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    Getty Images If your family has significant wealth, it's now easier to avoid federal estate taxes, thanks to recent changes from the IRS. The IRS improved a strategy known as "portability," used by high-net-worth married couples expecting to owe federal estate taxes when the second spouse dies. Here's how it works: While a spouse may inherit all of their partner's assets tax-free, estate taxes may be owed after the surviving spouse passes, depending on the total value. More from Personal Finance:Before you 'chase dividends,' here's what to knowYou could see your Social Security check jump $175 next yearWhat the Federal Reserve's next major interest rate hike means for you In 2022, there's a $12.06 million exemption per person for gifts and estate taxes, meaning you won't owe federal levies for giving away $12.06 million or less to your children or other non-spouse beneficiaries during life or at your death. You may owe up to 40% estate taxes on anything above that. But the surviving spouse may elect portability, allowing them to have their partner's unused exemption along with their own,...
    The Special Olympics nixed its vaccine requirement after Florida Gov. Ron DeSantis’s (R) administration threatened to bury it with $27.5 million in fines. The decision followed a letter sent to the Special Olympics from the Florida Department of Health, stating its intention to take action. As a result, the Special Olympics reversed its vaccine requirement: Florida said the vaccine rule conflicted with state law, and disqualified Special Olympics athletes from competing based on their vaccine status. State said they heard from athletes and families of athletes who complained. Here’s the letter the state sent. 2/3 pic.twitter.com/NgpHsQwve4 — Jay OBrien (@jayobtv) June 3, 2022 “Special Olympics, Inc. (SOI) announced on June 2, 2022, that it is lifting the vaccine requirement for delegation members attending the 2022 Special Olympics USA Games being held in Orlando, Florida, June 5-12, as required by state of Florida officials on May 27, based upon the Florida Department of Health’s interpretation of Florida law,” the organization said a statement.  “Delegates who were registered for the Games but were unable to participate due to the prior vaccine requirement,...
    LANSING, Mich. (AP) — House Republicans on Thursday began passing legislation that would cut Michigan’s income tax, provide tax breaks for more retirees and help local governments reduce their pension debt. One bill would cut the 4.25% income tax rate to 3.9%. It would lower the age at which filers can deduct up to $20,000 individually or $40,000 jointly from 67 to 62 and allow an additional exemption of up to $20,000 or $40,000 for retirement income not covered by the standard deduction. READ MORE: Michigan Matters: Film Incentives Making a Comeback?Another measure would spend $1.5 billion of a $7 billion surplus to shore up pension systems — $1.15 billion for municipalities and $350 million for the state police. Two GOP-led House committees unveiled and approved the bills at a joint meeting. The full House could take them up next week. “This will be a tax cut for every Michigan worker and Michigan family, not just some,” said House Tax Policy Committee Chair Matt Hall, a Marshall Republican and sponsor of the tax measure. Democrats abstained from voting on the...
    TALLAHASSEE (CBSMiami/NSF) – The Florida House continued moving forward Monday with a proposal that would provide an increased homestead property-tax exemption for classroom teachers, members of the military and first responders who have toiled through the coronavirus pandemic. The House Local Administration & Veterans Affairs Subcommittee unanimously approved two linked proposals (HJR 1 and HB 1563), filed by Rep. Josie Tomkow, R-Polk City, that would provide the additional exemption and, as a result, reduce non-school tax revenue by more than $90 million a year. READ MORE: Black History Month: The Legacy Of Thelma Vernell Anderson Gibson“It’s very important for us in Florida to continue to make Florida more affordable for these individuals,” Tomkow said. Rep. Joy Goff-Marcil, D-Maitland, expressed concern that many people in the targeted professions who live in rental properties wouldn’t benefit, while people with homes valued at $1 million or more would get tax breaks. “I’m going to be up on (voting for) the bill today because I don’t want to look like I’m not supporting first responders and teachers, and they need support,” Goff-Marcil said. “I’m...
                 Tuesday’s Metro Council meeting featured dozens of agenda items in addition to the end of Nashville’s vehicle emissions program and the allocation of $3.15 million to the Metro Nashville Police Department for tasers. In all, the Metro Nashville City Council addressed 84 items on the agenda published prior to the meeting. The municipal body dealt with issues ranging from children’s safety, building codes, and zoning to allocation of taxpayer funds, allocation of COVID-19 relief funds, the election of notaries, and more. Six additional items totaling roughly $16,500,000 in taxpayer funding was approved. – $1.5 million in funds were appropriated for “Juneteenth Holiday – Salary and Fringe – $1,500,000.” – Resolutions RS2022-1314, RS2022-1315, RS2022-1316, RS2022-1317, and RS2022-1318 dealt with the investigation of internet crimes against children. Those resolutions were sponsored by councilmembers Allen and Evans. They established intergovernmental agreements between the Metro Nashville Police Department, the Cookeville Police Department, the Dickson County Sheriff’s Office, and the City of Spring Hill Police Department, the Williamson County Sheriff’s Office, and the Tennessee Association of Chiefs of Police to distribute “state grant...
