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Norman Fenton Group

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Karen Novikov
Karen Novikov

Death And Taxes REPACK

Citation: MacKenzie TA, Houle J, Jiang S, Onega T (2019) Middle-aged death and taxes in the USA: Association of state tax burden and expenditures in 2005 with survival from 2006 to 2015. PLoS ONE 14(4): e0214463.

Death and Taxes

Exposure: The primary exposure of interest is the state and local tax burden in 2005, as calculated by the proportion of overall state income that goes to state or local taxes [15]. Secondary exposures included 2005 metrics of state income tax burden, state sales tax rate, and corporate tax, as well as slope of tax burden and income tax across quintiles of income, and state and local government expenditures per capita in each state on education, welfare, health and hospitals, highways and police (REF).

Mortality data from CDC WONDER was extracted as number of deaths (numerator), and census population-years (denominator) stratified by state, sex, race (White, Black, Asian, other) and age (in 5 years age groups, the smallest granularity using CDC WONDER). We modelled the annual mortality rate using binomial logistic regression (e.g. a binomial distribution is assumed for the number of deaths in a given state-sex-race-age strata given the population size of that strata). All models controlled for gender, race and age (5 year grouping) as a three dimensional factor (i.e. controlling for the 2x4x5 = 120 level factor resulting from 2 levels of gender, 5 age groups and 4 levels of race), in order to avoid parametric modelling assumptions with respect to these demographics.

The scatterplots of adjusted mortality versus the state taxes and expenditures were calculated using observed mortality in a state divided by expected mortality, where expected mortality was calculated using sex, age and race, according to a binomial logistic regression model as specified above.

Sales taxes are a regressive form of taxation because less affluent individuals spend a higher proportion of their income compared to wealthier individuals. Conversely, the income tax brackets in many states are progressive. We examined the association with mortality of progressivity of the taxation, as measured by the slope of tax burden across quintiles, but the findings were null.

There are several ways in which the mortality versus tax associations we report may be confounded. It is in the personal interest of individuals living in states with high state taxes to move to states with low taxes. Since healthier and affluent individuals may find it easier to relocate, our estimates may be biased toward showing an association of lower taxation and reduced mortality. Tax revenue is also used to pay for state debt, which may be exacerbated in less affluent states and would bias estimates toward an association of state taxation and increased mortality.

Nothing is certain except death and taxes - This famous quote about taxes originated with Benjamin Franklin in 1789. Over 200 years later, it still rings true. Nevertheless, although taxes on income and profits can almost never be avoided, there are a few valuable exceptions.

After two decades of increasing inequality in the income of rich and poor Americans, a proposal to cut taxes paid only by the wealthiest among us would not seem likely to elicit much support. Yet Republicans and some congressional Democrats are lining up behind proposals to slash or even repeal estate and gift taxes. The growing momentum behind these proposals is bewildering for several reasons.

The estate tax addresses the traditional American concern about undue concentration of economic or political power. The American ethos has been that people should be encour aged to work hard, save and invest, but that there should be some brake on the unbridled transmission of economic privilege from generation to generation. To be sure, the estate tax does not and should not prevent parents who have earned large fortunes from giving their children and grandchildren advantages such as costly educations and large inheritances. What the estate tax accomplishes is to exact a modest but real toll on these transfers and help make the transmission of inherited inequality and advantage a bit less extreme. With income inequality higher than at any time since World War II, labeling a cut in such taxes as unfair is not an appeal to class warfare but an expression of common decency.

Repealing the estate tax would be a gratuitous windfall for those whose talent, hard work and good fortune have already been handsomely rewarded. The revenue loss from this tax cut would increase the deficit and have to be made up by other taxes or by cuts in government expenditures. The best one can say for claims that repeal of the estate tax would boost saving is that the case is unproven. The most likely outcomes of estate tax repeal are the collapse of charitable giving and a big increase in inheritances.

2 Basic-rate income tax could straightforwardly be levied on all funds that remain in pensions at death. Alternatively, current income tax rules could extend to those inheriting pension pots from someone who dies before age 75. This would mean levying income tax when the person inheriting the pension pot withdraws the funds from it regardless of the age of death of the deceased. This could be combined with a minimum rate of income tax on withdrawals, set at the basic rate of income tax, in order to prevent funds withdrawn by non-income-tax-payers, in particular children, escaping income tax entirely.

6 Reforms should be announced as swiftly as is practical. This would reduce the extent to which individuals will have saved in a pension in the incorrect expectation that they will be able to bequeath these funds under the current generous arrangements. As with any reform to wealth taxes, some retrospective taxation would be inevitable. If some transitional phasing of implementation were deemed appropriate, it would be straightforward for both the income tax and inheritance tax reforms we propose to be gradually introduced by date of death.

In all likelihood you'll blow through Death and Taxes in a day or two, but the experience in a memorable one. Your decisions matter and even though you're given directions on how to choose your victims, you can ignore them if you choose. Death and Taxes is a hilarious take on life, death and society. As this game is almost entirely text based, the care that went into writing the dialogue and character descriptions are really where this game shines. This Kafka-esque title is sure to delight avid readers but there isn't much appeal for more action-oriented gamers as all the death and destruction occurs off-screen.

You know the saying: Only two things in life are certain, death and taxes. Sometimes the two certainties coincide, and sometimes in very complicated ways. Inheritance taxes are complicated and as tax advisors we are frequently questioned on the subject.

Running training is pushing the body beyond evolution, to do more than just procreate before death. However, we can harness the principles that are hard-wired into our DNA to increase our odds of staying healthy while pushing our bodies.

In general, file and prepare the final individual income tax return of a deceased person the same way you would if the person were alive. Report all income up to the date of death and claim all eligible credits and deductions.

We pay a variety of taxes from sales tax to gas tax, but the tax burden I am focusing on in this editorial is property taxes. Even though there are some property tax breaks for agriculturalists, given the vast amount of land within our county that is used for farming, ranching, and ag processing; we contribute a fair share to the local coffers. Sadly, the considerations given to working lands in property tax assessments continue to be pulled back and are a constant target for folks trying to find more money for all levels of government.

According to the FY 2020-21 Adopted County of Sonoma Budget, over 68% of the $373 million General Fund General Purpose Revenues comes from property taxes. Almost $254 million is collected every year in local property taxes to support the services provided by Sonoma County to its residents. Keep in mind, in addition to the state, each city or township also gets a portion of the property taxes paid, so that quarter of a billion dollars received by Sonoma County is only a portion of the property taxes paid annually. 041b061a72


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