wealth

Capital Choices: Sectoral Politics and the Variation of Sovereign Wealth

Capital Choices analyzes the creation of different SWFs from a comparative political economy perspective, arguing that different state-society structures at the sectoral level are the drivers for SWF variation. Juergen Braunstein focuses on the early formation period of SWFs, a critical but little understood area given the high levels of political sensitivity and lack of transparency that surround SWF creation. Braunstein’s novel analytical framework provides practical lessons for the business and finance organizations and policymakers of countries that have created, or are planning to create, SWFs.




wealth

Capital Choices: Sectoral Politics and the Variation of Sovereign Wealth

Capital Choices analyzes the creation of different SWFs from a comparative political economy perspective, arguing that different state-society structures at the sectoral level are the drivers for SWF variation. Juergen Braunstein focuses on the early formation period of SWFs, a critical but little understood area given the high levels of political sensitivity and lack of transparency that surround SWF creation. Braunstein’s novel analytical framework provides practical lessons for the business and finance organizations and policymakers of countries that have created, or are planning to create, SWFs.




wealth

Capital Choices: Sectoral Politics and the Variation of Sovereign Wealth

Capital Choices analyzes the creation of different SWFs from a comparative political economy perspective, arguing that different state-society structures at the sectoral level are the drivers for SWF variation. Juergen Braunstein focuses on the early formation period of SWFs, a critical but little understood area given the high levels of political sensitivity and lack of transparency that surround SWF creation. Braunstein’s novel analytical framework provides practical lessons for the business and finance organizations and policymakers of countries that have created, or are planning to create, SWFs.




wealth

It's time to stop reducing taxes on the wealthy


House Republicans recently approved the “Death Tax Repeal Act of 2015.”  If we care about our debt obligations, social mobility, or equality of opportunity, we should consider doing just the opposite: raising the tax and applying it to more of the super-wealthy.

Currently, the estate tax doesn't touch the first $5.43 million of an individual’s assets and the first $10.86 million of couples’ assets. The tax kicks in after that amount, eventually rising to a top rate of 40 percent.  

Proponents of repeal make a number of claims to make their case. Let’s examine the most common.

  1. The estate tax affects a significant portion of Americans. Only about 5,400 estates will pay any estate tax this year. That’s about 0.2% of all estates – that’s right, just two tenths of one percent.  That’s a fortieth of the 1970’s share. Americans worried about the Estate Tax have nothing to fear but fear itself. 
  2. The estate tax hurts small farms and businesses. In fact, the estate tax touches virtually no small farms or businesses. The Urban-Brookings Tax Policy estimated how many farm and business estates worth under $5 million paid any tax in 2013. Twenty did. Twenty small farms and businesses paid any estate tax in 2013. And those 20 estates faced an average tax rate of 4.9%. Only 660 farm estates—of any size—paid the tax in 2013, and 100 of those farms had assets worth over $20 million. The USDA estimates that 0.6% of all farm estates owed federal estate tax in 2013. This is because families who farm for a living have access to generous deductions: up to $1 million for continuing to farm the land for the next 10 years and up to $500,000 for adopting conservation easements. They can also delay payment and lighten their tax liability by gifting their land to heirs. Small businesses have similarly generous carve-out.
  3. Repealing the estate tax doesn't affect the budget, because it’s a small share of federal revenue. In 2014, the estate tax represented 0.6% of federal collections, or roughly $20 billion annually, according to the Joint Committee on Taxation. But part of the reason that’s so low is because Congress has increased the exemption and lowered the rate in recent years; in 2001, the top rate was 55% and the exemption was only $675,000. Still, even today, repealing the tax is costly. The JCT estimates that repeal would cost the government $269 billion over the next decade.
  4. The estate tax represents double taxation. Well, maybe. It is true that people  pay taxes on their income when earned and then may have to pay again when they pass it on to their heirs.  However, because the super-wealthy keep much of their assets as unrealized capital gains (55% for those estates worth over $100 million), the estate tax is the only way, right now, to tax these capital gains. In that sense it can be viewed as a partial corrective within our funhouse of a tax system. Some capital gains, to be sure, are the fruits of hard work and entrepreneurial creativity but a lot are simply the result of gains among those wealthy enough to participate in speculative ventures. 

One thing is true: repeal would mean a large tax break for the wealthiest 0.2% of the population. The 1,336 families with estates worth more than $20 million would get almost three-fourths of the benefit from the repeal and enjoy an average windfall of $10 million each, according to the Center on Budget and Policy Priorities. The 318 families with estates worth more than $50 million would see an average windfall of $20 million each.

