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Topic: Lifetime income tax


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In the News (Wed 23 Apr 14)

  
  Income tax Summary
However, the income tax was not a dominant policy focus during the 1930s, partially because the federal government relied heavily on excise taxes and debt to obtain funds to support government activities.
A true income tax was first implemented in Britain by William Pitt the Younger in his budget of December 1798 to pay for weapons and equipment in preparation for the Napoleonic wars.
This tax is levied from the happening of an event, such as the payment of a wage or the purchase of property - the appreciation on the value of property, for example, is not taxed until that property is sold.
www.bookrags.com /Income_tax   (3883 words)

  
  Income tax - Wikipedia, the free encyclopedia
The income tax was first introduced in Britain by William Pitt the Younger in his budget of December 1798 to pay for weapons and equipment in preparation for the Napoleonic wars.
The income tax was reintroduced by Addington in 1803 when hostilities recommenced, but it was again abolished in 1816, one year after the Battle of Waterloo.
It was thought that head taxes and property taxes (slaves could be taxed as either or both) were likely to be abused, and that they bore no relation to the activities in which the federal government had a legitimate interest.
en.wikipedia.org /wiki/Income_tax   (1348 words)

  
 Lifetime income tax - Wikipedia, the free encyclopedia
A lifetime income tax is an income tax that would tax a person based on their cumulative lifetime income, rather than their yearly income as is currently done throughout the world.
A lifetime income tax is currently just a proposal that has been made by some economists and politicians.
It would put more of a tax burden on the middle aged and elderly who are more likely to save rather than spend and who have a generally higher standard of living.
en.wikipedia.org /wiki/Lifetime_income_tax   (484 words)

  
 Tax Analysts: Economic Perspective: 94 TNT 61-29 (Copyright, 1994, Tax Analysts)   (Site not responding. Last check: 2007-10-08)
Estate taxes are derided as a tax on death: these taxes can extract a large portion of a family's wealth on the occasion of the death of one of its members.
Taxes on current flows of income or consumption can be associated most easily with current flows of government benefits, and the rates of taxation can be made to rise or fall with rates of government outlays.
It is equally doubtful that a strong estate tax could be sustained as part of a conversion from the existing income tax to a tax on consumption or lifetime income.
www.taxanalysts.com /www/econpers.nsf/cfa3e4167d7590dc852566db00614d4d/af08e2dc1caf2025852566db0061eb1f?OpenDocument   (1110 words)

  
 Colorado Income Tax   (Site not responding. Last check: 2007-10-08)
Tax levied on the income of companies is often called corporate income tax or corporation tax, although some jurisdictions impose income tax on companies.
Income tax in the UK Income tax is an annual tax, and is reimposed each year in the annual Finance Act.
Some critics of the negative income tax contend that, in effect, such a scheme is a subsidy given to employers of low-qualified jobs so that they do not really have to spend the money to adequately pay their workers.
www.wwwtln.com /finance/40/colorado-income-tax.html   (1907 words)

  
 Social Security's Rate of Return
Investing her taxes entirely in Treasury bills would give her an annualized rate of return that is almost two percentage points higher than she could expect from Social Security, and allow her to earn-during her lifetime-$93,330 more in terms of inflation-adjusted, after-tax 1997 retirement income than she can expect to receive in Social Security benefits.
However, in calculating the return, an amount is removed from taxes paid that is equal to the premium on a term life insurance policy which has the same value as benefits that are paid to children of workers (and the spouse caring for their children) who die before retirement.
In line with upper-bound estimates of the effects of higher income on life expectancy, the remaining life expectancy of this couple is increased by 10.2 percent for the male and 8.2 percent for the female.
www.heritage.org /Research/SocialSecurity/CDA98-01.cfm   (8625 words)

