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The Wall Street Journal
The Wall Street Journal
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_39gotta-be-joking-me39-jacqui-lambie-slams-federal-budget39s-cash-splash.webp "Independent Senator Jacqui Lambie has slammed the federal budget's $300 energy rebate and tax cuts announced by treasurer Jim Chalmers on Tuesday, May 14. Vision courtesy: ABC")
_how-to-estimate-your-personal-income-taxes.webp "Travis Sickle")
_irs-quietly-changes-the-rule-on-how-your-childrens-inheritance-will-be-taxed.webp "The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.")
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_west-midlands-sets-course-for-bus-network-overhaul.webp "The West Midlands, led by newly elected mayor Richard Parker, is poised for a major bus service overhaul. Parker's £25 million initiative aims to mimic Manchester's Bee Buses by bringing services under public control via a rail-style franchise system. He emphasized this as his top priority and assured the funding would come from existing budgets, without additional taxes.")
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