Word: taxed
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Harvard’s tax returns reveal new information about former President Lawrence H. Summers’ severance package, which included a $1 million deferred-interest loan for the purchase of a home.The former president drew a $580,115 salary in fiscal year 2006, his last year in office. With expense-account payments, allowances, and benefits, Summers’ compensation summed to $714,005, according to filings released yesterday.Summers’ 2006 salary rose 3.1 percent from the previous year. His 2005 compensation was the second-lowest among Ivy League presidents, according to a database maintained by the Chronicle...
...during the Reagan years that Falwell seemed to most flex his political muscles, pushing the newly minted Republican Administration to tighten laws regulating abortion, preaching against homosexuality and pornography and pushing for looser tax treatment of, and more generous federal grants to, parochial and Christian schools. Falwell also dabbled in foreign policy, supporting Israeli sovereignty against the Palestinians and opposing the Reagan Administration when it announced plans to sell early warning planes to Saudi Arabia. The Moral Majority lasted only a decade, until l989. But Falwell remained a controversial figure - and a go-to source for politicians and reporters seeking...
...Tax-exempt institutions like Harvard are privy to some special options when it comes to investing their money. But in light of recent discussions in the Senate, these options may soon become quite taxing. Staff members of the Senate Finance Committee met privately with experts on Monday to discuss how universities—specifically Harvard, Yale, and Stanford—avoid paying taxes on money that is invested in offshore hedge funds, according to an article in Bloomberg News. Depending on the conclusions reached, Harvard and other universities may have to change the way they invest their endowments...
Everyone knows the fiscal pickle we're in: baby boomers are about to retire and tap Social Security, Medicare and Medicaid benefits. To make good on the promises of these programs, the government may have to go much deeper into debt or increase the tax burden up to twofold on those still working. The math is suffocating. Something has to give...
Already, most mandatory-retirement ages have been removed. But other obstacles to longer working lives--like required distributions from tax-advantaged savings plans in your 71st year and payroll taxes after age 65--should start to disappear, encouraging employers to hire seniors...