  
 Notice 97-60 Lifetime Learning Credit
The Lifetime Learning Credit may be claimed for the qualified tuition and related expenses of the students in the taxpayer's family (i.e., the taxpayer, the taxpayer's spouse, or an eligible dependent) who are enrolled in eligible educational institutions.
The amount a taxpayer may claim as a Lifetime Learning Credit is gradually reduced for taxpayers who have modified adjusted gross income between $40,000 ($80,000 for married taxpayers filing jointly) and $50,000 ($100,000 for married taxpayers filing jointly).
The Lifetime Learning Credit may be claimed for payments of qualified tuition and related expenses made on or after July 1, 1998, for academic periods beginning on or after July 1, 1998.
www.irs.gov /individuals/article/0,,id=96273,00.html   (1660 words)

  
 Income Tax
The only way that substituting a progressive tax for a flat tax could reduce the welfare cost of taxation (for a given level of government revenues) is if the low-income earners were to react to lower marginal rates by increasing their supply of labor more than the high-income earners were to reduce theirs.
But if the government could graduate an individual's income tax according to his subjective demand for income (and conversely leisure), the ideal schedule to minimize disincentives would be a regressive one, i.e., from the highest marginal rate for the first hour of income-earning activities to lower rates as the marginal utility of income decreases.
Tax discrimination will also generate a complex tax system, with high administrative and compliance costs.[3] These efficiency costs of tax discrimination are likely to be higher than any of its uncertain benefits.
www.pierrelemieux.org /artpimp.html   (5390 words)

  
 INCOME TAX FACTS AND INFORMATION
A tax levied on the income of companies is often called corporate_tax, corporate_income_tax or corporation_tax.
The British income tax has a number of bands: 10% (lower rate), 20% (basic rate for interest), 22% (basic rate), 32.5% (higher rate for UK dividends) & 40% (higher rate for other income).
It was thought that head_taxes and property_taxes (slaves could be taxed as either or both) were likely to be abused, and that they bore no relation to the activities in which the federal government had a legitimate interest.
www.palfacts.com /income_tax   (1208 words)

  
 Planned Gifts
Unrestricted income from endowments is used to support critical institutional operations, including funds for exhibitions, educational outreach, scholarly studies, and collections acquisitions.
Donors should note that any distribution from these plans during their lifetimes will be deemed as taxable income, even if the distribution is to a qualified charity.
Income tax is avoided only if the plan is distributed to a charity after the donor's lifetime through beneficiary designation or a specific bequest in the donor's estate plans.
hirshhorn.si.edu /contribute/planned.html   (583 words)

  
 Federal Tax Benefits for Tuition and Fees
Tax credits are subtracted directly from the tax a family owes, instead of being subtracted from taxable income like a tax deduction.
For the 2006 tax year, a family may claim a tax credit up to $1,650 for each eligible dependent for up to two tax years (100% of the first $1,100 and 50% of the second $1,100 paid for qualified expenses).
If you are claiming a lifetime learning credit for both Gulf Opportunity Zone students and other students, the qualified education expenses taken into account in Part II of the 8863 form cannot exceed $10,000 reduced by the qualified education expenses of the Gulf Opportunity Zone students.
www.nasfaa.org /AnnualPubs/TaxBenefitsGuide.html   (2468 words)

  
 MMRF - Support - Planned Giving Tips   (Site not responding. Last check: 2007-10-08)
In contrast, retirement plan assets remaining at your death are generally subject to both estate and income taxes.
Smith's daughter received the pension money instead, estate and income taxes would be owed on the pension money.
The contents are intended for general information purposes only, and you are urged to consult legal, tax estate and financial planning professionals concerning your situation and any specific questions you may have.
www.mmrfweb.org /support/iras.html   (508 words)

  
 How-To Guide 2005
Lifetime income with tax deferral or no maximum yearly investment withdrawal means that you and your spouse can live off your own personal “pension” plan.
An Annuity is an insurance contract that gives you the option of a lifetime income or payments for a specified period of years.
At their age, the income received can be invested in a specially designed life insurance policy that will pay their children an amount larger than the after-tax proceeds, from the Annuity, and still be 100 percent income tax free.
www.azcentral.com /advert/howtoguide05/taxannuity.html   (711 words)

