IRS to Put an End to Its Top 400 Report
Many people believe that the nation’s wealthiest individuals already make too much money without paying their fair share of taxes. Now that billionaire Donald Trump has been elected as our country’s next president, many expect that to only get worse. However, starting next year, it will now be very difficult for anyone to really know how much of a difference Trump’s new tax policies will make to the nation’s top earners.
That’s because the IRS recently announced that it would no longer continue to release its Top 400 Report, which is an annual statistical report of the top 400 taxpayers in the country, according to adjusted gross income. This year’s report, which for now will be the last, showed just how hard the current president’s tax hikes have hit the wealthiest taxpayers over the past several years.
In 2012, the top 400 paid an effective tax rate of 16.72 percent on average adjusted gross income of $226 million. Compare that to 2014 when the same group paid an effective federal tax rate of 23.13 percent on AGI averaging $318 million. If Trump’s tax proposals are put into law then the top 400 are likely to see their effective tax rate go back down again, but now that the IRS will no longer be releasing this report, there is no way to know by exactly how much.
http://www.forbes.com/sites/janetnovack/2016/12/01/how-much-will-trump-cut-taxes-for-top-400-well-never-know-as-irs-ends-400-report/#1acdd9db1795
Faith, Freight & “Slaying the Tomb”
How the Moscrips Drove From Freight Tech to Faith-Fueled Media When Scott Moscrip launched Truckstop.com from a spare bedroom in 1995, he didn’t just build a freight-matching marketplace—he rewired a blue-collar industry for the Internet age. Thirty years, five kids, and one mayoral term later, the Idaho technologist and his wife, Carmen, are chasing an…
From the Streets to Self-Reliance
How Joseph Grenny’s Other Side Village Is Rewriting the Homelessness Playbook A 2 a.m. Alarm and a Box of World-Class Doughnuts At two o’clock each morning in downtown Salt Lake City, former rough-sleepers slip into spotless aprons, fire up industrial mixers, and begin turning out pillowy brioche rings glazed with passion-fruit icing and drizzled…
Building a Legacy: A Fireside Chat with Martin Luther King III
In a thought-provoking fireside chat at our Legacy Builder’s Conference, Martin Luther King III shared profound insights on the concept of legacy, leadership, and the moral imperatives facing society today. Speaking with Alan Olsen, he reflected on his father’s enduring impact and his own efforts to carry forward that mission in today’s world. Defining His…
Turning Ordinary Lives into Living Legacies
“There was a measurable connection between how well they knew their family stories and how successful they were.” — Kasia Flanagan, founder of Everyday Legacies When historian‑turned‑biographer Kasia Flanagan examined the lives of mixed‑race German‑Samoan descendants for her PhD, she expected to chart migration patterns and cultural shifts. What she didn’t expect was the data point that changed her career:…