For over 100 years, since the inception of the federal income tax in 1913, fluctuations in tax rates, state as well as federal, have profoundly affected our economy in ways far beyond their impact on corresponding tax revenues. So argue the authors of Taxes Have Consequences – An Income Tax History of the United States.
Most persons have heard about the “Gift Tax”. But many are largely ignorant of what it is, how it works, and who actually pays it. Moreover, there are some popular misconceptions surrounding it. Here are some important points to be aware of. What is it? A tax is imposed by the federal government upon a
After his wife died Frank, a retiree, updated his Will. He wanted his estate to pass in equal shares to his three children. Most of Frank’s estate consisted of investments held in a brokerage account. Unfortunately, Frank, after signing his Will, on the advice of his financial planner, and unbeknownst to his lawyer, designated his
