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Topic: Wealth (Net Worth) Tax

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Taxation

	A Better Kind of Wealth Tax
		There is a solution to this debate that will save small farms and businesses, eliminate the "death tax" for all Americans, and still preserve the integrity of the federal budget: Tax the net worth of the very richest Americans on a regular basis during their lifetime.
		Tax policies over the past two decades have allowed the very rich to accumulate an ever-greater proportion of the national wealth.
		The SCF describes the change in net worth of all Americans, with particular reference to the top 1 percent of the population (those with a net worth over $3.3 million in 1998).
	www.thirdworldtraveler.com /Economics/BetterWealthTax.html (1515 words)

	Tax - Facts, Information, and Encyclopedia Reference article
		A tax is a compulsory charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e.g., tribes, secessionist movements or revolutionary movements).
		Examples of retirement taxes include the FICA tax, a payroll tax that is collected from employers and employees in the United States to fund the country's Social Security system; and the National Insurance Contributions (NICs) collected from employers and employees in the United Kingdom to fund the country's national insurance system.
		A carbon tax is a tax on the consumption of carbon-based non-renewable fuels, such as petrol, diesel-fuel, jet fuels and natural gas.
	www.startsurfing.com /encyclopedia/t/a/x/Tax.html (5343 words)

	Criminal Tax Manual 31.00 -- NET WORTH
		When using the net worth method, the scope of the investigation and the evidence developed must be carefully examined with the goal of ascertaining whether the evidence establishes to a reasonable certainty all of the defendant's assets and liabilities.
		Since the tax return was the only evidence with respect to the time when the defendant acquired the property, the government conceded that the property should have been included as an asset in the computation of the defendant's net worth as of December 31, 1945.
		The net effect was that the adjustment allowed the entire deduction claimed by the defendant on his return, and the defendant was not charged with the error in the net worth computation.
	www.usdoj.gov /tax/readingroom/2001ctm/31ctax.htm (14798 words)

	Boston Review \| Edward Wolff: Time for a Wealth Tax?
		Wealth (or net worth) is the difference between assets and debt.
		Wealth gives a family greater ability to pay taxes, and in the interests of equity, it is justifiable to tax current wealth in addition to income.
		A third reason is that wealth is so concentrated in the United States -- 42 percent of total household wealth owned by the top one percent in 1992 -- that a tax on wealth would affect only a very small part of the population.
	www.bostonreview.net /BR21.1/wolff.html (4334 words)

	Responsible Wealth
		Wealth and Our Commonwealth is the quintessential “Man Bites Dog” story of over 1,000 high-net-worth individuals who rose up to protest the repeal of the estate tax and in the process made headlines everywhere last year.
		As an excellent primer on the history, mythology, and policy of taxing inherited wealth in the United States, it should be read by all citizens, whether or not their estates will be large enough to be subject to the tax.
		The tax was controversial from its inception, and the authors reveal how carefully orchestrated efforts by a handful of wealthy families, think tanks and PR firms drummed up public opposition in the 1990s, even though the tax didn’t apply to most Americans.
	www.responsiblewealth.org /commonwealth/index.html (1153 words)

	Who Rules America: Wealth, Income, and Power
		Wealth, as I've said, refers to the value of everything people own, minus what they owe, but the focus is on "marketable assets" for purposes of economic and power studies.
		Wealth also can be useful in shaping the general social environment to the benefit of the wealthy, whether through hiring public relations firms or donating money for universities, museums, music halls, and art galleries.
		The argument for using the wealth distribution as a power indicator is strengthened by studies showing that such distributions vary historically and from country to country, depending upon the relative strength of rival political parties and trade unions, with the United States having the most highly concentrated wealth distribution of any Western democracy.
	sociology.ucsc.edu /whorulesamerica/power/wealth.html (3644 words)

	Taxing Wealth At The Very Top; Time For A Property Tax On All Forms of Property...
		Robert Kuttner adds that a wealth tax is “by definition, the most progressive way to raise revenue, since it hits only the very pinnacle of the income distribution.” Even Donald Trump a few years ago proposed a one time net-worth taxof 14.25% on Americans with more than $10 million in assets.
		One way to think about wealth taxes is that they are simply a property tax applied to all forms of property–including the kind of property which is heavily concentrated among the elites.
		Although wealth taxes are constitutional in virtually all states and can be put on the agenda immediately, some conservatives have suggested that a federal wealth tax might be unconstitutional.
	www.opednews.com /articles/opedne_gar_alpe_060124_taxing_wealth_at_the.htm (1134 words)

	TomPaine.com - Taxing Proposals
		On top of a national sales tax—one which doesn't tax necessities such as food, by the way—a slightly progressive tax on net worth should be the Democrats' alternative to the income tax.
		First, net worth is easy to define: assets (such as cash, real estate and securities) less liabilities (or debts) equals net worth.
		Under a net worth tax, the penalties for substantially undervaluing an asset or attempting to hide an asset should be severe. In India, for example, if the taxpayer's listed appraisal is grossly undervalued, the government is allowed to purchase that asset for the taxpayer's listed assessment price plus 15 percent.
	www.tompaine.com /articles/taxing_proposals.php (627 words)