These facts are often obscured by our penchant for individual stories. One Washington Post story for example, acknowledges many of the statistics above, but then goes on to give two examples of farmers who had to sell land to meet their tax burden, one of which is several decades old, when the exemption was much lower. Elected officials love these kinds of stories and tell them often. Are they unaware of the generous special provisions for this group?  Do they truly believe that very wealthy families are the ones we should be helping? Or are they thinking about who is going to finance their next campaign?

The estate tax is one of the most progressive aspects of our tax system. In a time of increasing inequality, it provides a way to counteract the formation of a “permanent ownership class.” If anything, we should consider raising the rate and lowering the exemption to pay down debt and invest in opportunities for the unlucky children at the bottom of the wealth ladder. We could start by closing the stepped-up basis loophole and raising the estate tax to Clinton-era levels. We could do so in a way that protects real farmers and small business owners. Wealthy heirs, meanwhile, will still do very well, much better than the rest of America. A serious estate tax would allow us to come closer to our national ideal, in which no child is born a prince, and every child can become as rich as a king.

Note: An earlier version of this post said that the estate tax only applies to assets in excess of the exemption, which is incorrect. The estate tax is levied on the entire estate but is offset by a credit equal to the tax on the first $5.43 million. This version is corrected.

Authors

Publication: Real Clear Markets
Image Source: © Tami Chappell / Reuters
      
 
 




wealth

Capital Choices: Sectoral Politics and the Variation of Sovereign Wealth

Capital Choices analyzes the creation of different SWFs from a comparative political economy perspective, arguing that different state-society structures at the sectoral level are the drivers for SWF variation. Juergen Braunstein focuses on the early formation period of SWFs, a critical but little understood area given the high levels of political sensitivity and lack of transparency that surround SWF creation. Braunstein’s novel analytical framework provides practical lessons for the business and finance organizations and policymakers of countries that have created, or are planning to create, SWFs.




wealth

Class Notes: Wealth taxation, US wage growth, and more

This week in Class Notes: Both Senator Warren's wealth tax and a popular alternative – a Swiss-style tax on household wealth – would have miniscule effects on income inequality. The ACA Medicaid expansion substantially increased insurance coverage and improved access to health care among unemployed workers. An increased tendency for men and women to remain single may have contributed…

       




wealth

An Economic Plan for the Commonwealth: Unleashing the Assets of Metropolitan Pennsylvania

In Pennsylvania, the next major presidential primary state, concerns about the economy loom large as global competition, economic restructuring, and an aging workforce threaten the state’s ability to prosper. Thanks to these assets, the six metro areas generate 80 percent of the state’s economic output even though they house 68 percent of its population. A true economic agenda for the state must speak to the core assets of Pennsylvania’s economy and where these assets are located: the state’s many small and large metropolitan areas. In short, this brief finds that:

  • To help Pennsylvania prosper, federal leaders must leverage four key assets that matter today—innovation, human capital, infrastructure, and quality places. These assets help increase the productivity of firms and workers, boost the incomes of families and workers, and can help the state and nation grow in more fiscally and environmentally responsible ways.
  • These four assets are highly concentrated in the state’s economic engines, its metropolitan areas. There are 16 metro areas in the Commonwealth, ranging from Philadelphia, the most populous, to Williamsport, the smallest. The top six metropolitan areas alone generate the bulk of the state’s innovation (80 percent of all patenting), contain the majority of the state’s educated workforce (77 percent of all adults with a bachelors degree), and serve as the state’s transport hubs.
  • Despite these assets, Pennsylvania’s metro areas have yet to achieve their full economic potential. For instance, Philadelphia and Pittsburgh enjoy strengths in innovation, but they both struggle to convert their research investments into commercial products and real jobs. The Scranton metro area is emerging as a satellite of the New York City region, but it’s hampered by the absence of frequent and reliable transportation connections and inadequate broadband coverage.
  • Federal leaders must advance an economic agenda that empowers states and metro areas to leverage their assets and help the nation prosper. To that end, they should establish a single federal entity that works with industry, states, and metro areas to ensure that innovation results in jobs and helps businesses small and large modernize. The federal government should strengthen access and success through the entire education pipeline. They should overhaul and create a 21st century transportation system. And they should use housing policy to support quality, mixed-income communities rather than perpetuating distressed neighborhoods with few school and job options.

