New study: People living longer in retirement, signals need for lifetime income strategies

New study: People living longer in retirement, signals need for lifetime income strategies

Guaranteed income strategies have emerged as underutilized methods to not only help people save for retirement but also provide a stream of income to sustain… Regardless of political persuasion, even Canadians in the highest income bracket favour a wealth tax Thursday November 19, 2020: The pre-election higher tax concern may now be a reality and you would need to understand the biggest changes and the… Eaton Vance Municipal Income 2028 Term Trust (NYSE:ETX) declared a monthly dividend on Tuesday, November 3rd, Wall Street Journal reports. Investors of record on Monday, November 23rd will be given a dividend of 0.0709 per share by the investment management company on Monday, November 30th. This represents a $0.85 dividend on an annualized basis and […]

Guaranteed income strategies have emerged as underutilized methods to not only help people save for retirement but also provide a stream of income to sustain them during potentially longer life spans. The new study from the Longevity Project in collaboration with Principal Financial Group® and the Stanford Center on Longevity, explores the implications of longevity in retirement and potential policy and industry recommendations. According to the white paper, Lifetime Income to Support Longer Life: Retirement Innovation and the New Age of Longevity, people entering retirement tend to either overspend and withdraw funds at unsustainable rates, or they underspend, denying themselves basic needs because they’re afraid of running out of money.1

The average American turning age 65 today can expect to live 40% longer than someone who turned 65 in 1950.2 Furthermore, the number of Americans retiring every day has more than doubled over the last 20 years.3

Solving the puzzle of longer life and longer retirement

About Principal®

About the Longevity Project

Investment and Insurance products are:

Guarantees are based upon the claims-paying ability of the issuing insurance company.

3 U.S. Census Bureau / Deutsche Bank https://finance.yahoo.com/news/americans-retiring-increasing-pace-145837368.html

View source version on businesswire.com: https://www.businesswire.com/news/home/20201119005293/en/

COMTEX_374688781/2456/2020-11-19T07:00:14

Is there a problem with this press release? Contact the source provider Comtex at [email protected] You can also contact MarketWatch Customer Service via our Customer Center.

Source: www.marketwatch.com


Survey finds widespread support for a wealth tax

Survey finds widespread support for a wealth tax

PaulMcKinnon/iStock

Greg Dalgetty

A new survey from Abacus Data finds the majority of Canadians — including those in the highest income bracket — are in favour of a wealth tax.

Abacus polled respondents about a proposed 1% tax on Canadian residents whose assets exceed $20 million — an idea that has been championed by the federal NDP and Green Party.

Overall, 79% of Canadians said they supported the idea and 35% said they were strongly in favour of it. Support for the idea was high throughout Canada with at least 75% of respondents in every region of the country saying they favoured a wealth tax.

The idea also received broad support (73%) among households in the top income bracket.

Regardless of their political persuasion, most respondents were in favour of a wealth tax, including 64% of Conservative voters, 86% of Liberal voters and 87% of NDP voters.

In June, following the release of a Parliamentary Budget Officer report that revealed the top 1% of Canadians hold more than 25% of the country’s wealth, both the NDP and the Green Party renewed their call for a wealth tax.

To date, that call has fallen on deaf ears. Earlier this week, the Liberals, Conservatives and Bloc Quebecois voted against an NDP motion to impose a wealth tax. That motion was supported by the Green Party.

Abacus also polled respondents on another NDP proposal to impose an “excess profit tax” that would double the corporate tax paid by companies on profits that exceed pre-pandemic levels.

Support for that proposal was more tepid, but still widespread: 68% of respondents said they favoured an excess profit tax, including 58% of Conservative voters, 73% of Liberal voters and 77% of NDP voters.

In a statement, David Coletto, CEO of Abacus Data, noted that this was “not the first” Abacus poll to reveal widespread support for a wealth tax.

“What’s most striking is the general agreement across the political spectrum about a tax increase,” Coletto said. “Raising taxes on the rich and highly profitable corporations is one of the few ideas that both progressives and right populists agree on.”

Abacus surveyed 1,660 Canadians from Nov. 6–12, 2020. The survey’s margin of error is +/- 2.5%, 19 times out of 20. For further details and a regional breakdown, see the Abacus poll results.

