(CNNMoney) - Mitt Romney's five sons - Matt, Tagg, Craig, Ben and Josh - are sitting pretty with a trust fund worth $100 million.
Getting there took smart tax strategies, and investments that produced "great growth," in the words of the Romney campaign.FULL STORY
NEW YORK (CNNMoney) - It's time for Elizabeth Warren to say goodbye to the Consumer Financial Protection Bureau, the consumer agency she spent nearly a year creating.
On Aug. 1, Warren will leave the bureau to return to Harvard Law School, where she will step back into her position as the Leo Gottlieb Professor of Law, the Department of Treasury said Tuesday.FULL STORY
(CNNMoney.com) - If you're a wealthy American, you've probably heard that your tax bill will be higher next year if President Obama has his way. But how much more are you really going to pay?
With Obama's tax plan in place, the cuts introduced during the Bush administration would lapse for the top two income brackets, resulting in a tax increase for the nation's richest taxpayers.
That means people making more than $195,550 in taxable income ($200,000 in adjusted gross income) and joint filers with taxable income over $237,300 ($250,000 in adjusted gross income) would be pushed up from the current 33% and 35% tax brackets into 36% and 39.6% brackets next year.
New York (CNNMoney.com) – Worried about your taxes going up next year? They might for some high earners. But some not-quite-rich taxpayers could end up with a surprise tax cut.
If the Bush tax cuts expire for the nation's top earners, people making a pinch less than the wealthiest Americans, who don't quite qualify for the new top two tax brackets, could find themselves in an even lower bracket next year.
"We should end up with a sweet spot in the middle of the higher income brackets," said Robert Kerr, senior director of government relations at the National Association of Enrolled Agents. "This is an unintended benefit of the new plan that many people don't realize."