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Pandora s Box: US States Now Competing With Offshore Tax Havens - The St Kitts Nevis Observer

Pandora s Box: US States Now Competing With Offshore Tax Havens - The St Kitts Nevis Observer
thestkittsnevisobserver.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestkittsnevisobserver.com Daily Mail and Mail on Sunday newspapers.

foreign money flows to South Dakota

Senators Propose Sweeping Changes to the Taxation of Estates and Inherited Gains | Chambliss, Bahner & Stophel, P C

To embed, copy and paste the code into your website or blog: Vermont senator Bernie Sanders (D) has introduced legislation that would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that inherited assets currently enjoy.   Taken together, the changes would “rock” the estate planning world, according to a leading attorney.  Under Sanders’ For the 99.5 Percent Act, the estate tax exemption would be reduced from $11.7 million for individuals and $23.4 million for couples to $3.5 million for individuals and $7 million for couples. Any estate that is valued at under the exemption amount will not pay any federal estate taxes, while those exceeding the exemption threshold would be subject to a progressively increasing tax rate. Estates valued between $3.5 million and $10 million would be taxed at 45 percent, estates valued between $10 million and $50 million at 50 percent, estates valued

Joe Biden Tax Rule Would Rip Billions From Big Fortunes At Death

The Amazon.com Inc. founder s heirs may have to pay more than $36 billion. Jeff Bezos has an ex-wife, a girlfriend, four children and billions of reasons to watch whether Joe Biden s tax overhaul wins congressional approval. The Amazon.com Inc. founder s heirs may have to pay more than $36 billion if the president succeeds in closing a loophole that helps the rich transfer much of their fortunes tax-free at death. Under current rules, whoever inherits the Amazon shares Bezos bought in 1994 for $10,000, worth $180 billion today, will receive a so-called step-up in basis, wiping out any capital gains tax liability. Biden s plan would close that loophole and apply the top capital gains tax immediately when assets transfer to wealthy heirs. If the rate increases it s 20% for holdings like Bezos s, and Biden has called for boosting it to 39.6% the eventual tax bill would too.

Jeff Bezos heirs would pay over $36B after Amazon founder s death if Biden tax plan succeeds

Jeff Bezos heirs would pay over $36B after Amazon founder s death if Biden tax plan succeeds
financial-planning.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financial-planning.com Daily Mail and Mail on Sunday newspapers.

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