Measure 84 proposes eliminating Oregon's estate tax and prohibiting all taxes on transfers of property between family members. This would create large tax loopholes that would primarily benefit the wealthiest 2% of Oregonians. It would cost the state over $100 million annually from eliminating the estate tax and an unknown but large amount from the new loophole for untaxed family transfers. Voters are urged to vote no on Measure 84 to maintain important tax revenues that fund state services and not provide additional tax breaks only for the richest residents.
The document discusses Philippine tax laws regarding donations and gifts. It defines donations as acts of liberality that transfer property from a donor to a donee. There are two types of donations: inter vivos donations made between living persons, and mortis causa donations made upon the donor's death. Donor's tax applies to inter vivos donations over PHP 50,000, while mortis causa donations are subject to estate tax. The document outlines exemptions from donor's tax, tax rates, how gift value is determined, who is subject to the tax, and differences between donor's and estate taxes.
This document discusses taxation on donations or gifts in the Philippines. It covers various topics:
1) Definitions of donations and the essential elements of a valid donation including donor capacity, donative intent, delivery, and acceptance of the gift.
2) Classification of donors as citizens/residents or nonresidents and what donations are taxable depending on this classification. Gross gifts include all property donated regardless of location for citizens/residents but only include property within the Philippines for nonresidents.
3) Allowable deductions from gross gifts including dowries, encumbrances assumed by the donee, donations to government/non-profits, and the standard 100,000 peso exemption for yearly donations to
The document discusses various transactions that are exempted from the gross estate for estate tax purposes. These include: 1) Merger of usufruct and naked title ownership between family members. 2) Transmission from a fiduciary heir to a fideicommissary heir. 3) Second transfers as desired by the predecessor. 4) Donations to accredited social welfare, cultural, and charitable institutions. 5) The reciprocity clause for property owned in other countries with reciprocal estate tax laws. 6) Capital or paraphernal property owned exclusively by the surviving spouse.
The document defines gross estate as all property owned by a decedent at the time of death, excluding property of the surviving spouse. It identifies the key components of gross estate as real property like land and buildings, and personal property like shares and bonds. Additions to the gross estate include revocable transfers, transfers in contemplation of death, property subject to a power of appointment, life insurance proceeds with a revocable beneficiary, transfers for insufficient consideration, and claims against an insolvent estate. The document provides examples to illustrate how to determine if specific property and transfers are included in the gross estate.
The document discusses estate tax in the Philippines, including that it is imposed on the right of the deceased to transmit properties to heirs upon death. It provides the estate tax table which outlines the tax rates applied to different net estate amounts. Examples are given to illustrate how to compute estate tax, including applying credits for taxes paid in foreign countries to avoid double taxation.
The document discusses deductions that can be taken from a decedent's gross estate for estate tax purposes in the Philippines. For resident citizens, non-resident citizens, and resident aliens, allowable deductions include funeral expenses up to 5% of the gross estate or PHP 200,000, whichever is lower; judicial expenses of estate administration; claims against the estate; and other items. For non-resident alien decedents, only property located in the Philippines and a portion of expenses are deductible, based on a ratio of Philippine to worldwide assets.
1. K donated land worth 500,000 with a 100,000 mortgage to daughter L and 200,000 cash to son M. The net gifts totaled 580,000 after deducting the mortgage and marriage gift deductions of 10,000 each.
2. A donated 600,000 to his son for marriage, 500,000 to his daughter for graduation, and 400,000 to godchildren. He also donated 100,000 to his neighbor. The tax on donations to relatives totaled 31,800 while the tax on donations to strangers was 150,000 at a 30% tax rate.
3. Mr. and Mrs. Dinero each donated 1,000,000 to their son for his wedding
The document discusses Philippine tax laws regarding donations and gifts. It defines donations as acts of liberality that transfer property from a donor to a donee. There are two types of donations: inter vivos donations made between living persons, and mortis causa donations made upon the donor's death. Donor's tax applies to inter vivos donations over PHP 50,000, while mortis causa donations are subject to estate tax. The document outlines exemptions from donor's tax, tax rates, how gift value is determined, who is subject to the tax, and differences between donor's and estate taxes.
This document discusses taxation on donations or gifts in the Philippines. It covers various topics:
1) Definitions of donations and the essential elements of a valid donation including donor capacity, donative intent, delivery, and acceptance of the gift.
2) Classification of donors as citizens/residents or nonresidents and what donations are taxable depending on this classification. Gross gifts include all property donated regardless of location for citizens/residents but only include property within the Philippines for nonresidents.
