Word: superrich
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...junk the estate tax, which currently reaches rates as high as 55%. The House passed a repeal bill in June, and with few changes, the Senate signed off on it last month. President Clinton has vowed to veto the bill, which he calls a tax break for the superrich, and there does not appear to be enough support for an override. Still, the issue promises to have legs...
...Boston College study on giving, cite the $41 trillion that aging baby boomers will be leaving to their heirs and charities as a philanthropic gold rush. The high-tech boom has made more people richer faster than at any other time in history--which means that more of the superrich are thinking about giving away their fortunes at an earlier age. Schervisch and Havens write that "a golden era of philanthropy is dawning...
Worried Democrats in Congress, backed by the White House, proposed an alternative that would raise the amount that can be inherited tax-free from $2 million to $4 million and would exempt farms altogether. That, Democratic leaders hope, would keep the debate focused on the estates of the superrich. It's classic Clinton: embrace the popular parts of the plan of your opponents, and make them defend the unpopular parts. It was rejected last week...
...much higher tax bracket next year, however, you should do the opposite. Ditto if you'll get hit with the alternative minimum tax in 1999. Before making any move, in fact, you should consult a tax pro to figure out if the amt applies. Once only the superrich were vulnerable, but now many upper-middle-class taxpayers get hit. Warning signs include a very large mortgage, stock options that you've exercised or large business-related deductions...
Alternative minimum tax. Designed to afflict only the superrich, this monster increasingly soaks the middle class. More than 1 million taxpayers will owe it this year, and 9 million by 2008--including many earning considerably less than $100,000 a year. Little more than a decade ago, fewer than 100,000 people were subject to the AMT. It's a complicated tax that targets folks who avoid most traditional income taxes through large credits and deductions. High earners in high-tax states are most vulnerable, but anyone taking a large deduction for business expenses can fall victim. Tip: consult...