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wealth

Class Notes: Wealth taxation, US wage growth, and more

This week in Class Notes: Both Senator Warren's wealth tax and a popular alternative – a Swiss-style tax on household wealth – would have miniscule effects on income inequality. The ACA Medicaid expansion substantially increased insurance coverage and improved access to health care among unemployed workers. An increased tendency for men and women to remain single may have contributed…

       




wealth

Unlocking housing wealth for older Americans: Strategies to improve reverse mortgages

Housing wealth is a largely untapped resource that can help older adults supplement their incomes and buffer financial shocks in retirement. According to the 2016 Survey of Consumer Finances, more than 6 million homeowners age 62 and older in the U.S. have less than $10,000 in non-housing financial wealth but have at least $20,000 in…

       




wealth

The healthy and the wealthy waste the most food in the US

A new study is the first to identify and analyze the level of food waste for actual households.




wealth

The Agile City: Building Well-Being and Wealth in an Era of Climate Change (Book Review)

There has been a profound change in the green movement over the last five years, the realization that solar panels on the roof and bamboo sheets on the bed are not enough; that where you live matters far more.




wealth

Wealthy philanthropists wage war. On cats.

With a $1 million donation, Andrew and Jane Cliffordhope will double the size of the world's largest cat-free sanctuary.




wealth

Barometer Promise - BNP Exane "Exclusivity & Desirability" 2015: The Wealthiest Chinese Women Rank Luxury Brands - Philippe Jourdan: Partner - Promise Consulting

Philippe Jourdan: Partner - Promise Consulting




wealth

Wealthy New Yorkers are fleeing to the suburbs, driving up prices

CNBC's Robert Frank takes a look at how the luxury real estate market is changing during the coronavirus pandemic.




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Coronavirus: Wealthy New Yorkers flee Manhattan for suburbs and beyond

Brokers say buyers and renters coming from the city are asking for the same thing: more space and more distance from neighbors and crowds.




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Why wealth inequality is driving Democrats in the 2020 election

Why the rhetoric surrounding wealth inequality is especially acute this election season among Democratic presidential candidates — and will continue to be so.




wealth

Lawmakers are killing this popular retirement tax break for the wealthy

Lawmakers are severely curtailing the "stretch IRA," a strategy allowing wealthy Americans to leave sizable inheritances to beneficiaries who can then tap those assets for decades.




wealth

Democratic candidate Michael Bennet proposes 44% tax rate for wealthiest Americans

Democratic presidential contender Michael Bennet wants to increase the top income-tax rate paid by the wealthiest Americans to 44%, which experts say exceeds that of other presidential hopefuls to date.




wealth

ADITYA BIRLA SUN LIFE BAL BHAVISHYA YOJNA WEALTH PLAN REGULAR GROWTH

Category Solution Oriented Scheme - Children’s Fund
NAV 9.06
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Date 08-May-2020




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ADITYA BIRLA SUN LIFE BAL BHAVISHYA YOJNA WEALTH PLAN REGULAR DIVIDEND

Category Solution Oriented Scheme - Children’s Fund
NAV 9.07
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Date 08-May-2020




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ADITYA BIRLA SUN LIFE BAL BHAVISHYA YOJNA WEALTH PLAN DIRECT GROWTH

Category Solution Oriented Scheme - Children’s Fund
NAV 9.29
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Date 08-May-2020




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ADITYA BIRLA SUN LIFE BAL BHAVISHYA YOJNA WEALTH PLAN DIRECT DIVIDEND

Category Solution Oriented Scheme - Children’s Fund
NAV 9.29
Repurchase Price
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Date 08-May-2020




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PGIM India Hybrid Equity Fund Wealth Plan- Growth Option

Category Hybrid Scheme - Aggressive Hybrid Fund
NAV 30.02
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Date 28-Jul-2019




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PGIM India Hybrid Equity Fund Wealth Plan- Dividend Option

Category Hybrid Scheme - Aggressive Hybrid Fund
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PGIM India Large Cap Fund Wealth Plan -Dividend Option

Category Equity Scheme - Large Cap Fund
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PGIM India Large Cap Fund Wealth Plan - Growth Option

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I made millions out of the last debt crisis. Now the wealthy stand to win again | Gary Stevenson

We urgently need a fairer tax system so that rich people like me help solve the fallout from coronavirus, not just profit from it


• Gary Stevenson is an economist and former interest rate trader

I made my first million the year Greece went under. I was 24 years old at the time.

I’d attended a presentation given by one of Citibank’s senior economists, in which he explained that government debts of the world’s major economies had grown to dangerous levels, and were continuing to grow. He warned that markets could stop lending to some of these governments, forcing a devastating round of austerity on to already battered economies.