3) Allowable deductions from gross gifts including dowries, encumbrances assumed by the donee, donations to government/non-profits, and the standard 100,000 peso exemption for yearly donations to
The document discusses various transactions that are exempted from the gross estate for estate tax purposes. These include: 1) Merger of usufruct and naked title ownership between family members. 2) Transmission from a fiduciary heir to a fideicommissary heir. 3) Second transfers as desired by the predecessor. 4) Donations to accredited social welfare, cultural, and charitable institutions. 5) The reciprocity clause for property owned in other countries with reciprocal estate tax laws. 6) Capital or paraphernal property owned exclusively by the surviving spouse.
The document defines gross estate as all property owned by a decedent at the time of death, excluding property of the surviving spouse. It identifies the key components of gross estate as real property like land and buildings, and personal property like shares and bonds. Additions to the gross estate include revocable transfers, transfers in contemplation of death, property subject to a power of appointment, life insurance proceeds with a revocable beneficiary, transfers for insufficient consideration, and claims against an insolvent estate. The document provides examples to illustrate how to determine if specific property and transfers are included in the gross estate.
The document discusses estate tax in the Philippines, including that it is imposed on the right of the deceased to transmit properties to heirs upon death. It provides the estate tax table which outlines the tax rates applied to different net estate amounts. Examples are given to illustrate how to compute estate tax, including applying credits for taxes paid in foreign countries to avoid double taxation.
The document discusses deductions that can be taken from a decedent's gross estate for estate tax purposes in the Philippines. For resident citizens, non-resident citizens, and resident aliens, allowable deductions include funeral expenses up to 5% of the gross estate or PHP 200,000, whichever is lower; judicial expenses of estate administration; claims against the estate; and other items. For non-resident alien decedents, only property located in the Philippines and a portion of expenses are deductible, based on a ratio of Philippine to worldwide assets.
1. K donated land worth 500,000 with a 100,000 mortgage to daughter L and 200,000 cash to son M. The net gifts totaled 580,000 after deducting the mortgage and marriage gift deductions of 10,000 each.
2. A donated 600,000 to his son for marriage, 500,000 to his daughter for graduation, and 400,000 to godchildren. He also donated 100,000 to his neighbor. The tax on donations to relatives totaled 31,800 while the tax on donations to strangers was 150,000 at a 30% tax rate.
3. Mr. and Mrs. Dinero each donated 1,000,000 to their son for his wedding
03 chapter 4 deductions from gross estate part 03Flab Villasencio
This document discusses various deductions that can be taken from a decedent's gross estate for estate tax purposes. It outlines ordinary deductions like expenses, losses, indebtedness, taxes, and transfers for public use. Special deductions are also discussed, including the amount received by heirs under RA 4917, the share of the surviving spouse, the family home, medical expenses, and the standard deduction. The document provides examples and explanations of how these deductions are calculated and allocated. Non-resident alien decedents have fewer allowable deductions, limited to estate liabilities in the Philippines and transfers for public use.
03 chapter 4 deductions from gross estate part 02Flab Villasencio
This document discusses various deductions that can be taken from a gross estate for tax purposes in the Philippines, including ordinary expenses, losses, indebtedness, taxes, transfers for public use, and amounts received by heirs. It provides details on vanishing deductions, which allow a deduction on property received within 5 years that was previously taxed. An example calculation is shown for a vanishing deduction involving property inherited by Gina Dan from her mother Pina Dan that increased in value over time.
This document discusses transfer taxes and estate taxes. It defines a transfer tax and differentiates between an estate tax and a donor's tax. It also covers the nature and concept of succession. Specifically, it defines succession as the transmission of a deceased person's property, rights and obligations to heirs through death. The document outlines the key elements of succession including the decedent, heir and estate. It also categorizes the different types of succession, heirs, and persons authorized to manage an estate.
03 chapter 4 deductions from gross estate part 01Flab Villasencio
The document discusses various deductions that are allowed from the gross estate in arriving at the net taxable estate under Philippine tax law. It covers ordinary and special expenses such as funeral expenses, judicial expenses, casualty losses, claims against the estate, claims against insolvent persons, unpaid mortgages, and unpaid taxes. Examples are provided to illustrate how to compute the allowable deductions for various items such as funeral expenses, judicial expenses, and claims against insolvent persons.
A Filipino citizen residing in Canada donated property worth 375,000 CAD to relatives in December 2010, with tax deductions of 68,000 CAD including 4,500 in donor's tax, resulting in a net gift of 245,000 CAD.
Calonzo, a widower from Lucena City, Philippines, made several donations in June and July, including property worth 125,000 to his sister and 300,000 to the National Library. For his July donations including 160,000 cash to UP, his donor's tax due was calculated to be 11,300 pesos.