	FairEconomy.org - New data: The wealth divide widens
		From 2001 to 2004, the average (mean) net worth of American families (now $448,200) grew faster than the median (now $93,100), which means that once again the growth was faster in the top half.
		The wealthiest tenth saw their average net worth grow to three million dollars by 2004, up another 6% since 2001, and up 76% since 1995 (in 2004 dollars).
		By contrast, the poorest quarter by net worth fell backwards from being $50 in the fl in 2001 to being $1400 in the red in 2004, not quite as bad as their 1998 situation of $2100 in the red.
	www.faireconomy.org /press/2006/wealth_divide_widens.html (669 words)

	Trump Tax Proposal--Nov. 9, 1999
		Politicians are always tinkering with the tax code and haggling about the Federal budget and while it is true that we have a healthy surplus right now, no one has put forward a plan to make this country entirely debt free as we enter the next millennium.
		For individuals, net worth would be calculated minus the value of their principal residence.
		However, in the case when a wealthy tax payer is not liquid, we could phase in their payments over time — say ten years — as long as government knew they could count on the revenue.
	www.gwu.edu /~action/trumptax.html (1384 words)

	Gainer, Donnelly & Desroches
		The law requires a gift tax return be filed for goods or cash, valued at more than $11,000 a year, given to an individual or a single entity.
		Clients can achieve positive tax benefits, both in the estate arena and in the income tax arena, when assets are removed from their estate for education.
		The net result is that clients may be able to provide their children with an education they didn't think they could afford.
	www.gddcpa.com /services/networth.html (873 words)

	What's your net worth? - Nov. 5, 1998
		Computing your net worth may take more self-assessment than you're used to and you may come up with some unpleasant surprises, but, ultimately, you'll be in a better position to reach your goals.
		The point of calculating your net worth is to discern how much you would have if you stopped working at the present time.
		The second part of the net worth figure is liabilities, and they can knock down your asset figure pretty quickly.
	money.cnn.com /1998/11/05/life/q_networth (1416 words)

	Wealth Management
		The Private Wealth Services team comprises specialist accountants, solicitors and tax advisors who are dedicated to advising high net worth individuals on all aspects of tax planning, wealth management, succession and estate planning
		Wealth management has never been so complicated and failing to get to grips with your personal tax and wealth planning could prove costly in more than monetary terms.
		Our aim is to help you to maximise your wealth by minimising tax liabilities and give you the peace of mind that your affairs have been structured to the best advantage.
	www.ey.com /GLOBAL/content.nsf/Ireland/tax_pws_wealth_management (216 words)

	Key Tax-Saving Subjects
		A Wealth Transfer Plan, instead of trying to lower the $4 million in taxes, causes 100 percent of the $10 million â” every dollar of it â” to be transferred to your family (all taxes, if any, paid in full).
		Not only is the tax huge, but your kids lose the time value of that tax money for the rest of their lives.
		The Tax-Free Wealth Creation concept allows us the luxury of being able to assure you that all of your wealth â” every dime of it â” can be passed on to your family, intact, with all estate taxes paid in full.
	www.taxsecretsofthewealthy.com /KeySubjects/index (3192 words)

	ResponsibleWealth.org - Estate Tax Action Center
		We are actively opposing a permanent repeal of the estate tax, which falls exclusively on the richest 2% of taxpayers — those with a net worth of at least $1.5 million per individual ($3 million for a couple).
		Nearly half of all estate taxes are paid by the wealthiest 0.1% of the American population – a few thousand families each year.
		The estate tax is our most progressive tax and an important source of revenue, as well as an incentive to recycle wealth through the non-profit sector.
	www.responsiblewealth.org /estatetax/index.html (469 words)

	Realty Times - Real Estate News and Advice
		Determining your net worth provides any tax-paying person a snapshot in time of how you're doing in building wealth.
		With the average payment shown above, a rent payment of $1,200 per month would grow your net worth in an investment property over the next five years to $98,000 -- and all you've put into it was the down payment.
		While most people concentrate on income to grow their net worth, they really need to work on slowly reducing liabilities and increasing assets.
	realtytimes.com /rtcpages/20040716_networth.htm (810 words)

	High-Net-Worth Wealth Grows Strongly at Over 8 Percent, Surpassing $30 Trillion in 2004, According to Merrill Lynch and ...
		The number of high-net-worth individuals (HNWIs) — individuals with a net worth of at least U.S. $1 million, excluding their primary residence — grew by 7.3 percent to 8.3 million, a net increase of 600,000 worldwide.
		As wealth continues to grow, the report notes that HNWIs with financial wealth between $5 million and $30 million are facing particular challenges in managing their increasing net worth.
		As a result, global high net worth wealth is projected to grow at a compound annual rate of 6.5 percent over the next five years, reaching U.S. $42.2 trillion by 2009.
	www.ml.com /index.asp?id=7695_7696_8149_46028_48149_48228 (1064 words)

