The plan, sponsored by Senate Finance Committee Chairman Ron Wyden, would require the richest Americans to pay taxes annually on appreciation in publicly traded assets, such as stocks and bonds.
The bill would increase the average benefit by 2% and impose the payroll tax on wages above $400,000.
An annual levy on the unrealized capital gains of ultra-wealthy people 'is a slippery slope' that could draw in millionaires and more, one adviser said.
Don’t let clients sabotage their retirement plans because of fears about the program’s finances. Advisers can help clients put trust fund solvency woes into perspective.
But an executive at Schwab says increasing the top capital gains rate and lowering the estate tax exemption could make it into a compromise measure.
Claims that crypto is 'untraceable' and the 'perfect tax haven' have been exploded. Those who bought into this mythology have to decide what to do.
The cost-of-living adjustment will result in the largest increase in retirement benefits and taxable wages in 40 years.
UBS Financial Services misreported interest paid on taxable munis, resulting in higher tax bills for clients, according to a lawsuit.
A report from the Urban Institute found Social Security cuts, tax increases, longer working years and higher savings levels are needed to keep retirees from funding crises in the coming years.
Legislators are preparing to raise taxes on those earning more than $400,000, but almost everything about the tax package is up in the air, including the new rates and when the various provisions go into effect.
A new study from the Center for Retirement Research at Boston College found news reports could lead to misconceptions about Social Security trust funds, and could influence retirement savers to claim earlier than otherwise planned.
The acceleration in the projected depletion of the trust fund is bad, but given that this was the first report to include the effects of the pandemic-induced recession, the news could have been worse.
Draft legislation from Senate Finance Committee Chairman Ron Wyden of Oregon would end a system of deferred taxes on capital gains linked to ETFs.
The Ways and Means Committee approved $2.3 trillion in tax hikes to pay for the Biden administration's sweeping social and climate spending plan.
The House Ways and Means proposal does not include taxing unrealized capital gains on inherited assets and the hike it suggests in the capital gains tax rate is not nearly as big as some feared.
In an attempt to appeal to moderates, House Democrats have proposed a package of tax increases that would raise the top rate on capital gains from 20% to 25%, instead of the 39.6% that Biden proposed.
Two Democrats joined all Republicans on the panel in opposing the measure, which is designed to expand workplace retirement savings and would impose a tax on businesses that don't set up plans.
Under the legislation, which could become part of the $3.5 trillion budget bill working its way through Congress, employers that don't offer a retirement plan would have to establish an auto-IRA or 401(k) for their workers.
The 2021 Trustees Report shows the trust funds will run dry in 2034 as a result of the economic fallout from the pandemic.
David Foster found his niche when he realized how difficult it was to make sure his donations were having the desired impact.