Mr. and Mrs. Pano donated properties worth a total of 800,000 pesos in April and 175,000 pesos in
- Gifts received by an individual or HUF are taxable based on their type (monetary, movable property, immovable property) and value.
- Monetary gifts over Rs. 50,000 in aggregate value annually are taxable, unless received from relatives or on occasions like marriage.
- Gifts of immovable property are taxable if their stamp duty value exceeds Rs. 50,000, unless received from relatives or on marriage.
The document provides information about the duties and responsibilities of the Madison County Treasurer's office. It discusses collecting and distributing tax revenues, maintaining financial records, and preparing 130,000 annual tax bills. It also summarizes the property tax assessment and appeal process, including notifying taxpayers of assessment changes, filing informal or formal appeals, and options if an appeal is denied.
The document discusses various tax issues related to divorce, including:
- Federal tax law vs. state divorce decrees and property distributions
- Alimony and child-related tax exemptions
- Filing status such as joint vs. separate returns
- Qualified retirement plans and distributions and qualified domestic relations orders (QDROs)
- Relief from tax liability through innocent spouse relief
It provides information on how divorce affects tax treatment of items like property transfers, alimony, child exemptions, retirement accounts, and spousal tax liability. The presentation aims to help divorce attorneys and clients understand important tax implications of divorce-related financial agreements and orders.
Principal residence defined. A principal residence is your
main home, which is the home where you ordinarily live
most of the time. You can have only one main home at any
one time.
This document discusses various tax implications of divorce. It covers:
- Property settlements and transfers to trusts are generally not taxable events. The recipient assumes the transferor's tax basis.
- Alimony payments are tax deductible by the payer and taxable income to the recipient. They must meet certain requirements.
- Filing status after divorce includes single, head of household, married filing jointly or separately. This impacts tax rates and deductions.
- Dependents, retirement plans, life insurance, and the marital home are addressed in the context of divorce tax implications.
This document summarizes key considerations for passing on the local property tax (LPT) burden in Ireland. It outlines that the registered owner of a property is generally liable for LPT. For estates, the legal personal representative is responsible for paying outstanding LPT. Representatives must value the property, file an LPT return, and pay the tax as part of their duties. The document also reviews options for deferring LPT payments, Revenue's enforcement powers, and important payment deadlines.
Consider the three primary goals of estate planning:
1. Direct how assets will be distributed at death.
2. Reduce or eliminate transfer taxes and probate costs.
3. “Piece of Mind” – Review every 3 to 5 years and major life events (three “phases” of estate planning).
The document provides an overview of standard estate planning tools including wills, powers of attorney for healthcare and finances, probate, trusts, and long-term care issues. It discusses how wills identify beneficiaries and direct probate, powers of attorney appoint agents, probate transfers title to heirs, trusts can avoid probate and reduce taxes, and long-term care options include Medicare, Medicaid, and insurance. The conclusion emphasizes proper estate planning maximizes bequests while poor planning maximizes taxes.
2014 aho -_application affordable home ownership programRyanPaul Mandel
The document provides information about an affordable home ownership program run by the Region of Waterloo, including details about eligibility requirements, the application process, and types of documentation required. To qualify, applicants must have a household income under $73,050, currently rent, not own a home, and intend to live in the purchased home. If approved, the program provides down payment assistance loans of up to 5% of the home's purchase price. Applicants must submit documentation of income, assets, mortgage pre-approval, and residency status along with a completed application form.
Taxes are payments required by governments to fund services like schools, police, and defense. The US Constitution grants Congress power to tax and levy income taxes. Taxes can be progressive, taking a larger percentage from the wealthy, regressive, taking more from the poor, or proportional, taking the same percentage from all. Federal taxes fund entitlement programs like Social Security and discretionary spending like defense and education. State and local governments also collect taxes to fund services within their jurisdictions like education, transportation, and welfare.
Taxes are payments required by governments to fund services like schools, police, and defense. The US Constitution grants Congress power to tax and levy income taxes. Taxes can be progressive, taking a larger percentage from the wealthy, regressive, taking more from the poor, or proportional, taking the same percentage from all. Federal taxes fund entitlement programs like Social Security and Medicare as well as discretionary spending. State and local governments also collect taxes to fund education, public safety, transportation and other services.
Taxes are payments required by governments to fund services like schools, police, and defense. The US Constitution grants Congress power to tax and levy income taxes. Taxes can be progressive, taking a larger share from the wealthy, regressive, taking more from the poor, or proportional, taking the same share from all. Federal taxes fund entitlement programs like Social Security and discretionary spending like defense and education. State and local governments also collect taxes to fund services within their jurisdictions like education, transportation, and welfare.