Source: www.investmentexecutive.com


Wealth tax - Wikipedia

Wealth tax – Wikipedia

“Capital tax” redirects here. For taxes on investment income, see capital gains tax.

For the tax formerly targeting wealthy minorities in Turkey, see Varlık Vergisi.

Policies

  • Government revenue
  • Property tax equalization
  • Tax revenue
  • Non-tax revenue
  • Tax law
  • Tax bracket
  • Tax threshold
  • Exemption
  • Credit
  • Deduction
  • Tax shift
  • Tax cut
  • Tax holiday
  • Tax advantage
  • Tax incentive
  • Tax reform
  • Tax harmonization
  • Tax competition
  • Double taxation
  • Representation
  • Unions
  • Medical savings account
  • Tax, tariff and trade
  • Economics

  • Price effect
  • Excess burden
  • Tax incidence
  • Laffer curve
  • Optimal tax
  • Theory
  • Optimal capital income taxation
  • Tax rate
  • Flat
  • Progressive
  • Regressive
  • Proportional
  • Collection

  • Revenue service
  • Revenue stamp
  • Tax assessment
  • Taxable income
  • Tax lien
  • Tax refund
  • Tax shield
  • Tax residence
  • Tax preparation
  • Tax investigation
  • Tax shelter
  • Private tax collection
  • Tax farming
  • Noncompliance

  • Tax avoidance
  • Tax evasion
  • Tax resistance
  • Tax shelter
  • Smuggling
  • Black market
  • Unreported employment
  • Tax inversion
  • Transfer mispricing
  • Base erosion and profit shifting (BEPS)
  • Double Irish
  • Dutch Sandwich
  • Single Malt
  • CAIA/Green Jersey
  • Tax havens
  • Corporate tax havens
  • Offshore financial centres (OFCs)
  • Offshore magic circle
  • Conduit and Sink OFCs
  • Financial centres
  • Financial Secrecy Index
  • Apple €13 billion fine
  • Ireland as a tax haven
  • Leprechaun economics
  • Liechtenstein tax affair
  • Luxembourg Leaks
  • Offshore Leaks
  • Paradise Papers
  • Panama Papers
  • Swiss Leaks
  • United States as a tax haven
  • Panama as a tax haven
  • Types

  • Direct
  • Indirect
  • Per unit
  • Ad valorem
  • In rem
  • Capital gains
  • Carbon
  • Consumption
  • Dividend
  • Ecotax
  • Excise
  • Fuel
  • Georgist
  • Gift
  • Gross receipts
  • Income
  • Inheritance (estate)
  • Land value
  • Payroll
  • Pigovian
  • Property
  • Sales
  • Sin
  • Single
  • Stamp
  • Steering
  • Turnover
  • Value-added (VAT)
  • Corporate profit
  • Excess profits
  • Windfall profits
  • Negative (income)
  • Wealth
  • International

  • Financial transaction tax
  • Currency transaction tax
  • European Union Common Consolidated Corporate Tax Base (CCCTB)
  • Tobin tax
  • Spahn tax
  • Tax equalization
  • Tax treaty
  • Permanent establishment
  • Transfer pricing
  • European Union FTT
  • Foreign revenue rule
  • Trade

  • Custom
  • Duty
  • Import
  • Export
  • Tariff war
  • Free trade
  • Free trade zone
  • Trade agreement
  • ATA Carnet
  • Research

  • Mihir A. Desai
  • Dhammika Dharmapala
  • James R. Hines Jr.
  • Ronen Palan
  • Joel Slemrod
  • Gabriel Zucman
  • Tax Justice Network (TJN)
  • Institute on Taxation and Economic Policy (ITEP)
  • Oxfam (UK)
  • Tax Foundation (US)
  • Tax Policy Center (US)
  • Religious

  • Church tax
  • Eight per thousand
  • Teind
  • Tithe
  • Fiscus Judaicus
  • Leibzoll
  • Temple tax
  • Tolerance tax
  • Jizya
  • Kharaj
  • Khums
  • Nisab
  • Zakat
  • By country

