Merit Prizes Are Over-Taxed
Larry Kudlow said in his show this evening, that taxes shouldn't punish legitimate earnings. But, of course, they do. What is he thinking?
Merit prizes, professional prizes, especially, for example, the Nobel Prizes, are not regarded tax-wise as an inheritance. They're taxed at 50% after deducting federal and state taxes, because they're thrown into the same tax bag as gambling winnings!
Is it any wonder, therefore, that UBS isn't giving out the names of Americans who have deposited money in Switzerland in private accounts to avoid taxes? It's not happening anytime soon.
Can you imagine the uproar if Nobel Prize winners and elite government officials were found to bank their money offshore, away from American taxes and the IRS? Can you imagine the backlash from voters?
Merit prizes, professional prizes, especially, for example, the Nobel Prizes, are not regarded tax-wise as an inheritance. They're taxed at 50% after deducting federal and state taxes, because they're thrown into the same tax bag as gambling winnings!
Is it any wonder, therefore, that UBS isn't giving out the names of Americans who have deposited money in Switzerland in private accounts to avoid taxes? It's not happening anytime soon.
Can you imagine the uproar if Nobel Prize winners and elite government officials were found to bank their money offshore, away from American taxes and the IRS? Can you imagine the backlash from voters?