Taxes are payments required by governments to fund services like schools, police, and defense. The US Constitution grants Congress power to tax and levy income taxes. Taxes can be progressive, taking a larger share from the wealthy, regressive, taking more from the poor, or proportional, taking the same share from all. Federal taxes fund entitlement programs like Social Security and discretionary spending like defense and education. State and local governments also collect taxes to fund services within their jurisdictions like education, public safety, and infrastructure.
Taxes are payments required by governments to fund services like schools, police, and defense. The US Constitution grants Congress power to tax and levy income taxes. Taxes can be progressive, taking a larger share from the wealthy, regressive, taking more from the poor, or proportional, taking the same share from all. Federal taxes fund entitlement programs like Social Security and Medicare as well as discretionary spending. State and local governments also collect taxes to fund education, public safety, transportation and other services.
03 chapter 4 deductions from gross estate part 03Flab Villasencio
This document discusses various deductions that can be taken from a decedent's gross estate for estate tax purposes. It outlines ordinary deductions like expenses, losses, indebtedness, taxes, and transfers for public use. Special deductions are also discussed, including the amount received by heirs under RA 4917, the share of the surviving spouse, the family home, medical expenses, and the standard deduction. The document provides examples and explanations of how these deductions are calculated and allocated. Non-resident alien decedents have fewer allowable deductions, limited to estate liabilities in the Philippines and transfers for public use.
03 chapter 4 deductions from gross estate part 02Flab Villasencio
This document discusses various deductions that can be taken from a gross estate for tax purposes in the Philippines, including ordinary expenses, losses, indebtedness, taxes, transfers for public use, and amounts received by heirs. It provides details on vanishing deductions, which allow a deduction on property received within 5 years that was previously taxed. An example calculation is shown for a vanishing deduction involving property inherited by Gina Dan from her mother Pina Dan that increased in value over time.
This document discusses transfer taxes and estate taxes. It defines a transfer tax and differentiates between an estate tax and a donor's tax. It also covers the nature and concept of succession. Specifically, it defines succession as the transmission of a deceased person's property, rights and obligations to heirs through death. The document outlines the key elements of succession including the decedent, heir and estate. It also categorizes the different types of succession, heirs, and persons authorized to manage an estate.
03 chapter 4 deductions from gross estate part 01Flab Villasencio
The document discusses various deductions that are allowed from the gross estate in arriving at the net taxable estate under Philippine tax law. It covers ordinary and special expenses such as funeral expenses, judicial expenses, casualty losses, claims against the estate, claims against insolvent persons, unpaid mortgages, and unpaid taxes. Examples are provided to illustrate how to compute the allowable deductions for various items such as funeral expenses, judicial expenses, and claims against insolvent persons.
A Filipino citizen residing in Canada donated property worth 375,000 CAD to relatives in December 2010, with tax deductions of 68,000 CAD including 4,500 in donor's tax, resulting in a net gift of 245,000 CAD.
Calonzo, a widower from Lucena City, Philippines, made several donations in June and July, including property worth 125,000 to his sister and 300,000 to the National Library. For his July donations including 160,000 cash to UP, his donor's tax due was calculated to be 11,300 pesos.
Mr. and Mrs. Pano donated properties worth a total of 800,000 pesos in April and 175,000 pesos in
- Gifts received by an individual or HUF are taxable based on their type (monetary, movable property, immovable property) and value.
- Monetary gifts over Rs. 50,000 in aggregate value annually are taxable, unless received from relatives or on occasions like marriage.
- Gifts of immovable property are taxable if their stamp duty value exceeds Rs. 50,000, unless received from relatives or on marriage.
The document provides information about the duties and responsibilities of the Madison County Treasurer's office. It discusses collecting and distributing tax revenues, maintaining financial records, and preparing 130,000 annual tax bills. It also summarizes the property tax assessment and appeal process, including notifying taxpayers of assessment changes, filing informal or formal appeals, and options if an appeal is denied.
The document discusses various tax issues related to divorce, including:
- Federal tax law vs. state divorce decrees and property distributions
- Alimony and child-related tax exemptions
- Filing status such as joint vs. separate returns
- Qualified retirement plans and distributions and qualified domestic relations orders (QDROs)
- Relief from tax liability through innocent spouse relief
It provides information on how divorce affects tax treatment of items like property transfers, alimony, child exemptions, retirement accounts, and spousal tax liability. The presentation aims to help divorce attorneys and clients understand important tax implications of divorce-related financial agreements and orders.
Principal residence defined. A principal residence is your
main home, which is the home where you ordinarily live
most of the time. You can have only one main home at any
one time.
This document discusses various tax implications of divorce. It covers:
- Property settlements and transfers to trusts are generally not taxable events. The recipient assumes the transferor's tax basis.