    D-Keine | Getty Images As Democrats seek ways to cover their $3.5 trillion spending package, lawmakers are floating a new limit on a popular write-off for technology startups and other industries. Created to spur investment in certain types of smaller companies, so-called qualified small business stock allows founders, early employees and investors to write-off up to 100% of stock gains — exempting up to $10 million or 10 times their initial purchase price — when they sell. For example, let's say an employee received 1,000 shares worth $1 million in 2013 and sold them for $11 million in 2018. Typically, they would owe capital gains taxes on the $10 million growth. However, qualified small business stock may allow a full exemption. To be eligible, a corporation must have less than $50 million in gross assets when issuing the qualified small business stock, and non-corporate shareholders must hold the investments for at least five years. More from Personal Finance:Democrat plan would prohibit IRAs from holding private equity, hedge fundsThe wealthy may avoid $163 billion in taxes every year. Here's how they...
    Sen. Bernie Sanders, I-Vt., speaks at an event in Birmingham, Alabama, on March 26, 2021.Andi Rice/Bloomberg via Getty Images A group of Senate Democrats issued a proposal Monday to tax unrealized capital gains of wealthy estates at death. The plan comes as President Joe Biden prepares to unveil a major infrastructure plan that's expected to be financed largely by higher taxes on corporations and the wealthy. The group of senators — including Sens. Elizabeth Warren, Mass.; Chris Van Hollen, Md.; Cory Booker, N.J.; Sheldon Whitehouse, R.I.; and Bernie Sanders, I-Vt. — proposed getting rid of the so-called "step-up in basis" and taxing the capital gains of unsold assets at death. More from Personal Finance:Here's when state tax returns are dueThere may still be a way to claim missing $1,200 or $600 stimulus checkThese states aren't allowing the $10,200 unemployment tax break Current rules let assets like stocks pass to heirs without capital-gains tax on their appreciation in value. Assets also pass to heirs at current market price instead of the owner's original cost, known as a step-up in basis. The...
    MADISON, Wis. (AP) — Republican lawmakers on Wednesday dramatically reshaped Democratic Gov. Tony Evers’ plan to upgrade the state’s antiquated unemployment claim technology, eliminating guaranteed funding for the project and absolving businesses and schools of liability for COVID-19 infections. Republicans have heaped criticism on Evers for months over the state Department of Workforce Development’s inability to clear a massive backlog of pandemic-related unemployment claims. His administration has blamed a processing system that dates back to the 1970s. The governor in January called a special legislative session to pass a bill that would hand the DWD $5.3 million to renovate and modernize the claims system. The state budget Evers announced on Tuesday would provide the department with $79 million annually to fund the upgrades. Republicans on the Legislature’s budget committee offered their own plan Wednesday. They eliminated the guaranteed $5.3 million for upgrades and balked at the $79 million request in the budget. Under their plan, the department would have to use federal money and ask the committee for state dollars as needed. Republicans also added civil...
    Democratic candidates for Senate Jon Ossoff (L), Raphael Warnock (C) and US President-elect Joe Biden (R) bump elbows on stage during a rally outside Center Parc Stadium in Atlanta, Georgia, on January 4, 2021.Jim Watson | AFP | Getty Images Wealthy Americans worried about the prospect of higher estate and gift taxes might have more time to come up with a strategy. With Jon Ossoff and Raphael Warnock both winning their Senate runoff elections in Georgia, the Democrats now have control — albeit precarious — of the Senate. That will help President-elect Joe Biden push his legislative agenda, and higher taxes are expected to be a major part of his plans The estate tax could be a prime target for Democrats. Biden has repeatedly suggested that wealthy Americans are not paying their "fair share" of taxes. He has indicated that he plans to reduce the tax exemption for estates and gifts and increase the rates at which they are taxed to "historic norms."VIDEO5:1105:11Biden will have trouble implementing his policies even with a Democratic Congress, pro saysSquawk BoxThat could mean reducing...
    Wyoming’s Republican governor resisted calls for a mask mandate. Now he has the coronavirus. El Paso lawyered up to try and collect $570,000 owed to the city by the Trump campaign from a rally 2 years ago NBA denies Lakers career-ending injury exemption application on money owed to Luol Deng, per report In 2018, the Los Angeles Lakers used the stretch provision to waive Luol Deng and spread the remaining $15 million owed to him over three seasons. That created short-term cap space that they could use in the 2019 offseason as they pursued superstar free agents, but it also left $5 million of dead money on their books for the 2019-20, 2020-21 and 2021-22 seasons. The Lakers wanted that money off of their books altogether, so they applied for a career-ending injury exemption from the NBA in order to do so. The NBA has now rejected the application, according to The Athletic's Shams Charania.  © Provided by CBS Sports That was always the expected outcome, as we explained in more depth at the time of the application. For...
