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The Productivity Commission’s startling finding is that passing on wealth actually cuts inequality.
Joan Kroc gave much to charity during her life and in her will after inheriting the McDonald’s fortune.
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Far fewer Americans include plans for bequests to nonprofits in their wills than give to charity on a regular basis. The pandemic could be a good reason to change that.
What people decide to bequeath to charity depends on many factors, including tax laws.
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Philanthropists give for many different reasons, but bequests could decline by about $7 billion a year.
When the going gets tough, taxes go up.
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The South African budget speech echoed the theme of rebuilding set out by President Cyril Ramaphosa in his state of the nation address.
About 1 in 20 taxpayers may fill out this part of their returns beginning with the 2018 tax year.
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The lost incentives to give are likely to make a bigger difference than the small uptick in economic growth expected from the new law.
House Speaker Paul Ryan, left, leads a round of applause after his colleagues took a step toward changing the tax code.
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More than US$20 billion per year in giving is potentially at stake.
Taxing inherited wealth builds in an incentive for the rich to give more and splurge less.
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Taxing inherited wealth doesn’t just generate revenue for the government. It encourages philanthropy.
Trump’s tax plan will cost trillions.
AP Photo/Pavel Golovkin
President Trump released details of his tax plan, which would essentially benefit the wealthiest Americans by repealing the estate tax and other changes at the expense of the middle class.