  
 Charitable Remainder Trusts
The income payout period may last for more than one life, but the present value of the charitable remainder must be at least 10% of the initial value of the property transferred to the trust.
Because a CRT pays income to the donor (or other individual) for as long as he or she lives, it often permits the donor to make a major gift to a charitable institution, and gain immediate income tax benefits, without a loss of spendable income.
The income from a CRT may be paid to the income beneficiary(ies) for their lifetimes or for a term of years (not to exceed 20), as selected by the donor.
www5.semo.edu /foundation/pgaol/charitable_remainder_trusts.html   (9715 words)

  
 Resource Center - Types of Gifts
The most common vehicle chosen by individuals to transfer assets to others after their lifetimes is either a will or a trust, often called a living trust.
A Charitable Gift Annuity (CGA) can generate immediate or deferred income for the life of one or two designated individuals, can provide a partially tax-free income and an income tax deduction for the donor, and allows the remaining assets to be used to support your favorite charities and/or charitable causes.
The Pooled Income Fund is similar to the Charitable Remainder Trust (assets irrevocably given in trust; donor receives lifetime income, tax deduction, bypass of capital gains).
www.sdfoundation.org /resources/plannedgifts.html   (684 words)

  
 Lifetime Learning Tax Credit Information for UCI Students
See "What is the tax benefit of the lifetime learning credit" in Chapter 3 of Publication 970: Tax Benefits for Education [download] for more information.
Box 9 has an indication of whether or not you were enrolled as a graduate student during any academic period in the tax year.
Since the Lifetime Learning Credit is based payments, UCI has chosen to report amounts in Box 1 as a service to our students.
www.fs.uci.edu /TRA97/hopelife/lifetime.htm   (1381 words)

  
 Halfbakery: Tax Exemption for Military Personnel
Any service where one offers their life in defense of their country should never have to pay income tax ever again.
Straight "non combat" service would not secure the full exemption but that individual should be taxed at a much lower rate than those who have not served..
I dont think there is much incentive for a government to impliment this - loss of income from taxes, increase of costs from more people joining the army.
halfbakery.com /lr/idea/Tax_20Exemption_20for_20Military_20Personnel   (698 words)

  
 LACCD - Lifetime Learning Credit
You may be able to claim a lifetime learning credit for qualified tuition and related expenses paid for all students enrolled in eligible educational institutions.
For purposes of the lifetime learning credit, an eligible student is a student defined as a student enrolled in one or more courses at an eligible educational institution.
The amount of lifetime learning credit is 20% of the first $10,000 of qualified tuition and related expenses you paid for all eligible students.
www.laccd.edu /financial-aid/taxpayer-relief-act/lifetime-learning-credit.htm   (312 words)

  
 Jewish Family Services of Los Angeles
You also have the option of making a gift that returns lifetime income to you, your spouse, or other individuals, such as a charitable gift annuity, or charitable remainder unitrust or annuity trust.
Your tax benefits will depend on several factors: the form of the gift, the time at which it is made, whether it is outright or deferred or made in consideration of income payments.
The charitable deduction for a gift that returns income to you, such as a charitable gift annuity or a charitable remainder trust is the fair market value of the gift asset minus the present value of the income interest you retain.
www.jfsla.planyourgift.org /faq.php   (802 words)

  
 University of Houston System - Article Detail   (Site not responding. Last check: 2007-10-08)
Retirement accounts are often exposed to income taxes and estate taxes, at a combined marginal rate that could rise to 65 percent or even higher on large, taxable estates.
No income tax is due on the funds as contributed, and no income tax is due on the earnings and appreciation while in the plan.
This results in an income tax charitable deduction that may partially offset the tax on the lump-sum distribution.
www.wpg.cc /stl/CDA/articleDetail/1,1001,126-1193,00.html   (1928 words)

  
 TaxWorld: What is Inheritance Tax
Inheritance Tax is perhaps the most unfair tax of all as it is charged upon the value of a person’s estate at the time of their death.
In order to accumulate wealth during a person’s lifetime either income tax or capital gains tax would almost certainly have been paid and hence it could be argued that inheritance tax is a double tax charge.
It was always intended to be a tax on the wealthy but, due to the sharp increase in house prices, the number of people who would not consider themselves to be in that bracket but who are now caught in the trap is increasing all the time.
www.taxworld.org /iht/what.htm   (238 words)

