Author: News Room
Robert Goulder of Tax Notes and professor Mitchell Franklin of the Le Moyne College Madden School of Business discuss college sports programs’ not-for-profit status in light of compensation for name, image, and likeness rights. This transcript has been edited for length and clarity. Robert Goulder: Welcome to the latest edition of In the Pages. I’m Bob Goulder, contributing editor with Tax Notes. Now, if you’re anything like me, you probably spend a lot of time watching collegiate sports — honestly, probably too much time. One observation, though: If you’ve been paying attention, you just can’t help but notice that the…
April 7 marks the day that beer was allowed to be legally manufactured and sold following a long, dry Prohibition. On March 22, 1933, President Franklin Roosevelt signed the Cullen–Harrison Act into law, which moved the US away from Prohibition by allowing the manufacture and sale of beer that was approximately 4% alcohol by volume (just a little less than the average today) and some wines. After he signed, Roosevelt reportedly remarked to his aide Louis Howe, “I think this would be a good time for a beer.” Prohibition would officially remain in place for a few more months, but…
A short grantor trust walks into a bar. After a few too many drinks he starts flirting with a pretty beneficiary, promising her a step up in his assets. But before he seals the deal, the bartender pulls the stool out from under him, shouting, “Get out! You’ve got no basis stepping up here.” “Based upon the detailed discussion that follows, we have concluded that there is a solid argument that there is a basis adjustment to the fair market value of the assets of a grantor trust on the death of the grantor.” EXECUTIVE SUMMARY: It is the duty…
Thought you wanted to be a millionaire? The “Billionaire Tax” might cause you to reconsider. All American earners are subject to federal income taxes, but not everyone is subject to the same tax rate. While middle-class Americans pay, on average, roughly 14% in federal taxes annually, the wealthiest American families frequently use loopholes to avoid paying these tax rates. The question of whether or not the richest Americans pay enough in taxes for the amount of money they have compared to the average American’s net worth has been a hot topic of debate, in all likelihood, since July 4, 1776.…
The United States has a long and complex history with guns dating all the way back to colonial times. There is continuous debate surrounding the rights to gun ownership and what regulations should or should not be implemented. Ratified in 1791, The Second Amendment to the United States Constitution, guarantees the right to keep and bear arms. While gun laws vary by state Florida has a long history of relatively relaxed gun regulations. On Monday April 3, 2023, Florida Governor Ron DeSantis signed House Bill 543 into law. This bill, strengthening the second amendment, eliminates the requirement that an individual…
New government projections estimate significant increases in both overall and out-of-pocket costs for home care, nursing facilities, and continuing care communities (CCRCs) through this decade. The projected steep rise in costs will lead to tough decisions for both consumers and government. The latest annual projections, by analysts at the federal Centers for Medicare and Medicaid Services (CMS) forecast overall health cost increases will moderate through the decade as the affects of the Covid-19 pandemic wane. However, the costs of long-term supports and services as well as post-acute care such as physical therapy are expected to rise more steeply than in…
There’s a wide variance of life expectancies among the 50 states in the U.S., according to a recent report prepared by Assurance — an insurance technology platform that helps consumers with decisions related to insurance and financial well-being. Figure 1 shows the 10 states with the highest life expectancy, starting with Hawaii. Figure 2 shows the 10 states with the lowest life expectancy, starting with Mississippi. Assurance scoured life expectancy data prepared in January 2023 by the U.S. Centers for Disease Control and Prevention. With this data, Assurance created several easy-to-understand graphics that offer information about life expectancies. Life Expectancies…
To Doug, the end point was near and clear. He saw retirement within the next three years. With a sparkle in his eye, he pointed to where he and his wife, Sue, were to retire. Looking out, Doug spread his arms as if to hug the distant pine-covered mountains, he declared, “Yep! Sue and I will be retiring to our second home over there near our favorite hiking trails, plenty of fishing, and skiing.” The look of satisfaction on Doug’s face was short lived. Sue, Doug’s wife of 40-plus years, briskly moved from his side, blocking his path, stopping Doug…
For most computer literate elders, online shopping is a great convenience and is usually fine — until something goes wrong. With an aging parent who is a little confused, or who has memory problems, online purchases can become a trap. While most purchases go as planned, one can understand that sometimes the wrong thing is delivered or what is paid for doesn’t arrive. Sometimes all too much arrives and no one stops it. The aging parent who has a little trouble keeping track of things will not know how to address these things successfully. They may be baffled by return…
Why are there significant differences in U.S. life expectancies by state? Answers to this question can potentially be found by digging into the underlying influences on this basic measurement of well-being in a broad population. The life expectancies discussed in this post were published by the Centers for Disease Control and Prevention in January 2023 and collected by Assurance, an insurance technology platform. Below are the top 10 and bottom 10 states by life expectancy according to this set of rankings: Top 10 States By Life Expectancy 1. Hawaii (80.7 years) 2. Washington (79.2 years) 3. Minnesota (79.1 years) 4.…