- Alimony payments are tax deductible by the payer and taxable income to the recipient. They must meet certain requirements.
- Filing status after divorce includes single, head of household, married filing jointly or separately. This impacts tax rates and deductions.
- Dependents, retirement plans, life insurance, and the marital home are addressed in the context of divorce tax implications.
This document summarizes key considerations for passing on the local property tax (LPT) burden in Ireland. It outlines that the registered owner of a property is generally liable for LPT. For estates, the legal personal representative is responsible for paying outstanding LPT. Representatives must value the property, file an LPT return, and pay the tax as part of their duties. The document also reviews options for deferring LPT payments, Revenue's enforcement powers, and important payment deadlines.
Consider the three primary goals of estate planning:
1. Direct how assets will be distributed at death.
2. Reduce or eliminate transfer taxes and probate costs.
3. “Piece of Mind” – Review every 3 to 5 years and major life events (three “phases” of estate planning).
The document provides an overview of standard estate planning tools including wills, powers of attorney for healthcare and finances, probate, trusts, and long-term care issues. It discusses how wills identify beneficiaries and direct probate, powers of attorney appoint agents, probate transfers title to heirs, trusts can avoid probate and reduce taxes, and long-term care options include Medicare, Medicaid, and insurance. The conclusion emphasizes proper estate planning maximizes bequests while poor planning maximizes taxes.
2014 aho -_application affordable home ownership programRyanPaul Mandel
The document provides information about an affordable home ownership program run by the Region of Waterloo, including details about eligibility requirements, the application process, and types of documentation required. To qualify, applicants must have a household income under $73,050, currently rent, not own a home, and intend to live in the purchased home. If approved, the program provides down payment assistance loans of up to 5% of the home's purchase price. Applicants must submit documentation of income, assets, mortgage pre-approval, and residency status along with a completed application form.
Taxes are payments required by governments to fund services like schools, police, and defense. The US Constitution grants Congress power to tax and levy income taxes. Taxes can be progressive, taking a larger percentage from the wealthy, regressive, taking more from the poor, or proportional, taking the same percentage from all. Federal taxes fund entitlement programs like Social Security and discretionary spending like defense and education. State and local governments also collect taxes to fund services within their jurisdictions like education, transportation, and welfare.
Taxes are payments required by governments to fund services like schools, police, and defense. The US Constitution grants Congress power to tax and levy income taxes. Taxes can be progressive, taking a larger percentage from the wealthy, regressive, taking more from the poor, or proportional, taking the same percentage from all. Federal taxes fund entitlement programs like Social Security and Medicare as well as discretionary spending. State and local governments also collect taxes to fund education, public safety, transportation and other services.
Taxes are payments required by governments to fund services like schools, police, and defense. The US Constitution grants Congress power to tax and levy income taxes. Taxes can be progressive, taking a larger share from the wealthy, regressive, taking more from the poor, or proportional, taking the same share from all. Federal taxes fund entitlement programs like Social Security and discretionary spending like defense and education. State and local governments also collect taxes to fund services within their jurisdictions like education, transportation, and welfare.
Taxes are payments required by governments to fund services like schools, police, and defense. The US Constitution grants Congress power to tax and levy income taxes. Taxes can be progressive, taking a larger share from the wealthy, regressive, taking more from the poor, or proportional, taking the same share from all. Federal taxes fund entitlement programs like Social Security and discretionary spending like defense and education. State and local governments also collect taxes to fund services within their jurisdictions like education, public safety, and infrastructure.
Taxes are payments required by governments to fund services like schools, police, and defense. The US Constitution grants Congress power to tax and levy income taxes. Taxes can be progressive, taking a larger share from the wealthy, regressive, taking more from the poor, or proportional, taking the same share from all. Federal taxes fund entitlement programs like Social Security and Medicare as well as discretionary spending. State and local governments also collect taxes to fund education, public safety, transportation and other services.
Current Tax Legislation And Estate Planning Practicesdkprintz
The document summarizes current estate tax legislation and planning practices. It discusses the gift tax, estate tax, and generation-skipping transfer tax. It then provides details on current tax exemption amounts and rates, pending legislation that could decrease estate tax rates and increase exemptions, and recommended estate planning techniques like gifting, grantor retained annuity trusts (GRATs), and discounts for minority interests.
Tax lien certificates are a centuries-old investment vehicle that allows investors to purchase liens on properties with delinquent taxes. If a property owner fails to pay their annual property taxes, the local government can place a lien on the property and sell tax lien certificates to immediately collect revenue. The purchaser of a certificate receives the lien and interest, and gets the property title if taxes go unpaid for an extended time. Thousands of properties change hands each year this way. Tax lien certificates offer a safe and secure investment because the local government handles the process and guarantees payment of the original investment plus interest.
