Word: taxingly
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Dates: during 1990-1999
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Once you're retired, consider taking your employer's stock out of your 401(k) plan--not as cash but "in kind," physically getting the shares. It can lower your tax bill dramatically, and for anyone with a low cost basis, "it's definitely a go," says BankBoston 401(k) expert Marvin Rotenberg...
Company shares worth hundreds of thousands of dollars in your plan may have cost only tens of thousands to buy. When you take a cash distribution, the stock is sold at market value, and you pay ordinary income tax on the full distribution. But when you take stock, not money, you pay ordinary income tax only on the cost basis, then capital-gains tax on the appreciated value when you sell. In many cases the capital-gains rate is half the combined federal, state and local income-tax rate. The strategy also lowers your 401(k) balance, which lowers your...
...used to be that long-term-care-insurance plans were only for older people," says Richard Coorsh of the Health Insurance Association of America. But in 1996, Congress passed, and President Clinton signed, a bill making the benefits tax free, a not so subtle endorsement of and push for boomers to buy such policies. On average, a policy that covers $100 a day at a nursing home (with inflation protection) costs just $802 a year for a 50-year-old and $1,829 for a 65-year-old, according to a study of national averages by the H.I.A.A...
...time when gas costs 93[cents] per gal., unemployment is almost invisible and the stock market is making people feel as if they've got more money in their pockets, whether or not they actually do, tax cuts are the only punch the Republicans know how to throw. Clinton, as a White House official put it, is "boxing them into a smaller corner." Congress Daily reported that at the House G.O.P.'s aptly termed retreat in Colonial Williamsburg, Joe Scarborough of Florida called a 10% tax cut, like the one favored by the party's Budget Committee chairman, John Kasich...
...nesting. Whereas she once wanted to colonize no less than one-seventh of the economy with her health-care plan, consider the role she played in this year's budget. Her fingerprints are all over dozens of small, shrewd programs. She was the driving force behind the tax credit for stay-at-home moms (per-person average: $178), the $50 million in grants to help children on Medicaid treat their asthma, and more money to train pediatricians in children's hospitals. She recently attended an event designed to inform women about the benefits of folic acid. While she no longer...