More On Tax Planningfrom The Advisor's Professional Library
- Charitable Giving Charitable giving can reduce your clients’ tax liabilities. However, the general and verification rules for the deduction of charitable gifts must be understood in order to take full tax advantage of such gifts.
- Precious Metal Taxation Precious metals can be used to better diversify a portfolio but can be volatile. The tax implications of investing in these types of assets vary depending upon the situation.
Move over, Wizard of Omaha. You’ve got company–the Wizard of Little Whinging. Actor Daniel Radcliffe, best known for his portrayal of wizard Harry Potter, has come out in favor of taxing the wealthy, himself included.
The Huffington Post reported Monday that Radcliffe, estimated to be worth some $47 million, said in an interview that he is switching political affiliations, largely over taxes. The Guardian cited the interview, to be published in Attitude magazine this week, in which the actor said, "I think, if you make a lot more money than most people–like I do–you should pay more tax and subsidize people who work just as hard as you, but don't earn as much."
Buffett has called for higher taxes on the wealthy, dubbed the "Buffett Rule" and adopted as part of President Barack Obama's American Jobs Act. Numerous wealthy Americans have agreed with Buffett, including such high earners as Bill Gates–who with Buffett already sponsors The Giving Pledge—and comedian Chris Rock, as well as Alan Greenspan, former head of the Federal Reserve.
A recent poll of Americans by CBS News and The New York Times also found that more than half support the taxing of capital gains at the same rate as income earned from work.
Radcliffe had supported the Liberal Democratic party, and in 2009 had made a very public declaration of his support. Now, however, he says he is more likely to vote for Labour party candidates, citing Tory influence on Liberal Democrats. The latter party has suffered a number of high-profile defections recently, including actor Colin Firth, who abandoned the Liberal Democrats over their support of massive tuition hikes, among other issues.