Jed Smith, Managing Director, Quantitative Research
NATIONAL ASSOCIATION OF REALTORS®
North Carolina Real Estate Summit
Cary, North Carolina
July 16, 2013
The Origin and Function of Ad Valorem Taxes Research Papernhayenga
Property taxes have existed for thousands of years and provide funding for important government services like schools and fire departments. While nobody likes paying taxes, they are an important part of any society. In the US, property taxes are based on the assessed value of a home, with rates set by a millage that varies by county. However, assessments are sometimes inaccurate, so homeowners can appeal to get their assessed value and subsequent taxes lowered by providing comparisons to similar homes in the area. Appealing assessments helps ensure fairness and protects homeowners from unjustly high taxes.
Property Tax In Texas - Research Report 2017cutmytaxes
The document provides an overview of property taxation in Texas. It discusses that property taxes are based on two factors: property value and tax rate. It explains that local appraisal districts are responsible for appraising property values, and that taxpayers can protest appraisals. It also outlines numerous exemptions that exist for different types of property like residential homesteads. The document aims to shed light on the complex property tax process so that taxpayers can better understand the system.
The Tax Relief Act of 2010 made significant temporary changes to estate, gift, and generation-skipping transfer tax laws through 2012. It established a $5 million exemption and 35% rate for these taxes. It also allows portability of exemption amounts between spouses and modified carry-over basis rules instead of estate tax for those who passed away in 2010. Estate planning professionals should be consulted to determine if existing plans need updates due to these new temporary laws.
This document summarizes key considerations for investing in US real estate as a non-resident. It discusses common ownership structures like personal, corporate, and limited liability partnerships. It also outlines tax implications such as withholding taxes, income and capital gains taxes, and estate taxes that vary based on the ownership structure. Legal liability also differs between personal and corporate ownership. Overall, proper planning and structuring is important to maximize tax savings and protect investments in US real estate as a non-resident.
Fund Our Future Tax The Rich Invest In Our New Yorkstrongforall
This document proposes six bills as part of the "Invest in Our NY Act" to raise $51-75 billion annually. The bills would: 1) Create a progressive income tax system; 2) Tax investment income the same as wages; 3) Create an inheritance tax; 4) Tax billionaire fortunes and amend the constitution to allow a wealth tax; 5) Create a tax on financial transactions; 6) Offset corporate tax cuts from Trump. The proposals are aimed at taxing the wealthy and large corporations to generate revenue to invest in New York's economy and support services.
This presentation discusses how homeowners, businesses, and municipalities would benefit from a repeal of Indiana's proprty tax and presents a plan for accomplishing repeal.
The document discusses different types of taxes paid by Americans and how tax revenue is used by the federal government. It describes major tax types like income tax, corporate tax, payroll taxes, excise taxes, estate and gift taxes, and sales taxes. It also explains how tax revenue is used to fund government operations and services, how the federal budget is created by Congress and the President, and what happens when government spending exceeds tax revenue, including cutting costs, raising taxes, or increasing the national debt.
The document discusses different types of taxes paid by Americans and how tax revenue is used by the federal government. It describes major tax types like income tax, corporate tax, payroll taxes, excise taxes, estate and gift taxes, customs duties, and sales taxes. It also discusses how tax revenue is spent on government programs and services, how the federal budget is created, and what happens when costs exceed tax revenue through cutting spending, raising taxes, or increasing the national debt.
This document defines taxes and different types of taxes. It discusses how taxes are used to fund government services and lists the top 6 countries with the highest personal income tax rates. It then explains the impact of different tax types, including progressive, regressive, and proportional taxes. Specific taxes like federal income tax, social security tax, and Medicare are outlined. The document also discusses government spending categories like entitlement programs, discretionary spending, and how surpluses and deficits can occur. Finally, it provides an overview of state and local taxes and how that revenue is used.
The Myths & Realities Of Estate Planning 2009cpwalmsley
In this presentation I debunk some common misconceptions with estate planning. This knowledge and more is available to my clients. Audio will soon be added.
Gradually taking land out of the market place is the only way to solve the two tier housing market in New Zealand. While Auckland house prices rise at 13% a year, in the provinces the real prices have dropped 20%. This solution introduces a treasury created tax credit to pay for land of those who opt in.
