Rich Wealthy Feed

As a wife of many years, I appreciate it when a couple likes to share big moments. But such spousal closeness backfired spectacularly when Treasury Secretary Steven Mnuchin brought his wife, Louise Linton, with him when he went to check out his signature that's now appearing on U.S. currency. But before we get to the drama, let's look at the changes coming to our dollars. Handwriting gets grade A: The good news for Mnuchin is that while folks still might have trouble pronouncing his name, they can at least read his signature. That's more that can be said for his... Read more →


Before heading out on an Asian trip, the president met with House GOP members to talk tax reform. Among those at the plan briefing were, from left, Ways and Means Committee member Rep. Diane Black of Tennessee, House Speaker Paul Ryan of Wisconsin and W&M Chair Rep. Kevin Brady of Texas. (Photo courtesy Donald J. Trump Twitter account) The shiniest part of the Republicans' new tax plan is the reduction in tax rates. We would go from the current seven to just four. So how much of our earnings will fall into these new brackets? Here's what the Grand Old... Read more →


Welcome to Part 6 of the ol' blog's series on 2018 inflation adjustments. Today we look at changes to estate, gift and kiddie taxes. You can find links to all 2018 inflation posts in the first item: Income Tax Brackets and Rates. Note: The 2018 figures apply to 2018 tax returns that are due in 2019. For comparison purposes, you'll also find 2017 amounts to be used in filing 2017 tax returns due next April. Real wealthy families like the fictional filthy rich Darlings of ABC's "Dirty Sexy Money" welcome the latest estate tax inflation adjustments. (Cast photo courtesy ABC... Read more →


Downtown Seattle seen from Queen Anne Hill, with the Space Needle standing out and Mount Rainier in the background. (Photo by Rattlhed via Wikimedia Commons) Washington is one of seven states that does not have a personal income tax, but it’s largest city plans to collect one from its wealthiest residents. If the courts let it. On July 14, Seattle City Council bill 119002 became ordinance 125339, which beginning in 2018 will officially impose an income tax on high-income residents. The 2.25 percent tax will apply to individuals within the city's borders with an annual income exceeding $250,000 a year,... Read more →


Tax reform, or at least tax cuts, will top Congress' agenda when it gets back from August recess. But will Representatives and Senators actually rewrite the tax code the way most Americans want? Today's Shout Out Saturday piece says maybe not. Donald J. Trump reportedly is now backing a corporate tax rate of 20 percent to 25 percent, up from the 15 percent rate included in his April tax overhaul outline. That slightly higher business tax rate jibes with what corporate executives and business lobbyists say is attainable. That, however, is not what American taxpayers want, according to a recent... Read more →


Does the surging stock market mean it's time to take capital gains? Tax reform could complicate the decision. The U.S. stock market passed another notable boundary today, moving above the 22,000 mark. It didn’t stay there long, bouncing around a bit before, yes, finally closing at 22,031. UPDATE, Oct. 18, 2017, 10 a.m.: It's still happening. The U.S. market hit 23,000 for the first time on Oct. 17, 2017, before closing just below that historic mark. Today, major indexes hit intraday records and the Dow industrials returned above 23,000 as the latest round of corporate earnings continued to support the... Read more →


Honestly, rich people. You can afford to hire good tax advisers and accountants. Why don't you?!? That's the question I ask every time another celebrity gets in trouble with the Internal Revenue Service. Last week it was boxer Floyd Mayweather Jr. Now the latest wealthy person who just can't get a grip on taxes is hip-hop icon DMX. Although rapper DMX seemed pretty composed after his court appearance last week on tax evasion charges, I suspect at some point this was his reaction to the federal charges. The 46-year-old rapper, whose legal name is Earl Simmons, is accused of 14... Read more →


Undefeated boxing champ Floyd Mayweather Jr. is trying to avoid a knockout from the Internal Revenue Service. Mayweather still owes the federal tax collector a reported $22.s million for his 2015 taxes. That year, Mayweather reportedly earned as much as $230 million for besting Manny Pacquiao in the heavily promoted Fight of the Century. Floyd Mayweather's official weigh-in before his 2015 fight with Manny Pacquiao in Las Vegas. Money earned on that match is at the center of an unpaid tax bill battle Mayweather's waging with the IRS. (Photo courtesy Pixabay via Wikimedia Commons) Rich, but tax cash poor: Mayweather... Read more →


What's a weight watching person to do? Artificially sweetened soft drinks, a staple of dieters' menus for decades, recently have come under fire as a health, both mental and physical, risk. Now the no-calorie drinks could be a threat to some Seattle soda drinkers' bank accounts. Seattle Mayor Ed Murray has revised his original soda tax, reducing the per-ounce amount a bit and adding diet drinks the list of beverages to be taxed. Sugary drinks tax target: In his State of the City address in February, Murray called for a 2 cents per ounce tax on sugary drinks with the... Read more →


McMullen County is the sixth least-populous county of the 254 such jurisdictions in Texas. An estimated 820 people live there. McMullen County also was the richest county in 2015, not only in the Lone Star State, but also in the entire country. You wouldn't think it by looking at the basic square courthouse on Tilden, Texas' town square, but that McMullen County home of county governance sits in the wealthiest county, at least according to 2015 tax data, in the United States. (Photo by Larry D. Moore via Wikipedia/CC BY-SA 3.0) That ranking is per Internal Revenue Service filing data... Read more →


