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2019 | OriginalPaper | Buchkapitel

10. Taxation at the Top: Its Long-Term Effect on the Assets

verfasst von : Niall J. Gannon

Erschienen in: Tailored Wealth Management

Verlag: Springer International Publishing

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Abstract

This chapter will share a century of data showing the top income tax rates, capital gains rates, estate tax rates as well as the levels that put an investor in the top brackets. The chapter will stress the flexibility that investors must develop in order to own tax-sensitive portfolios, knowing that the rates they will experience along the way are likely to change. We will draw conclusions that taxes are an inescapable part of history. Income tax rates tend to go up during times of war and economic crisis. The wider the gap between income and capital gains tax rates, the more attractive stocks become when compared to taxable bonds. Gifting generally carries less of a tax burden than estate taxes.

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Vorheriges Kapitel Defining Moment: Your Objectives, Assumptions, and Other Factors Affecting Long-Term Returns

Nächstes Kapitel Portfolio Optimization: The Impact of Taxation, Turnover, and Time Horizon on Net Returns

David Silverman, “Taxes in Ancient Egypt,” University of Pennsylvania Almanac, vol. 48, no. 28, April 2, 2002, http://www.upenn.edu/almanac/v48/n28/AncientTaxes.html.

Charles O. Hucker, China’s Imperial Past (Palo Alto: Stanford University Press, 1995), p. 190.

Edwin R. A. Seligman, The Income Tax: A Study of the History, Theory and Practice of Income Taxation at Home and Abroad (New York: The Macmillan Company, 1911), p. 62.

Ibid., p. 106.

Gary Giroux and Sharon Johns, “Financing the Civil War: the Office of Internal Revenue and the Use of Revenue Stamps,” paper presented at the Academy of Accounting Historians International Accounting History Colloquium, 2000, http://acct.tamu.edu/giroux/financingcivil.htm.

Seligman, The Income Tax, p. 444.

Sheldon David Pollack, The Failure of U.S. Tax Policy: Revenue and Politics (University Park, PA: Penn State Press, 1999), p. 55.

Mark T. Green and Fred Thompson, Handbook of Public Finance (Boca Raton: CRC Press, 1998), p. 487.

Jeremy Siegel, Stocks for the Long Run: The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies (New York: McGraw Hill, 2007), p. 74.

Leonard E. Burman and Deborah Kobes, “Preferential Capital Gains Tax Rates,” Tax Notes, January 19, 2004, p. 411, http://www.taxpolicycenter.org/publications/url.cfm?ID=1000588.

John R. Luckey, “A History of Federal Estate, Gift, and Generation-Skipping Taxes,” Congressional Research Service, April 9, 2003, p. CRS-7.

Ibid., p. CRS-9.

Fein, Such, Kahn, and Shepard, “New Tax Laws: Separate New Jersey Estate Tax,” 2002.

Baseline (Thomson Financial) value of S&P 500 index on March 31, 2008:1322.7, value on March 9, 2009: 676.53.

Luckey, “A History of Federal Estate, Gift, and Generation-Skipping Taxes,” p. CRS-1.

Darien B. Jacobson, Brian G. Raub, and Barry W. Johnson, “The Estate Tax: Ninety Years and Counting,” SOI Bulletin, Summer 2007, p. 122, http://www.irs.gov/pub/irs-soi/ninetyestate.pdf.

Titel: Taxation at the Top: Its Long-Term Effect on the Assets
verfasst von: Niall J. Gannon
Verlag: Springer International Publishing
Buch: Tailored Wealth Management
Print ISBN: 978-3-319-99779-7

Electronic ISBN: 978-3-319-99780-3

Copyright-Jahr: 2019
DOI: https://doi.org/10.1007/978-3-319-99780-3_10