If we repeat 2008, buying a house with one’s own wages will be a thing of the past

Related: Don't expect a snapback for the UK economy after lockdown is lifted | Larry Elliott

Continue reading...




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Nippon India Retirement Fund- Wealth Creation Scheme- Growth Plan- Bonus Option

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Nippon India Retirement Fund- Wealth Creation Scheme- Growth Plan - Growth Option

Category Solution Oriented Scheme - Retirement Fund
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Nippon India Retirement Fund- Wealth Creation Scheme- Dividend Payout Option

Category Solution Oriented Scheme - Retirement Fund
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Nippon India Retirement Fund- Wealth Creation Scheme- Direct Plan-Growth Plan- Bonus Option

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Nippon India Retirement Fund- Wealth Creation Scheme- Direct Plan-Dividend Payout Option

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Nippon India Retirement Fund- Wealth Creation Scheme- Direct Plan- Growth Plan - Growth Option

Category Solution Oriented Scheme - Retirement Fund
NAV 9.7655
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ICICI Prudential Long Term Wealth Enhancement Fund - Dividend Option

Category ELSS
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ICICI Prudential Long Term Wealth Enhancement Fund - Direct Plan Dividend Option

Category ELSS
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ICICI Prudential Long Term Wealth Enhancement Fund - Direct Plan Cumulative Option

Category ELSS
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ICICI Prudential Long Term Wealth Enhancement Fund - Cumulative Option

Category ELSS
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Sahara Wealth Plus Fund-Variable Pricing Option-Growth Option

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Sahara Wealth Plus Fund-Fixed Pricing Option-Direct-Growth

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Coronavirus Triggers Massive Wipeout of Investor Wealth

Posted by Equitymaster
      

Here's why the SBI Cards IPO could list at a discount to the issue price...... [Read On]




wealth

Ricky Ponting gets nostalgic, shares 1998 Commonwealth Games jacket picture

Remembering the loss at the hands of South Africa in Kuala Lumpur Commonwealth Games in 1998, former Australian skipper Ricky Ponting on Sunday shared a picture of his jacket that he used in the event.

Taking to Twitter Ponting posted a picture and captioned the post, "Found my jacket from the Kuala Lumpur Commonwealth Games in 1998. One of the few occasions we weren't good enough in a big tournament, South Africa outplayed us in the gold medal game."

In the gold medal match, Shaun Pollock led side outclassed Australia by four wickets with 24 balls remaining.

Proteas won the toss and asked Aussies to bat first. The team from Down Under was only able to post a total of 183, thanks to skipper Steve Waugh's unbeaten knock of 90 runs. Ponting failed to leave his impression on the scoreboard and was sent back to the pavilion after scoring just two runs.

Chasing 184, Mike Rindel and Jacques Kallis guided South Africa to a comfortable victory in 46th over. Rindel amassed 67 runs while Kallis scored 44 runs. Australia settled with a silver medal in the competition while New Zealand bagged the bronze medal.

For the first time, cricket was included in the 1998 Commonwealth Games in Malaysia. Matches were played over 50 overs and had List A status rather than full One Day Internationals.

However, now in Birmingham CWG 2022 women's T20 cricket has been included and eight teams will compete for the coveted gold medal.

The ICC will be responsible for the competition terms and the conduct of cricket, by way of providing match officials and ensuring matches are played as per the laws of the game.

The Birmingham 2022 Games will take place in England from July 27 to August 7, 2022, and will see 4,500 athletes competing at across 18 sports.

Catch up on all the latest sports news and updates here. Also download the new mid-day Android and iOS apps to get latest updates.

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This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever




wealth

Tax-News.com: Warren Announces US Corporate Tax And Wealth Tax Plans

On November 1, 2019, the presidential campaign of United States Senator Elizabeth Warren (D-MA) published plans for a system of universal Medicare that will be partially funded by tax increases on large corporations and wealthy individuals, as well as by stricter anti-tax avoidance rules.




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Market Power and Wealth Distribution

Lack of competition can drive up prices of goods and services, with substantive negative effects for the poor, whose consumption basket is dominated by first necessity goods and services. Using new data, this study calibrates the overall impact of market power, showing a substantial impact on wealth inequality in the eight countries examined.




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Better design of taxes on personal savings and wealth is needed to support inclusive growth

The taxation of personal savings and wealth varies widely, offering governments significant scope for tax reforms that simultaneously improve both the efficiency and fairness of their tax systems, according to two new OECD reports.