Senator Bernie Sanders (I-VT) speaks during Day 2 of the Democratic National Convention (DNC) in Chicago, Illinois, U.S., August 20, 2024. Mike Segar | Reuters Sen. Bernie Sanders, I-Vt., on Sunday said Vice President Kamala Harris should increase her proposed 28% tax rate on long-term capital gains, marking his latest divergence with the Democratic presidential … Read more
Democratic presidential candidate Vice President Kamala Harris arrives at Portsmouth International Airport in Portsmouth, New Hampshire, Sept. 4, 2024. Joseph Prezioso | AFP | Getty Images ‘We don’t make any changes until the law has passed’ Currently, investors pay 0%, 15% or 20% for long-term capital gains, plus an extra 3.8% net investment income tax, … Read more
Billionaire investor Mark Cuban on Thursday insisted that Democratic presidential nominee Kamala Harris would not tax unrealized gains as president. “Every conversation I’ve had is that it’s not going to happen,” Cuban said on CNBC’s “Squawk Box.” Cuban, who says he speaks with Harris’ team frequently, maintained to CNBC that she is not interested in … Read more
Vice President Kamala Harris boards Air Force Two at Joint Base Andrews in Maryland, Sept. 4, 2024. Erin Schaff | The New York Times | Via Reuters Vice President Kamala Harris on Wednesday proposed a 28% tax on long-term capital gains for households with an annual income of $1 million or more, lower than the … Read more
Hero Images | Getty Images Since most Americans aren’t eligible for Medicare before age 65, many younger retirees rely on Marketplace health insurance, which offers lower monthly premiums through the end of 2025 thanks to boosted tax breaks. But retirees can face a costly tax surprise without proper planning, experts say. As of open enrollment … Read more
A detail view of a NFL shield logo paint of the field during a preseason game between the Los Angeles Rams and the Houston Texans at NRG Stadium on August 24, 2024 in Houston, Texas. Ric Tapia | Getty Images Sport | Getty Images Sports team owners benefiting from soaring team values are also facing … Read more
During a strong year for the stock market, a lesser-known strategy could help rebalance your portfolio and save on future taxes. The tactic, known as tax-gain harvesting, involves strategically selling your profitable brokerage account assets during lower-income years. That could include early years of retirement or periods of unemployment. As of Aug. 26, the S&P 500 … Read more
Grace Cary | Moment | Getty Images Travelers, be warned: The federal government may revoke your passport if you ignore a big tax bill. Such punishments have become more frequent in recent years, experts said. Federal law requires the IRS and Treasury Department to notify the State Department if an American has a “seriously delinquent … Read more
Hispanolistic | E+ | Getty Images There’s still time to boost 401(k) contributions and max out your plan account for 2024, but not everyone should, according to financial advisors. For 2024, employees can defer up to $23,000 into 401(k) plans, up from $22,500 in 2023, with an extra $7,500 for workers age 50 and older. Some … Read more
Aire Images | Moment | Getty Images Retirees may have income from Social Security, a pension, a retirement plan or other sources — and they typically must either withhold taxes or make quarterly payments to avoid IRS penalties. For 2024, the quarterly estimated tax deadlines are April 15, June 17, Sept. 16 and Jan. 15, … Read more
