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Core Insights - The article discusses the complexities of estate planning for high-net-worth individuals, particularly regarding the decision between capital gains tax on dynasty trusts versus estate tax on personal accounts [2][4][6]. Group 1: Estate Planning Considerations - Dynasty trusts allow assets to be excluded from estate tax calculations, but beneficiaries face significant capital gains taxes upon sale [2][4]. - Transferring stocks back to a personal account can utilize the step-up rule, avoiding capital gains tax but incurring a 40% estate tax [2][4]. - The decision-making process involves various factors, including the size of the inheritance, asset appreciation, and potential changes in estate tax exemptions [4][6]. Group 2: Financial Implications - A hypothetical scenario suggests that if stocks are valued at $20 million, children may pay more in capital gains tax than in estate tax [6][7]. - The federal estate and gift-tax exemption for 2025 is projected to be $13.99 million per person, or $27.98 million for married couples [7].

Joining us now to talk about the state of the global economy, former uh World Bank President David Malpass. He is now with Purdue University's Mitch Daniels School of Business. It's good to see you. >> Good to see you, Joe. >> You ever get interviewed by uh by Bessant for uh for for the because you your name was bandied about at one point, right? >> Right. I wasn't interviewed for the job. Um I I do think and I've made the point in Wall Street Journal articles and so on that the Fed needs to really look at ...

Economic Policy and Central Banks - The Fed needs to consider reforms, particularly regarding quantitative easing (QE), which has not been stimulative and has contributed to wealth inequality [1][2] - There is a call for the Fed to allow more market functionality and to be open to changes, especially concerning stable coins and short-term markets [1][2] - The current high capital gains tax in the US is seen as detrimental to market dynamism, and lowering it could lead to increased investment and growth [1][2][3] Taxation and Growth - Tax cuts are advocated for both the US and Japan to stimulate growth, with Japan's high marginal tax rate of 45% being a concern [1][2] - The idea of a temporary capital gains tax holiday is proposed, suggesting it could lead to a windfall for the government and potentially be extended if successful [2][3] - The impact of tax policies on market behavior is highlighted, with lower tax rates leading to increased equity values as they reflect growth opportunities [2][3] Interest Rates and National Debt - The current short-term interest rates set by the Fed at 4.15% are considered too high, especially in relation to long-term rates, indicating the Fed is behind the curve [3][4] - There is a concern that the national debt is too large, which could affect the demand for dollars, but recent trends show a preference for US assets as gold prices decline [3][4] - A suggestion for a 50 basis point cut in interest rates is made, arguing that the Fed should have started cutting earlier to align with market conditions [4][5]

Regulatory Scrutiny - UK tax authority HMRC sent "nudge letters" to approximately 65,000 suspected crypto tax evaders, more than double the previous year's figure [1] - HMRC will leverage exchange data to monitor tax evasion [1] - Starting in 2026, HMRC will collect detailed user information under the OECD's CARF framework [1] Tax Implications - In the UK, selling or spending crypto is subject to capital gains tax [1] - Staking and airdrops are considered income for tax purposes in the UK [1]

Core Insights - The 2026 income tax brackets have been adjusted, providing taxpayers with more room in their respective brackets due to inflation adjustments [2][4][21] - The changes in tax brackets will result in lower taxes for many individuals if their income remains stable, with potential savings in the hundreds of dollars [4][6] - Strategic tax planning is essential for maximizing benefits from the updated brackets, particularly regarding Roth IRA conversions and capital gains [8][10][14] Tax Bracket Adjustments - Married couples filing jointly can earn up to $100,800 in the 12% bracket, an increase of $3,850 from the previous year [2] - Higher-earning couples in the 22% bracket can report income up to $211,400, up from $206,700 in 2025 [2] - The seven tax brackets range from 10% to 37%, with specific income thresholds for each bracket [5][21] Tax Planning Strategies - Taxpayers should consider both current and future tax implications when making financial decisions [6] - Knowing the tax brackets in advance aids in personal finance and tax-saving decisions, including Roth IRA conversions [7][8] - Filling up lower tax brackets without exceeding them is a recommended strategy to minimize tax liabilities [12][13] Roth IRA Conversions - The updated brackets allow for more income to be converted to Roth IRAs without moving into a higher tax bracket [9][10] - A couple in the 22% bracket in 2026 will have nearly $4,000 more room at the top of their bracket for Roth conversions [9] - Roth conversions are particularly beneficial for retirees with high traditional IRA balances, allowing for strategic tax management [11] Capital Gains Tax - The income threshold for the 0% capital gains tax rate will also increase, allowing more taxpayers to benefit from tax-free capital gains [14][15] - For 2026, the 0% capital gains rate applies to single filers with income up to $49,450 and joint filers with incomes up to $98,900 [14][16] - Taxpayers can realize significant capital gains without incurring federal taxes by managing their taxable income effectively [16][17] Withdrawal Strategies - Taxpayers close to crossing into a higher bracket should prioritize withdrawals from non-taxable accounts to minimize tax impacts [18][19] - Withdrawals from traditional IRAs and 401(k)s should be considered last, as they are treated as taxable income [19][20]

Financial Impact - UK government stands to lose $8 billion due to Revolut founder moving to Dubai [1] - The founder owns approximately 18% of Revolut [1] - Revolut's valuation is projected to reach $200 billion in the next 3 to 5 years [1] - The founder's position is valued at $36 billion [1] - The UK could have potentially collected $8 to $12 billion in capital gains tax [1] Policy & Talent - The UK is in a global war for talent [2] - Tax policies may hinder growth [2]

The lion pays no capital gains taxfor he has no capital left ...

When you're trying to figure out your cash flow, it's important to figure out the tax hit that you can expect on your income. Next year, we're going to see higher federal income tax brackets based on inflation. And also in 2026, we'll see a higher standard deduction, $32,200 for married couples, $16,100 for single filers.Why is this important. Well, it's important to understand that the federal income tax bracket and the federal tax that you pay depends on what your taxable income is and that is the amount ...