  • List of countries by tax rates
  • Tax revenues as % of GDP
  • Tax rates in Europe
  • Albania
  • Algeria
  • Argentina
  • Australia
  • Azerbaijan
  • Bangladesh
  • Bhutan
  • Brazil
  • Bulgaria
  • BVI
  • Canada
  • China
  • Colombia
  • Croatia
  • Denmark
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Iceland
  • India
  • Indonesia
  • Iran
  • Ireland
  • Israel
  • Italy
  • Japan
  • Kazakhstan
  • Lithuania
  • Malta
  • Morocco
  • Namibia
  • Netherlands
  • New Zealand
  • Norway
  • Pakistan
  • Palestine
  • Peru
  • Philippines
  • Poland
  • Portugal
  • Russia
  • Singapore
  • South Africa
  • Sri Lanka
  • Sweden
  • Switzerland
  • Taiwan
  • Tanzania
  • United Arab Emirates
  • United Kingdom
  • United States
  • Uruguay
    • v
    • t
    • e
  • Argentina: It is named Impuesto a los Bienes Personales, on assets above ARS 2,000,000 (approx. US$25,000 at October 2020 official exchange rate), the annual rates are 0.75% for 2016, 0.50% for 2017, 0.25% in 2018, before being raised to 0.75% for 2019.
  • Canada: British Columbia has recently implemented a tax on personal homes. The tax is in addition to regular property tax and begins at homes worth more than $3 million Canadian (approx. US$2,307,692.31). The tax is 0.2% on the first million above the $3 million and 0.4% on any value above that. No recognition of mortgages, lien, or taxes due is taken into account.
  • France: Until 2017, there was a solidarity tax on wealth on any net assets above €800,000 for those with total net worth of €1,300,000 or more. Marginal rates ranged from 0.5% to 1.5%.[4] In 2007, it collected €4.07 billion, accounting for 1.4% of total revenue.[5] From 2018 onwards, it has been replaced by a wealth tax on real estate, exonerating all financial assets.[6]
  • Spain: There is a tax called Patrimonio. The tax rate is progressive, from 0.2 to 3.75% of net assets above the threshold of €700,000 after €300,000 primary residence allowance.[7] The exact amount varies between regions.
  • Netherlands: There is a tax called vermogensrendementheffing. Although its name (wealth yield tax) suggests that it is a tax on the yield of wealth, it qualifies as a wealth tax, since the actual yield (whether positive or negative) is not taken into account in its calculation. Up to and including 2016, the rate was fixed at 1.2% (30% taxation over an assumed yield of 4%). From the fiscal year of 2017 onwards, the tax rate progresses with wealth. See Income tax in the Netherlands. In addition to the vermogensrendementheffing, owners of real estate pay a tax called onroerendezaakbelasting, which is based on the estimated value of the real estate they own. This is a local tax, levied by the city council where the property is located.
  • Norway: 0.7% (municipal) and 0.15% (national) a total of 0.85% levied on net assets exceeding 1,500,000 kr (approx. US$181,378.48) as of 2019.[8] For tax purposes, the value of the primary residence is valued to 25% of the market value, secondary residences to 90% of the market value, while working capital such as commercial real estate, stocks, and stock funds are valued at 75% of the market value.[9] The Conservative Party and Progress Party in the current government and the Liberal Party have stated that they aim to reduce and eventually eliminate the wealth tax.[10]
  • Switzerland: A progressive wealth tax that varies by residence location. Most cantons have no wealth tax for individual net worth less than CHF 100,000 (approx. US$102,040.82) and progressively raise the tax rate on net assets with a top rate ranging from 0.13% to 0.94% depending on canton and municipality of residence.[11] Wealth tax is levied against worldwide assets of Swiss residents, but it is not levied against assets in Switzerland held by non-residents.[11][12]
  • Italy: Two wealth taxes are imposed. One, IVIE, is a 0.76% tax imposed on real assets held outside Italy. The values of such assets are determined by purchase price or current market value. Property taxes paid in the country where the real estate exists can offset IVIE. Another tax, IVAFE, is 0.20% and is levied on all financial assets located outside the country, including, so far as the language seems to imply, individual pension schemes such as 401(k)s and IRAs in the US.[13]
  • Alexandra Thornton and Galen Hendricks, Ending Special Tax Treatment for the Very Wealthy, Center for American Progress, 4 June 2019. [2] The report summarizes the problem (gross inequality) and its cause (“special tax treatment for the [extremely rich]”), and specific “ways to rebalance the tax code and put the economy on a better track.”
  • Scheuer, Florian; Slemrod, Joel (August 2, 2020). “Taxation and the Superrich”. Annual Review of Economics. 12 (1): 189–211.
  • Source: en.wikipedia.org

    Author: Authority control
    GND: 4063083-3
    HDS: 026201
    NDL: 00563814


    Local Event: Post-Election Estate and Income Tax Planning in 2020 and Beyond

    Local Event: Post-Election Estate and Income Tax Planning in 2020 and Beyond

    Skip to main content

    This post was contributed by a community member. The views expressed here are the author’s own.

