Core Insights - The article discusses the financial implications for Ed Bambas, an 88-year-old veteran who raised approximately $1.85 million through a GoFundMe campaign, highlighting the amount he will actually receive after fees and potential tax considerations [5][14]. GoFundMe Fees and Contributions - GoFundMe charges a transaction fee of 2.9% plus $0.30 per donation, which can significantly reduce the total amount received by the recipient [4][3]. - Based on the total raised of $1.85 million, processing fees could amount to approximately $75,000 before Bambas receives any funds [3][4]. Tax Considerations - Donations to personal GoFundMe campaigns are generally considered 'personal gifts' and are not subject to income tax for the recipient, provided that donors do not receive goods or services in return [7][10]. - Bambas will likely receive an IRS Form 1099-K for payments exceeding $5,000, which requires him to document that the funds were gifts, not income [8][9]. Donor Tax Implications - Individual donors who contribute more than $19,000 may need to file a gift tax return, but most small donors will not face tax implications [10][11]. Support from Employers - Meijer, the supermarket chain where Bambas works, is providing him with free financial planning assistance for life to help manage the funds effectively [12][11]. Broader Context - Bambas' story highlights systemic issues faced by elderly individuals, particularly veterans, who may struggle financially despite a lifetime of work [13][14]. - The funds raised may not resolve the underlying systemic problems but could provide Bambas with a better quality of life and the ability to retire [14].

Core Insights - President Trump claims that the tariff regime will generate significant revenue, allowing for debt reduction and potential dividends to American citizens [1][2] - The projected revenue from tariffs is currently falling short of expectations, with actual customs duties for fiscal year 2025 at $195.9 billion, while interest payments on national debt are significantly higher at $1.22 trillion [3][4] - The Congressional Budget Office has revised its long-term projections for tariff revenue down from $4 trillion to $3 trillion, indicating a decrease in expected effectiveness of the tariff scheme [5] Revenue Generation - Tariffs are expected to bring in trillions of dollars to the U.S. economy in the long term, but current figures show only $195.9 billion generated in customs duties for fiscal year 2025 [3] - In October, tariffs generated a record monthly income of $31.4 billion, an increase from $29.7 billion in September [3] Debt Impact - The yearly income from tariffs is estimated to be within the $300 billion to $400 billion range, which is insufficient to cover the interest payments on the national debt [4] - For fiscal year 2026, the government has already incurred $104 billion in interest payments at a rate of 3.355% [4] Economic Projections - The Congressional Budget Office's recent report indicates a downward revision of tariff revenue projections, with a reduction of $1 trillion in expected deficit reduction [5] - The CBO attributes two-thirds of this revision to new data and adjustments in tariff rates, which have lowered the effective tariff rate overall [5]

Fiscal Policy Outlook - Next year is projected to be the largest tax refund season ever [1] - The government plans to issue dividends to the people, funded by tariff revenue [1][2] - The tariff revenue is estimated to be in the trillions of dollars [1] - The government aims to reduce debt alongside issuing dividends [1][2] Future Tax System - The government anticipates a future where income tax may be significantly reduced or eliminated due to substantial revenue intake [3] - The possibility of keeping income tax at a very low rate or for symbolic purposes is being considered [3]

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The wealthy often avoid earned income, which means they escape payroll taxes entirely and ordinary income rates under the income tax. - Getty Images In a recent column, I discussed how the federal tax code has created two separate societies: working Americans who earn wages and pay taxes to support government programs and the ultrawealthy who have removed themselves from the tax system almost entirely. The wealthy often avoid earned income, which means they escape payroll taxes entirely and ordinary inco ...

RT Brad Smith (@CommishSmith)Did the Conservative movement flop, as many right-oriented populists claim? Just a few policy examples:In 1980, 1 state had a "shall issue" concealed carry law. Today "shall issue" (or no permit) is the rule in all 50 states.In 1980, the top marginal income tax bracket was 70%. Today it is 37%. Rates are lower in all income brackets.In 1980, there was no indexing of income tax brackets for inflation. Today there is.In 1980, the Soviets were on the march in the cold war. Today, C ...

Core Insights - Transferring retirement savings from a 401(k) to a Roth IRA can reduce or avoid required minimum distributions (RMDs) and income taxes in retirement, providing flexibility in tax planning [1][4] - Roth accounts are not subject to RMD rules, which can help retirees manage their tax liabilities and financial situations better [4][5] - Converting a significant portion of a 401(k) can lead to a substantial immediate tax bill, potentially pushing individuals into a higher marginal tax bracket [2][6] Group 1: Roth Conversion Benefits - Roth conversions allow for tax-free withdrawals for heirs, making them an attractive option for estate planning [1] - By eliminating RMDs, retirees can potentially pay fewer income taxes and have more disposable income for lifestyle expenses [5] Group 2: Tax Implications of Roth Conversions - Amounts converted from a tax-deferred account to a Roth IRA are considered taxable income, which can significantly impact the individual's tax bracket [6] - For instance, converting 25% of a $1 million 401(k) could result in an additional $250,000 in taxable income, leading to a tax bill of approximately $53,014 for a single filer in the 32% marginal tax bracket for the 2024 tax year [7]

New York City's mayoral candidates faced off last night in their final uh debate before the election on November 4th. >> I know that we desperately need to build more housing in this city and I also know that the jobs we create in the building of that housing should be good jobs as well. >> Political answer.What is your opinion Zoran. Yes or no. >> Come on.>> Yes or no. >> What is your opinion. Yes or no.Zoron. >> True. >> Don't be a politician here.I got it. >> They're they're pointing out what I was about ...

Tax Policy - Most states offer at least one tax break to retirees [1] - Some states exempt multiple forms of retirement income [1] - Eight states have no income tax at all [1]

RMD Essentials - The taxes on funds in tax-deferred accounts like 401(k) are delayed, not avoided, and income taxes are due upon withdrawal [4] - Required Minimum Distributions (RMDs) start at age 73, preventing indefinite tax-free growth of retirement savings [4] RMD Rules - RMD rules are strict, and withdrawals before RMDs do not reduce future RMD amounts [5] - Excess withdrawals after RMDs have begun also do not directly affect future RMD calculations [5] Impact of Withdrawals - Taking withdrawals now or later in excess of RMD amounts can lower the account balance, which in turn reduces future RMDs [6] - Withdrawals are taxed as normal income regardless of when they are taken, making early withdrawals potentially beneficial if a higher tax bracket is anticipated post-retirement [6] Additional RMD Strategies - Working after retirement may allow for the delay of RMDs, applicable only to current employer's 401(k) plans [7] - RMDs must still be taken from 401(k) plans from previous employers, and stopping work triggers the need to start RMDs [7]