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Understanding the Wealth Gap in the United States: A Comprehensive Analysis

The wealth gap is a profound and complex issue in American society, showcasing disparities in the distribution of assets and resources among individuals and communities. It's not merely about income inequality; it encompasses the total value of assets owned by individuals minus their debts. This chasm goes beyond monetary differences, shedding light on opportunities, education, and financial stability inequalities. Recent statistics, as highlighted by Daniel de Visé in a USA TODAY article,...

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The IRS New Tax Rule and its Impact on Irrevocable Trusts

In the evolving financial regulation and tax law landscape, individuals and estate planners must stay abreast of the latest changes and their implications. The Internal Revenue Service (IRS) has recently introduced a new tax rule that significantly impacts the handling and taxation of irrevocable trusts. This change prompts a need for a deeper understanding of the foundational elements of such trusts and the potential consequences the new rule could have on them. Learn about IRS tax rules and...

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Generational Wealth

Generational Wealth ‘Curse’ Is Causing 90% of Families To Run Out of Money — How To Beat the Odds Generational wealth, often envisaged as a blessing, has been paradoxically termed as the ‘curse’ due to the startling statistic that up to 90% of families deplete their inherited wealth by the third generation. This phenomenon, known as “shirtsleeves to shirtsleeves in three generations” hints at the potential pitfalls accompanying inherited wealth. So, what propels this rapid dissipation, and how...

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Wealth Capping: Rethinking Billionaire Fortunes and Economic Justice

The widening chasm between the mega-rich and the rest of society is an increasingly polarizing issue. In the wake of escalating wealth concentration in the hands of a few, a question of profound significance emerges: Is there such a thing as too much wealth? If so, should there be a cap on the wealth one can accumulate? Now, let’s set the stage by recognizing many billionaires’ significant contributions. Their innovative spirits have driven technological breakthroughs, improved lives, and...

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Unveiling Stealth Tax: Causing the Golden Years of Retirement to Tarnish

An insidious adversary lurks in the shadows, silently diminishing the hard-earned benefits of social security retirees. It’s elusive and surreptitious – we call it the Stealth Tax. While taxation itself is not inherently nefarious, the stealth tax, often not perceptible to the untrained eye, emerges as a force to be reckoned with in its impact on our most vulnerable citizens – retirees. What is Stealth Tax Stealth tax is an informal term for certain tax increases that take time to be...

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Beyond The 9 to 5: The Rise of Side-hustles

In the land of opportunity, the American dream has traditionally been defined by a single, full-time job that provides the income and benefits necessary to sustain a comfortable lifestyle for a family. However, with shifts in economic realities and growing income inequality, many, maybe even most, Americans find that this traditional employment model is insufficient. The rise of the “gig economy” and the increasing popularity of side-hustles serves as a testament to the changing landscape of...

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Sales Taxes

Nothing is more frustrating than buying groceries or completing a shopping trip and being rung up at the register only to find out your total cost is much more than anticipated. This is because of sales taxes. Many people often forget about sales taxes but get a rude awakening when making purchases, especially larger ones, because sales taxes are a fixed percent. The bigger the purchase, the bigger the sales tax.  People are already struggling in this super-inflated economy to make ends meet,...

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Regressive Taxation

What is Regressive Taxation Conventionally regressive taxation has been defined as a tax policy that results in the tax burden falling disproportionately on low-income earners. In contrast, high-income earners pay a lower percentage of their income in taxes. This means that as income decreases, the percentage of income paid in taxes increases.  In his book, A Taxing Problem – The Psychologist’s Prescription for a Just Tax System, the author, Dr. Mitch, puts a finer point on the definition.  In...

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Motor Vehicle Fees

Do you ever feel like the United States tax system is using you? Are you paying fees to the government at every turn. Or perhaps you feel like you simply don’t understand how these things work, but in your gut, you feel like you’re missing a big part of the picture that impacts your life. Most people are not privy to just how much Americans are taxed, often by other names, and through what avenues. Motor vehicle fees are one of many types of payments to government that can be called a “hidden...

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