  
 Adoption Tax Laws - Lifetime Adoption
It is important to note that as with other credits and exclusions in the tax law, the IRS will be looking to prevent taxpayers from abusing the ATC and exclusion by fraudulently claiming expenses that did not exist or by "padding" actual expenses.
Thus, when the tax law provides that qualifying adoption expenses must be "reasonable and necessary," and "directly related to, and whose principal purpose is for" a legal adoption, these are legal standards by which the IRS will review your tax return and determine whether your claim for the ATC or exclusion is valid.
If your tax liability is less than your available credit, you may carry forward the amount of credit left over, until it is used, for a period of 5 years.
www.lifetimeadoption.com /for_adoptive_families/tax2.html   (643 words)

  
 CORPORATE ESTATE PLANNING SOLUTIONS
Webster enhanced his income and the business went to family members in a tax advantaged fashion.
The illustrated IRC ยง 664 Trust calculations were based on the income beneficiaries' ages of 65 and 64.
IRC Section 7520 rate (7.6%) was used and when assets were sold and repositioned for increased income potential, the new comparable risk portfolios were assumed to earn 9% on their pre-tax yields.
members.aol.com /VWHenry/redemption.html   (450 words)

  
 Feature
This technique, while not providing any lifetime income tax benefit, can still provide a tax benefit to the donor's heirs after death in the form of a charitable deduction against any estate taxes that may be due on the donor's estate.
There are special rules for spouses, but typically, if a child or other individual is named as the beneficiary of a tax deferred asset, that child or individual will have to pay income tax on the assets when he or she withdraws the assets from the account.
When tax deferred assets are left to charity, the charity does not have to pay income or estate tax on those assets and can receive the full benefit of the assets immediately upon the death of the donor.
www.mndental.org /archive/3_05/features/article_5   (1951 words)

  
 TIME.com: Why Tax Our Patience? -- Apr. 07, 2003 -- Page 1   (Site not responding. Last check: 2007-10-08)
The more income you exempt from taxes for lower-income and lower-middle-income people, the higher your rate has to be — or the more revenue you are going to take away from the government.
That leads me to the idea of a lifetime income tax, which simply taxes all income once when consumed and finally when it is transferred, at death or through gifts.
Each state would then have the right to tax it and capture the taxes on the income that is made in its borders.
www.time.com /time/insidebiz/article/0,9171,1101030407-439586,00.html   (1069 words)

  
 Welcome to the Triangle Education Foundation Website
Second, in filing income tax the full current market value of long-term securities (held more than 12 months) may be claimed as a charitable deduction.
The naming of a charitable organization as the beneficiary of a life insurance policy will not provide an income tax deduction, but the proceeds of the policy must be included in the donor’s estate, and there will be an offsetting charitable deduction.
Income payments may be based upon a fixed dollar amount or a specified percentage of the total trust assets.
www.triangle.org /tef/giving/ways   (865 words)

  
 Amma.org - Humanitarian Activities
You can donate cash, appreciated assets and some types of personal property and receive income tax deductions if the donations are made to a qualified charity.
The only limitation on tax deductions for donations of cash is that you cannot deduct more than 50% of your adjusted gross income in one year.
It is possible to donate your home now and receive a charitable deduction even while you continue to live in the home during your lifetime and the lifetime of your spouse or a child.
www.ammachi.org /humanitarian-activities/get-involved/giving-during-lifetime.html   (978 words)

  
 Halfbakery: Tax Exemption for Military Personnel
Any service where one offers their life in defense of their country should never have to pay income tax ever again.
Straight "non combat" service would not secure the full exemption but that individual should be taxed at a much lower rate than those who have not served..
I dont think there is much incentive for a government to impliment this - loss of income from taxes, increase of costs from more people joining the army.
www.halfbakery.com /idea/Tax_20Exemption_20for_20Military_20Personnel   (727 words)

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