केरल उच्च न्यायालय ने 11 जून, 2024 को मंडला पूजा में भाग लेने की अनुमति मांगने वाली 10 वर्षीय लड़की की रिट याचिका को खारिज कर दिया, जिसमें सर्वोच्च न्यायालय की एक बड़ी पीठ के समक्ष इस मुद्दे की लंबित प्रकृति पर जोर दिया गया। यह आदेश न्यायमूर्ति अनिल के. नरेंद्रन और न्यायमूर्ति हरिशंकर वी. मेनन की खंडपीठ द्वारा पारित किया गया
Youngest c m in India- Pema Khandu BiographyVoterMood
Pema Khandu, born on August 21, 1979, is an Indian politician and the Chief Minister of Arunachal Pradesh. He is the son of former Chief Minister of Arunachal Pradesh, Dorjee Khandu. Pema Khandu assumed office as the Chief Minister in July 2016, making him one of the youngest Chief Ministers in India at that time.
Essential Tools for Modern PR Business .pptxPragencyuk
Discover the essential tools and strategies for modern PR business success. Learn how to craft compelling news releases, leverage press release sites and news wires, stay updated with PR news, and integrate effective PR practices to enhance your brand's visibility and credibility. Elevate your PR efforts with our comprehensive guide.
13062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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3. What will this measure do if
passed?
• No estate tax upon death.
• No tax of any kind when ownership is transferred
within the family during life. This means: no gift,
capital gains, income or real estate transfer taxes.
First we’ll talk about the estate tax, then the prohibition
again all taxes.
4. History of the Estate Tax
• First known estate tax in Egypt about 700 B.C.
• Caesar Augustus taxed estates in Rome about 2,000
years ago.
• By the 18th century estate taxes existed in many nations,
including the newly founded United States of America.
5. History of the EstateTax in
the United States
• Our first estate tax was imposed in 1797.
• Temporary estate tax laws were enacted to help pay for
the Civil War and the Spanish American War.
• Modern Estate Tax began with the Revenue Act of 1916
as a tax on the estate instead of a tax levied on the
beneficiaries.
• There have been many revisions in the law since.
6. Teddy Roosevelt on the Estate
Tax
“I feel that in the near future our national legislators should
enact a law providing for a graduated inheritance tax by which a
steadily increasing rate of duty should be put upon all moneys
or other valuables coming by gift, bequest, or devise to any
individual or corporation....
“The prime object should be to put a constantly increasing
burden on the inheritance of those swollen fortunes which it is
certainly of no benefit to this country to perpetuate.”
--Theodore Roosevelt, Message to Congress, Dec. 3, 1906
7. Brief History of the
Oregon Estate Tax
• Has been in effect for 109 years.
• We had an estate tax before we had an income tax.
• Until George W. Bush, federal estate tax was shared with
the states.
• When under Bush the sharing with the states was
eliminated, states had to act to continue having an estate
tax.
• Oregon immediately implemented its own estate tax.
8. Oregon Estate Tax Facts
• Families only pay if their assets are worth more than $2
million ($1 million for singles).
• That is two million dollars after deducting mortgages,
paying all bills including medical bills and the legal and
accounting expenses of the estate and making charitable
donations.
• Only 2% of the population in Oregon actually pay an
estate tax. With 32,000 decedents each year, 730 pay an
estate tax.
• Eliminating the estate tax will only benefit the wealthiest
2% of Oregonians.
9. What assets are found
in estates that
pay an estate tax?
• Farms -- about one-half of one percent.
• Family business assets -- less than 10%.
• Stocks, bonds, homes, real estate, cash, insurance,
retirement accounts, mortgages and art -- 90%.
Source: Congressional Research Service Report: IRS, Statistics of Income, Estate Tax Returns Filed in 2003, October 2004.
Note. this is the year with most filers eligible for a $1 million exemption, thus most similar to OR.
10. What does the Oregon Estate
Tax do for Oregon
• Adds $100 million in revenue per year.
• Helps to fund schools, state troopers, roads, health care,
prisons and all other things state government does for
Oregonians.
• For example, $100 million is enough to pay for 1,200
school teachers for a full year of school.
• If repealed, what will the loss of revenue do to the
necessary services provided by the State of Oregon?
• Who makes the difference?
11. Arguments for repeal
• Family farms and small businesses are forced to liquidate
or sell assets to pay the estate tax.
• It’s double taxation. The owner has already paid taxes on
throughout his or her life. This constitutes double
taxation and is unfair.
• The tax prevents families from building a better life for
future generations.
• Families purchase insurance to pay the tax when that
money could be spent to invest in the business.
• The estate tax eliminates jobs in Oregon.
12. The family farm is not in danger
from the Estate Tax
•Under recent Oregon law changes farm and forest families only pay
if their assets are worth more than $30 million ($15 million for
singles).
•These families can pass on up to $15 million in farm or forest assets
tax-free ($7.5 for singles) if the family continues the business.
•The provision is so generous that families can include farm homes
and up to $2 million in working capital as untaxed assets ($1 m for
singles).