    The pre-election higher tax concern may now be a reality and you would need to understand the biggest changes and the immediate actions that will mitigate the Biden-Harris tax Proposal. In this intense fast-paced Class, wealth advisor/CPA John Lau will be addressing critical action steps to mitigate the estate and income tax changes including:

  • An overview of changes to the estate and gift taxes including a reversion to the 2009 level of $3,500,000 for estates and $1,000,000 for gifts
  • A likely increase in the gift and estate rate
  • Changes to basis adjustments at death and the possibility of gain realization at death
  • The Increase in the capital gain tax to 39.6% when taxable exceeds $1,000,000
  • The elimination of GRATS and a potential 50 year limitation on dynasty trusts
  • The reduction of the value of charitable gifts
  • A massive increase in social security taxes on wage and small business income
  • Increases in the corporate income tax rate
  • The phaseout of Section 199A for high income taxpayers
  • Cutting edge income tax strategies including Sections 453 sales to nongrantor trusts, CRTs, CLTs, Roth conversions and more
  • Action Steps in 2020 including novel ideas like the GRIP, taxable gifts, IDGT sales, and much more
  • This webinar is best suited for individuals with >$3.5 million estate (or $7.0 million if married) or projection 2021 Income greater than $400,000.

    Registration required for this online event: https://attendee.gotowebinar.c…

    Securities offered through Fortune Financial Services, Inc. Member FINRA/SIPC. LFS Wealth Advisors and Fortune Financial Services, Inc. are separate entities and are not affiliated.

    Additional information about LFS Wealth Advisors is available in its current disclosure documents, Form ADV, Form ADV Part 2A Brochure, and Form CRS. All are accessible online via the SEC’s Investment Adviser Public Disclosure (IAPD) database at www.adviserinfo.sec.gov, using SEC #801-113091.

    Virtual Pass The Plate: Holiday Charcuterie 2020: Burlingame

    Experience CuriOdyssey's NEW IlluminOdyssey Outdoors!

    The Artisan Showcase at FabMo.org

    ’Tis Season for Science & Reindeer 2020: CA Academy Of Science SF

    Hillsdale Offers Virtual Video Visits & Photos with Santa

    'San Mateo On Ice' Holiday Skating Rink 2020-21: UPDATE CANCELED

    FREE WEBINAR | Rome: Vatican Museums Part V

    Source: patch.com


    Eaton Vance Municipal Income 2028 Term Trust (NYSE:ETX) Plans $0.07 Monthly Dividend

    Eaton Vance Municipal Income 2028 Term Trust (NYSE:ETX) Plans $0.07 Monthly Dividend

    Eaton Vance Municipal Income 2028 Term Trust logoEaton Vance Municipal Income 2028 Term Trust (NYSE:ETX) declared a monthly dividend on Tuesday, November 3rd, Wall Street Journal reports. Investors of record on Monday, November 23rd will be given a dividend of 0.0709 per share by the investment management company on Monday, November 30th. This represents a $0.85 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date is Friday, November 20th.

    ETX opened at $21.63 on Thursday. The business has a fifty day moving average of $21.16 and a 200 day moving average of $20.89. Eaton Vance Municipal Income 2028 Term Trust has a 52-week low of $16.10 and a 52-week high of $22.75.

    About Eaton Vance Municipal Income 2028 Term Trust

    Recommended Story: Cost of Debt

    Dividend History for Eaton Vance Municipal Income 2028 Term Trust (NYSE:ETX)

    Receive News & Ratings for Eaton Vance Municipal Income 2028 Term Trust Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Eaton Vance Municipal Income 2028 Term Trust and related companies with MarketBeat.com’s FREE daily email newsletter.

    Source: techknowbits.com

    Author: Ken Giver


    New study: People living longer in retirement, signals need for lifetime income strategies


    Leave a Reply

    Your email address will not be published. Required fields are marked *