A new Democratic proposal would target investments held by the wealthiest Americans, such as stocks, in order to pay for new social programs.
President Joe Biden favors higher taxes on capital gains, but the idea is unpopular on Capitol Hill.
The rule for doctors, "First Do No Harm" should also apply to politicians promising to "reform" the tax code.The federal tax code is too long -- 74,000 pages -- too complicated, too confusing, and too expensive for taxpayers.
The myth of the American Dream is the dominating factor in keeping people complacent in the United States. You know it -- work hard, and your life will improve. Well, maybe not your life, but your kids', or at least your grandkids'. If that doesn't work, it is the fault of immigrants, or the darn Chinese, or those welfare freeloaders.
First, I'm going to tell you some things that will make you ill. Then I'm going to present a cure. It will make you feel better -- until, of course, you realize that knowing the cure brings us as close to implementing it as buying an electric guitar does to making you a rock star.
Does there really exist an industry of deeply funded anti-tax lobbyists whose sole purpose is to protect the holdings of their clients? Absolutely -- far from "mistaken," that narrative is exactly right. Do they win every fight? Nope, and they lost the one that led the capital gains rate to go up in 2013.
Donald Trump is bombastic, yet for all his faults, he manages to reject the Republican Party's religious proclivity for tax cuts. He is wildly irrational, though his tax-increasing stance does appear to show a glimmer of prudence.
The GOP candidate calls for massive breaks for the wealthiest Americans.
Democrats are doing one of two things, and neither one of them is very impressive. Democratic candidates are either so scared of being called a tax-raiser by Republicans that they do not support changing the problem at all, or they are secretly for changing it but don't want to say it.
I recommend we stop using the term "contributions" to describe the campaign spending of oligarchs and start using the term they themselves often use: "investments". The very rich invest to change the rules in their favor.
Wages and inequality get lip service and not much else.
There is growing pressure on public companies to act short-term and distribute their profits to shareholders instead of funding jobs, research, and investments. It is time for the American people to rethink these destructive trends.
While there are generous exclusions allowed when it comes to capital gains on the sale of a home, timing is crucial and the clock is ticking.
I was in a coffee shop, having breakfast with my daughter, Angela Luhys, on a week when my weight loss had reached the 90 pound mark since November. While sharing this great milestone with Angela, the guy in the booth behind me was trying to sell an annuity.
Wealthy fund managers employ an army of tax advisors to make sure they do not miss any opportunity to get a tax break. As Warren Buffett pointed out, the mega rich already pay a lower tax rate on their incomes than the average worker.
The result is an economic inequality double-whammy in which two of the most pro-rich elements of the tax code are further
In response to the highly unequal 21st century economy, Congress should reform Social Security by asking high earners to contribute to Social Security on all of their income at the same rate as other Americans.
Good speech? Bad speech? That's irrelevant. And it's not important what you think of the president either. What's more important is what will actually impact your company. And based on the above, some of what the president discussed will impact you. That's what you should be thinking about as you begin this new year.