Chasm Of Class And Privilege – Clinton Tax Plan Hits Top 1% – Sanders Plan Hits Top 5%
In a previous post, I noted that Bernie is probably harder on millionaires than billionaires at least while the billionaires are alive and I think the Tax Policy Center Analysis drives the point home. The top corporate rate remains untouched at 35%, so if the Sanders plan or something like it were to go into effect, we would see a renaissance of C corporations that went out of favor after the Tax Reform Act of 1986. C corporations will be the way to accumulate wealth, although it will be challenging to figure out how to spend it.
I doubt very much that there is any monied interest supporting Sanders, but if there were one, it would be the life insurance industry. His tax plan does not address the inside buildup of life insurance value or its income tax free payment at time of death and the level of estate tax he is proposing will create severe liquidity strains. And I said I wasn’t going to get into planning. Just can’t help myself.
How Much Personal Use Of Airplane Is Too Much For Tax Free Exchange?
In summary, there is no legal support for treating the relinquished aircraft as two properties for purposes of § 1031. In addition, the position that property either meets or fails to meet the “held for” requirement of § 1031(a)(1) and should not be treated as two properties is consistent with the safe harbor published in Rev. Proc. 2008-16. Consequently, the relinquished aircraft should be treated as one property that either meets “the held” for requirement of § 1031(a)(1) or fails to meet the requirement
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.