Word: taxed
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Well, one wrong thing is that Uncle Steve's 20% fee gets a huge tax break. It is considered a capital gain rather than ordinary income, so it is taxed at 15% rather than 35%. There is no conceivable justification for this loophole. No one who benefits from it could possibly need the money. Why hasn't some private-equity billionaire taken this up as a cause, the way Bill Gates' father has taken up preserving the estate tax? What about Pete Peterson--a co-founder of Blackstone and longtime Cassandra about the national debt...
That may be fine if the borrower is in your will anyway and the wealth transfer doesn't run afoul of federal limits on tax-free gifts. But generally it is in the best interest of all involved to take a few simple steps before handing out a sizable chunk of change that you expect to be repaid...
...business plan. Draw up a promissory note and a repayment schedule with penalties. This is when firms like Circle Lending can help. It charges from $200 for a personal loan to $800 for a mortgage, plus a monthly fee of $19. But you get bulletproof documentation for legal and tax purposes and billing and collection services too. It will also restructure the loan if necessary. Such flexibility is hard to find at a bank "and really keeps a loan on track," says Asheesh Advani, founder of Circle Lending, who adds that proper documentation cuts the default rate by more than...
...Mormon, a Hispanic, a Baptist preacher who used to be 100 lbs. overweight. Who knows? This is the year to bet on something unusual happening, and few things in politics are more unusual than Rudolph Giuliani - "America's mayor," the rock of 9/11, crime fighter and tax cutter...
...background conditions can never be equal; underserved advantage (and disadvantage) will persist indefinitely. The only solution is taking control of one’s life. The upshot of this outlook is an attachment to earned wealth. Why else should 70 percent of Americans support the abolition of the estate tax (according to The Economist), when barely one in 100 pays...