In the United States today, thanks to glaring tax loopholes, even modestly competent tax attorneys can help their wealthy clients sidestep the federal estate tax almost entirely. If we don’t plug these loopholes soon, some observers feel, we may as well not even bother.
Fox News may have failed to have an impact on the outcome of the 2012 Presidential election in the United States, but media organizations controlled by Rupert Murdoch celebrated a victory this year in Australia.
A tiny tax on global personal wealth over $1 million could ensure that no child anywhere has to live in extreme poverty. That’s the takeaway suggested by the data in new reports on wealth and income distribution from the Credit Suisse Research Institute and the World Bank.
Private wealth management groups continue to survey the holdings of the world’s rich, and Capgemini and RBC have just offered the most up-to-date look yet. The millionaire share of world wealth, the data show, has jumped 14 percent since the global economic crisis began in 2007.
Over half America’s financial wealth, about $34 trillion, is generating income not subject to current federal income taxation. One key reason: Congress has been making the retirement savings rules more friendly to wealthy taxpayers eager to defer income from tax as long as possible.