As a Certified Financial Planner, my job is to help people work toward reaching financial independence and a happier, healthier, and wealthier retirement. The larger your tax burden in retirement, the more retirement income-producing assets (cash, investments, real estate, 401(k), Cash Balance Pension Plans, etc.) you will need to have saved to fund your retirement. Marriage can make the tax benefits of these accounts even more valuable. You may have heard of the marriage penalty.
For example, if you are retired a retired couple and make more than $45,360, combined, 85% of your Social Security is taxable. With this in mind, it can be advantageous to plan ahead for where your retirement assets will be held and how you will take withdrawals to help minimize the tax bite throughout your retirement years.
Quite a lot has been going on:
White House Wants Companies to Foot Payroll Tax Bill for Workers - The New York Times
WASHINGTON — A debate between the White House and the Treasury Department over President Trump's payroll tax suspension has delayed crucial information about how the executive order will be carried out, according to people familiar with the matter, leaving businesses across the country uncertain about how to proceed.
The delay in releasing guidelines about the tax suspension comes amid broad business backlash to the idea, which was announced by Mr. Trump this month after talks with Congress over another economic relief bill stalled. The executive order aims to stimulate the economy by allowing companies to stop withholding payroll taxes until the end of the year, putting more money in workers' pockets.
Here's what the payroll tax deferral action means for you - CNN
UK's Sunak considers sweeping tax hikes to plug COVID-19 hole, newspapers say -
LONDON (Reuters) - British finance minister Rishi Sunak is considering a sweeping set of tax increases to help fix the huge hole in the public finances left by the coronavirus pandemic, two newspapers said.
Tax hikes suggested by Treasury officials could raise an extra 20-30 billion pounds a year, the Telegraph and the Sunday Times reported, and some of them could be announced in an autumn budget statement by Sunak.
However, officials working for Prime Minister Boris Johnson are fiercely opposed to a major tax raid on wealthier voters and want to consider spending cuts instead, the Telegraph said.
In case you are keeping track:
Cook County property owners delay paying $1.8 billion in taxes
More than 33% of the property taxes owed by commercial property owners throughout Cook County have yet to be paid as property owners struggle to retain or find tenants during the COVID-19 pandemic. Daily Herald FILE PHOTO/September 2010
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Cook County's two-month reprieve from delinquent property tax penalties has resulted in delayed payment of almost $1.8 billion.
Nearly 25% of the property taxes owed in the second installment bills that were originally due Aug. 3 have yet to be paid, according to Cook County Treasurer Maria Pappas' office. More than $1.1 billion still owed is from commercial property owners in the county.
Bloomberg - Are you a robot?
Guest Commentary | Add a Link to chain of power, corruption, taxes in Illinois | Guest Commentary
On Aug. 13, Illinois saw the indictment hammer fall on a powerful lawmaker for the fourth time since federal investigators began raiding government offices last year.
The proposal would raise taxes not just on Illinois taxpayers, but also on over 100,000 of the state's small businesses that create most of the state's jobs and have been battered by a pandemic-induced recession. Pritzker, too, is under federal investigation after admitting he dodged his own property taxes.
Sen. Kim Ward: Now is not time for more taxes on electric, gas consumers | TribLIVE.com
The Pennsylvania General Assembly has attempted to restrain — by legislation and , when that failed, by litigation — some of the governor’s most intrusive policies, but we have been rebuffed by gubernatorial vetoes and a lack of Democratic support to override, and most recently, by the Democratic-controlled Pennsylvania Supreme Court.
In the midst of this economic crisis, Pennsylvanians question their ability to make their next housing or electric bill payment, or to fill up their car’s gas tanks. And yet Wolf is pushing forward with a scheme to impose over the next 10 years a $2.4 billion tax on electric generation, and considering a $12 billion tax on gasoline — again, without any legislative authority or input.
Happening on Twitter
Live in the City of San Diego? If you do, get your free NO on Measure A lawn sign today! Help stop the massive $2 b… https://t.co/EWYpbEXkz9 carldemaio (from San Diego, CA) Wed Aug 26 18:01:25 +0000 2020
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