tax inherited assets could be a documentation nightmare for wealthy heirs

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President Joe Biden delivers remarks at the Ford Rouge Electric Vehicle Center, in Dearborn, Michigan on May 18, 2021. Nicholas Kamm | AFP | Getty Images The wealthy may have a whole other reason to dread President Joe Biden’s proposal to overhaul taxes on inheritances: They may have to dig......

Here’s how to get $100,000 in annual tax-free income during retirement

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CNBC – For more and to sign up click here fstop123 | E+ | Getty Images It’s a sure bet that no one — regardless of age — enjoys handing over any of their income to the IRS. In retirement, though, doing so can feel like even more of a......

New teen investing accounts may deliver a surprise tax bill

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CNBC – For more and to sign up click here Hero Images | Hero Images | Getty Images How the ‘kiddie tax’ works The purpose of the kiddie tax is to discourage income shifting between parents and children, says Dan Herron, a San Luis Obispo, California-based CFP and certified public......

U.S. proposes global minimum corporate tax rate of 15%, with an eye on something even higher

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CNBC – For more and to sign up click here U.S. Secretary of the Treasury Janet Yellen speaks during a daily news briefing at the James Brady Press Briefing Room of the White House May 7, in Washington, DC. U.S. economy added 266,000 jobs in April, far less than the......

IRS crackdown: Biden administration says it can raise $700 billion by targeting tax cheats

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CNBC – For more and to sign up click here President Joe Biden delivers remarks at the Ford Rouge Electric Vehicle Center, in Dearborn, Michigan on May 18, 2021. Nicholas Kamm | AFP | Getty Images President Joe Biden is calling for a crackdown on rich taxpayers who avoid tax......

Taxes would likely rise for the wealthy regardless of Biden’s plans

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CNBC – For more and to sign up click here Anna Moneymaker | Getty Images News | Getty Images President Joe Biden wants to raise taxes on wealthy households to fund part of his infrastructure agenda. But some of those tax hikes are poised to happen even if Biden’s legislative......

Millionaires who favor raising taxes on the rich launch protests in front of Amazon CEO Jeff Bezos’ home on Tax Day

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CNBC – For more and to sign up click here A mobile billboard calling for higher taxes on the ultra-wealthy depicts an image of billionaire businessman Jeff Bezos, near the U.S. Capitol on May 17, 2021 in Washington, DC. Drew Angerer | Getty Images Millionaires who have called on the......

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