    California voters have approved Proposition 19, that gives exemptions to older homeowners, the disabled and wildfire victims and strips breaks from people who inherit homes but don't live in them.The measure received 51% of the more than 15.3 million votes cast, giving a big victory to the California Association of Realtors, which made major changes to a similar initiative in 2018 that voters rejected by 20%.What does this mean?Under Prop 19, homeowners who are 55 or older or who have lost a home in a natural disaster who may be afraid to move out of fear of higher property taxes can now transfer their tax assessment to a more expensive home three times (instead of the previous one-time allowance).The exemption is expected to fuel home sales by encouraging people who were reluctant to move because their tax bills would rise sharply.The measure also eliminates an exemption used when someone transfers a house to a child or a grandchild. Prop 19 says that if the child or grandchild doesn't live in the inherited house, the tax value will be reassessed.Revenue from...
    LOS ANGELES (AP) — The Latest on the California election (all times local): 12:01 a.m. Uber, Lyft and other app-based ride-hailing and delivery services have prevailed in their expensive gamble to keep drivers classified as independent contractors. Voters on Tuesday approved Proposition 22, which pitted the powerhouses of the so-called gig economy against labor unions. It’s the most expensive California ballot measure ever. More than $220 million was spent, mostly by gig companies . The measure creates an exemption to a state law that would have made drivers eligible for benefits that come with being company employees. San Francisco-based Uber and Lyft threatened to pull out of California if they lost. 11:55 p.m. Los Angeles police arrested about 40 people Tuesday night for blocking downtown train tracks and failing to disperse. Officer Mike Lopez said the people did not leave after officers declared an unlawful assembly. Lopez said there were no reports of injuries and no immediate indication that those arrested had any illegal weapons. Another 30 people were cited for being in an intersection nearby and then released, Lopez...
    SACRAMENTO, Calif. (AP) — The Latest on the California election (all times local): 9:15 p.m. A California ballot measure that would exempt Uber, Lyft and other app-based delivery drivers from being classified as company employees eligible for benefits and job protections was leading in early vote counts. The $220 million measure — bankrolled largely by the titans of the gig economy — is the most expensive in state history. It had 57% of more than 6.6 million votes counted Tuesday. Supporters say Proposition 22 would allow drivers to maintain the freedom to work hours they choose. Opponents say the companies exploit drivers to keep profits high. 9:15 p.m. A ballot measure to reinstate affirmative action in California government was trailing in early results Tuesday Public polling had indicated that Proposition 16 was struggling, suggesting that voters may not be ready to repeal a quarter-century-old ban on affirmative action in public hiring, contracting and college admissions. Supporters say affirmative action programs are critical to undoing generations of systemic racism and sexism that holds back people of color and women. Opponents say...
    JUNEAU, Alaska — The federal government announced plans Wednesday to lift restrictions on logging and building roads in a pristine rainforest in Alaska that provides habitat for wolves, bears and salmon. Conservation groups vowed to fight the decision. The US Department of Agriculture said it has decided to exempt the Tongass National Forest, the country’s largest national forest, from the so-called roadless rule, protections that ban road construction and timber harvests with limited exceptions. It applies to nearly one-quarter of all US Forest Service lands. The rule, dating to 2001, has long been a focus of litigation. Alaska in 2018, under then-Gov. Bill Walker, asked the federal government to consid,er the exemption, a decision supported by current Republican Gov. Mike Dunleavy. Members of Alaska’s congressional delegation also have pushed for the exemption. About 9.4 million of Tongass’ 16.7 million acres are considered roadless areas, according to the Forest Service, which falls under the USDA. That number differs slightly from the 9.2 million acres the agency cited in its draft environmental review last fall. The majority of Tongass is in a...
    If you’re contemplating moving to a different state, taxes may be a deciding factor. This column explains how to evaluate the tax picture in states you may be considering. Investigate all state and local taxes If your intent is to relocate to a lower-tax state, it may seem like a no-brainer to move to one that has no personal income tax. No! To avoid an expensive misstep, you must consider all the taxes that can potentially apply to residents — including property taxes and death taxes. Example As you know, Texas is “famous” for having no personal state income tax while Colorado has a flat 4.63% personal state income tax rate. So, if you have a healthy income, you might reasonably think it would be much cheaper tax-wise to live in Dallas, Texas than in Colorado Springs, Colorado. Maybe not! The property tax rate on a home in some Colorado Springs locales is about 0.49% of the property’s actual value, as determined by the county assessor. Say you move to one of these areas and buy a...
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