Most high-income investors last were likely a little bummed last week when the Republican proposal to replace the Affordable Care Act failed. It didn't have anything to do with their personal opinions on Obamacare or health care in general. It meant that the Net Investment Income Tax, or NIIT, remains on the books. This 3.8 percent surtax is assessed on capital gains, dividends, interest, and other passive income earned by single investors making more than $200,000 a year or $250,000 if married filing jointly. It was one of the many ACA-related taxes that would have been repealed if the GOP... Read more →


This post updated 10 p.m. CT, Monday, Feb. 13, 2017. Donald Trump has promised to deliver in a few weeks a tax plan that would "lower the overall tax burden on American businesses big league." The effusive description notwithstanding, some corporate tax reform would be welcome. It's long been accepted that the U.S. tax code needs work when it comes to business. The new Republican president and GOP-controlled House and Senate are promising business and individual tax reform. Analyses of the proposals so far, however, show that rich folks, personified in the character Jay Gatsby portrayed by Leonardo DiCaprio in... Read more →


The 115th Congress has been in session less than a week, but the Representatives and Senators are wasting no time in introducing legislation. The 115th Congress convened on Jan. 3. During their first short week of work, Representatives and Senators have introduced eight tax measures. (Photo by Ottojula via Wikimedia Commons) Since the Jan. 3 swearing in (and my Congess.gov search this afternoon), 490 bills have been introduced, 428 in the House and 62 in the Senate. And even though there's greater hope that we'll finally get some sort of comprehensive tax reform, that's not stopping individual lawmakers from putting... Read more →


Do you live in Lafayette, Tennessee? Or maybe you know someone who lives in this town of about 5,000 just 60 miles or so northeast of Nashville. Or perhaps you know someone who just happened to pass through there and purchased a Powerball lottery ticket. Don't get too excited if you had 32 and 16 on your Powerball ticket. This Giphy image is from an earlier drawing, not the almost $421 million jackpot won by a Tennessee ticket buyer this weekend. That lucky person bought THE Powerball lottery ticket, which last night (Saturday, Nov. 26) matched all six of the... Read more →


Every presidential year, some of the folks whose candidate didn't make it to the White House swear they're moving to another country. Maybe some of them got a head start this year. U.S. passports have blue covers. Thousands of Americans, however, have become expatriates this year, giving up their U.S. documents, perhaps for a United Kingdom passport like the one shown above. The Internal Revenue Service reported 1,380 expatriations in the third quarter of 2016. That just missed the record of 1,426 Americans who decided to renounce their U.S. citizenship during the same period last year. That's a huge increase... Read more →


Voters in California, Massachusetts, Nevada and Maine approved recreational marijuana use, and taxing those personal pot amounts, on Nov. 8. The votes are in, for the most part, not only for the U.S. president, but also for myriad ballot initiatives. Only Arizona voters on Tuesday rejected personal marijuana legalization. The lone consolation for many disappointed Grand Canyon State supporters is that travel is easy to the neighboring, and pot-approving, states of Nevada, California and Colorado. While the weed votes -- medical marijuana also was on ballots, and approved, in North Dakota, Arkansas, Florida and Montana -- got most mass media... Read more →


Americans vote tomorrow for our 45th president. Finally! Do you know where your polling place tomorrow is? If not, HeadCount can help. While that's the biggest decision, millions of folks across the country also will have a voice Nov. 8 on a variety of consequential issues via ballot initiatives. Ballotpedia reports that this Election Day, there are 162 statewide ballot measures in 35 states. Eight measures were decided in pre-November elections, leaving 154 measures to be decided tomorrow. Politicking for pot, other smoking taxes: Marijuana always gets a lot of attention at election time. (I still blame "Reefer Madness" for... Read more →


I spent almost two decades working in Washington, D.C. I also have covered taxes for most of my writing career. So I love acronyms. That's why I'm jazzed that the current presidential campaign has highlighted a tax-related nickname for some rich taxpayers. Here's a HINT. Got it yet? For normal folks who speak regular English, it's High Income, No Tax, aka HINT. GOP HINT: David Cay Johnston, Pulitzer Prize winning journalist and current thorn in Donald J. Trump's side, notes in a recent column for The Daily Beast that the Republican nominee is an extreme example of a HINT. Before... Read more →


Donald Trump acknowledged during Sunday's second presidential debate that he had avoided paying federal income taxes for years thanks to a claim in 1995 of nearly $1 billion in business losses. Click image to watch Newsy video report on Warren Buffett's response to Donald Trump's tax charges. The Republican presidential nominee then pivoted from his 1040s, which we still haven't seen, to wealthy supporters of his Democratic opponent Hillary Clinton. Trump specifically accused his fellow billionaires of also using tax laws to their advantage. Duh! That's not unusual. Nor is it illegal. It's just a bit infuriating in many cases.... Read more →


Donald Trump's revised tax plan, which many economists and tax experts have decried as the latest version of Republican supply-side economics, is still getting a lot of attention. The biggest criticism is that the tweaked tax proposal, despite Trump's populist spin, still gives ways too much to the wealthy. Just who would win and exactly how much in the Trump vs. Hillary Clinton tax battle will continue to be debated (though perhaps not formally…) until Nov. 8. Delaware, considered by many to be America's top domestic tax haven, welcomes drivers and taxpayers looking to keep money out of tax collector... Read more →