	SOI Tax Stats - Personal Wealth Statistics
		Personal wealth data for the living population are derived from estate tax data.
		The estimates are limited to that segment of the population for whom personal wealth is at least equal to the estate tax filing threshold in effect for the estimation period.
		This paper documents the history and development of the estate multiplier technique, a statistical methodology for estimating the wealth of a living population using data reported on returns filed for wealthy decedents, with an emphasis on recent methodological improvements.
	www.irs.gov /taxstats/indtaxstats/article/0,,id=96426,00.html (347 words)

	ALLEN WEALTH ADVISORS \| CHARLOTTE, NC (Site not responding. Last check: 2007-09-17)
		We can help you properly assess your net worth in relation to your investment plan.
		Please note that not all of the investments and services mentioned are available in every state.
		Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site.
	www.raymondjames.com /Branches/38e/FA_allenwealth/index.asp?loc=r&page=calc_networth.htm (166 words)

	Building Wealth Personal Finances - Net Worth Worksheet Notes
		Your net worth is the total value of all your assets (or your family’s assets) less any outstanding liabilities.
		It’s a good idea to review your net worth position annually to see where you stand and what changes have occurred.
		For a family net asset statement, show the total value of the assets and liabilities of both you and your spouse or partner.
	www.gordonpape.com /PersonalFinance/NetWorth.cfm (704 words)

	OFFSHORE CONSULTING STRATEGY (Site not responding. Last check: 2007-09-17)
		You are here: The median (half above, half below) Forbes subscriber had a household net worth (assets less liabilities) of $956,000 according to the last count commissioned by our intrepid marketing department in 1998.
		Wealth is much more unevenly distributed than income (our comment - the tax system’s attack on income is complete - its appetite has now turned to wealth, a pattern which started in 1996 with the Emigration Tax in both the U.S. and Canada).
		By contrast, nearly half (46%) of American households have a net worth below $50,000.
	www.wealth4freedom.com /wns/tax.htm (557 words)

	Future Wealth - Real Estate Invesment Software
		the investor's after-tax future wealth / net worth.
		investment amount to accumulate the after-tax future wealth amount.
		The Future Wealth graphic can be created in a line, step or bar format.
	www.invest-2win.com /Graph8.html (125 words)

	French Wealth Tax Issues explained by the Law Offices of Samuel H. Okoshken
		We are prepared to answer any questions you may have relating to the French Wealth Tax, including:
		If you are in the pre-move phase, we can explain the French wealth tax system and assist you where possible to structure your holdings so as to maximize the available 5-year exemption (for U.S. citizens only).
		We can assist those who have not filed wealth tax returns who should have been, and wish to do so now.
	www.okoshken.com /home/french_wealth_tax.htm (118 words)

	Future Wealth Report - Investor Net Worth
		The Future Wealth report shows the investor's net worth for each year
		The future wealth report demonstrates the net worth
		initial investment amount and the future wealth amounts are then used to
	www.invest-2win.com /Report6.html (251 words)

	Tax - Personal Financial Services
		In the event of a high-net worth tax audit, corresponding and negotiating with the Tax Office based on many years of experience.
		Ensuring tax effective structuring around the acquisition and disposal of assets.
		Tax effective family structuring, including the consideration of income splitting, exit strategies and passing wealth to the next generation or charities.
	www.pwc.com /extweb/service.nsf/docid/1EF737B72EEF6944CA256C7F0000A628 (235 words)

	News & Press \| Worth
		The magazine that examines the concerns of families with substantial wealth.
		Worth Magazine's March Issue Reveals America’s ‘New Face Of Wealth Distribution’ In Wake Of Hurricane Katrina Disaster
		Worth Shows How to Shield Assets from the Specter of Higher Taxes after the Election
	www.worth.com /News/Index.asp (483 words)

	Amazon.com: What's Your Net Worth? Click Your Way to Wealth: Books: Jennifer Openshaw (Site not responding. Last check: 2007-09-17)
		wealth ladder, financial resume, women investors, account aggregation, real estate sites, own financial future, financial sites, estate planning attorney
		On the TV show Jennifer seemed to really understand the kinds of obstacles that stand between women and their financial goals, and after reading the book I think she has given us all a clear path to achieving them!
		I would recommend this book to any woman who is looking to build wealth or secure her financial future.
	www.amazon.com /Whats-Your-Worth-Click-Wealth/dp/0738204439 (1354 words)

	Tax - PWS Services
		Our Private Wealth Services team adopt a highly interactive and personalised approach in formulating wealth creation and preservation strategies for our clients
		Ernst & Young private wealth services group has a strong reputation for innovation and is committed to providing integrated tax advice to high net worth individuals and families, family businesses, senior executives and entrepreneurs.
		Choose from the Service line list below to find out more about the private wealth services offered by Ernst and Young.
	www.ey.com /global/content.nsf/Ireland/tax_pws_services (115 words)

	High Net Worth -- PricewaterhouseCoopers Canada
		Developing tax effective strategies to maximize your wealth
		Our priority is to understand your overall financial affairs and planning so we can identify tax strategies that help you achieve your goals.
		- Minimizing U.S. estate tax related to U.S. citizens who are beneficiaries of Canadian trusts and estates
	www.pwc.com /extweb/service.nsf/docid/7401891129DA4072852570CA0017773C (261 words)

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