•Extremely few Oregon farm or forest families pay any estate taxes
on their farm or forest assets.
13. • In the past provisions for farms have been far less generous. Still,
there are “1,144 farms in Oregon that have been operating
continuously for over 100 years.” --Oregon Live.Com updated July 30, 2012
• The American Farm Bureau acknowledged to the New York Times
several years ago, … that it could not cite a single example of a farm
having to be sold to pay the estate tax. --CBPP The Estate Tax: Myths and
Realities
• The Congressional Budget Office found that of the few farm and
family business estates that would owe any Federal estate tax, the
overwhelming majority would have sufficient liquid assets (such as
bank accounts, stocks, bonds, and insurance) in the estate to pay the
tax without having to touch the farm or business. And if it is a
problem, they have 14 years to pay.
• Of the 38,000 farms in Oregon, 2/3 are “hobby farms” and do not
meet the definition of a family or commercial farm. --Oregon
Department of Agriculture
15. The Estate Tax is not double
taxation or unfair
• The appreciation over time of an asset, say real estate, is
known as “unrealized capital gain” until taxed when sold.
• Estates subject to the estate tax include significant
“unrealized capital gains.”
• 56% of larger estates and 36% of all estates are gains that
have never been taxed.
• All inherited assets get a date-of-death valuation.
• The estate tax is the means – the only means -- of taxing
these unrealized capital gains.
16. The Estate Tax does not
prevent a better life
• The tax impacts only those with significant resources who
have the ability to pay.
• A taxable estate includes all assets minus transfers to one’s
spouse, debt, last medical, attorney and accounting
expenses. The $1 million exemption of the first to die can
be saved and used when the second person dies.
• Those subject to the estate tax have the opportunity during
their lifetime to provide their children and grandchildren
with the best schools, equipment, resources and
opportunities to succeed.
17. • Examples:
A couple’s taxable estate worth $3 million, taxed only
at the second death, pays $101,250 in tax.
This leaves nearly
$2.9 million for the heirs.
A single person’s estate valued at $3 million pays
Oregon estate tax of $205,000.
Inheritors receive nearly $2.8 million.
18. Planning, including investing in
insurance, is a normal part of
business
•Estate and succession planning is a normal part of business
and places little additional burden on the family or the
business.
•Few would complain that investing in the stock market is a
waste of money. Investing in insurance is just another
investment.
•Insurance is an investment with a guaranteed payment
amount and an unknown rate of return. Most people hope
for long lives and a low rate of return.
19. The estate tax does not
eliminate jobs in Oregon
• If trickle down worked we’d be
swimming in jobs today.
21. No tax on transfers
within the family
• Hidden in Measure 84 is a prohibition against any tax on the
transfer of property among family members at any time.
• Nothing prohibits the family member receiving the asset from
immediately selling it at the newly acquired value.
• No family member would pay tax on gains or profits.
• This could be used to transfer stock, homes, commercial
buildings, crops, art or any other assets and never pay taxes on
the gains.
• This creates a huge tax loophole that must not be opened.
22. • CPAs and tax lawyers could be sued for failing to recommend
this tax dodge to high asset clients.
• The state has not estimated the impact this would have on
state revenues.
• We think it will cost more in lost revenue than even the
elimination of the estate tax.
• The richest 2% receive 75% of all capital gains.
23. An example:
• A wealthy NY resident owns $100 million of Oregon
timberland originally purchased for $1 million.
• He sells the land to his son for $100 million and gets an
IOU.
• The son immediately sells the property for $100 million
and pays off the IOU.
• Neither father nor son owes Oregon tax on the $99
million gain.
This will work equally for the Oregon resident .
24. So who benefits from
Measure 84 if it passes?
• The benefits of this measure will flow primarily the
richest 2% of Oregonians when they sell or inherit
stocks, bonds, homes, or other real estate.
• Proponents talk of double taxation.
With Measure 84 they seek no taxation, ever.
• Measure 84 is just two new tax breaks for
the richest among us – and does nothing for
the other 98%.
25. Why we need to
Vote NO on Measure 84
• Estate and capital gains taxes provides substantial benefit
to all Oregonians.
• If we do away with the estate tax the rest of us will have
to make up the $100 million it generates.
• If we create a capital gains tax loophole the rest of us
will have to make up for the unknown millions that will
be lost.
• We do not need to give additional tax breaks to the
richest among us.
Editor's Notes
Farms .6%, Family business 9.5%,
56% of states over 10 million, 36% of estates under 10 million
Ever notice how many more welathy people we have now
For example: land owner of a forest purchased at 1 million dollars can sell it to his son for 100 million dollars. The son can then sell the land for 100 million dollars. Neither of them would pay the capital gain of 99 million dollars made by the family in the sale