Retirement savings outlook in a Clinton or Trump administration

first_img 77SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Dennis Zuehlke Dennis is Compliance Manager for Ascensus. Mr. Zuehlke provides clients with technical support on tax-advantaged accounts (including individual retirement accounts, health savings accounts, simplified employee pension plans, and Coverdell education … Web: Details The speeches are over, the national political conventions are history, and the road to the White House is entering the final stretch. It is clear from the candidates’ financial disclosures that both Hillary Clinton and Donald Trump are well set for retirement. What is less clear is how a Clinton or Trump administration would affect the general taxpayer’s retirement.The candidates and their respective party platforms both support the Social Security system and want to strengthen it, but in very different ways.The Democratic Party’s platform calls for protecting and expanding Social Security and fighting every effort to cut, privatize, or weaken it. This would mean going against many reforms that have been proposed previously, such as raising the retirement age, cutting cost-of-living adjustments, and reducing earned benefits. Clinton has proposed raising the cap on income that is subject to the Social Security tax (currently $118,500) and expanding the Social Security tax to investment income.The Republican Party’s platform calls for “preserving and modernizing a system of retirement security” and states that saving Social Security is “our moral obligation to those who have trusted in the government’s word.” However, Republicans oppose tax increases and look to the power of the markets to create wealth and secure the future of the Social Security system. The platform calls for all options to be considered in preserving Social Security and notes that current retirees and those close to retirement can be assured of their benefits. Trump has stated that economic growth is the key to preserving Social Security, and that having a robust economy that is growing will help secure Social Security for the future.The candidates and their party platforms provide little detail on positions related to private retirement plans, such as defined benefit plans, 401(k) plans, and IRAs. The Democratic Party platform calls for enacting legislation to ensure that Americans’ earned pension benefits will not be cut and proposes to pay for it by closing tax loopholes that benefit millionaires and billionaires. The platform also supports the Department of Labor’s (DOL) recently released fiduciary rule, stating that Democrats “will fight against any attempt by Republicans in Congress or on Wall Street to roll back the conflict-of-interest rule.” Hillary Clinton also has publicly stated her support for the DOL’s final fiduciary rule.It is clear from an analysis of the candidates’ tax proposals, however, that retirement plans will be affected, regardless of whether Clinton or Trump is the next president. Both have indicated that they would propose limiting the tax benefits for certain income tax deductions and exclusions (not including charitable contributions), such as deductible IRA contributions and 401(k) plan exclusions from income.Hillary Clinton’s tax proposal would increase taxes on high-income households and implement the “Buffet Rule” that would impose a minimum tax rate of 30 percent of adjusted gross income (AGI) on filers with AGI greater than $1 million.In addition, Clinton would cap the tax value of specified deductions or AGI exclusions to 28 percent. The tax value of the exclusion for employee contributions would be reduced to a maximum of 28 percent for defined contribution retirement plans and IRAs instead of allowing taxpayers to exclude the contributions from the full 33 percent, 35 percent, or 39.6 percent that they would otherwise owe. Taxpayers in the 28 percent and lower brackets would be unaffected.Another Clinton proposal would limit contributions to tax-favored retirement accounts, including defined benefit plans, defined contribution plans, and IRAs, once the total of all tax-favored retirement account balances reaches the level adequate to finance the maximum annuity currently permitted for defined benefit plans. Under the proposal, the account balance limit for an individual age 62 in 2015, would be approximately $3.4 million.Both of these proposals were part of President Obama’s final fiscal year budget proposal, as well as previous Obama administration budget proposals.Donald Trump’s tax proposal would reduce the current seven income tax brackets—which range from 10 percent to 39.6 percent—to just three, and dramatically streamline the process. Trump initially proposed three tax brackets of 10 percent, 20 percent, and 25 percent, but has since modified his proposal, adopting the same tax brackets—12 percent, 25 percent, and 33 percent—that House Republicans have proposed.Like Hillary Clinton’s proposal, Donald Trump’s plan also would limit the tax value of certain itemized deductions and exclusions. Trump’s campaign has not specified how it would limit certain itemized deductions and exclusions, but the expectation is that the limitation would be set at 10 percent. This would reduce the tax value for those itemized deductions and exclusions for taxpayers in all three of Trump’s proposed tax brackets.It is still two months before the presidential election, but it is very clear that regardless of who is elected, tax reform will be on the agenda come next January, and tax-favored retirement savings incentives will be under scrutiny. Stay tuned.last_img read more

Endangered Green sea turtles found dead off WV waters

first_imgAlthough deathsand grave threats of marine animals, especially turtles, may possibly be causedby boats and ships due to its propellers, other factors could include humanintervention such as killing them to harvest their eggs for consumption and sellingthe carapace for souvenirs, getting tangled in fishing nets, and the presenceof plastics swept by our turtles. “Our Departmentalways supports the protection and conservation of our marine animals. It is agrieving moment to know some of the marine animal species dies in a violentway. We however continue with our conservation efforts to boost the turtlepopulation such as protecting their hatching areas. I therefore encourage all tostop throwing garbage into oceans that slowly but surely kill our marineanimals especially turtles,” said Department of Environment and NaturalResources regional executive director for Western Visayas Francisco E. Milla,Jr./PN A carcass ofa female Green sea turtle was found off shores of Fairways and Bluewater Boracayin Boracay Island at noontime on Jan. 2, 2020. It was identified as fairlydecomposed and has an unpleasant smell with its organs detached, coming out fromthe center of its carapace that had been sliced. Its death may have been possiblycaused by the propellers of boats or ships which crashed on its back, splittingit in two. The carcass was buried after the investigation conducted by theCommunity Environment and Natural Resources Office (CENRO) in Boracay Island. It wasunfortunate to start the year witnessing a female Green sea turtle found deadin the shores of a resort in Boracay Island and a week later, another one was foundat Cauayan, Negros Occidental. IT’S A grievingsight ever to see carcasses especially to those animal lovers and advocates whohelp protect and conserve species and boost its population. Green seaturtles (Chelonia mydas) are one ofthe world’s largest species of turtle that can live up to 80 years in the wild ifnot harmed. They feed on marine plants such as seaweeds and sea grass. It isconsidered endangered (E) by the International Union for Conservation of Nature(IUCN). Photo shows a severely wounded green sea turtle found dead in the waters of Brgy. Tuyom, Cauayan, Negros Occidental. The carcass of a female Green sea turtle evidently shows some discoloration and its carapace was split at the center, showing a detached organ. It was found at the back beach of Fairways and Bluewater Boracay. Meanwhile,on the afternoon of January 13th, an overpowering smell alarmed the residentsof  Brgy. Tuyom, Cauayan, NegrosOccidental as they saw a giant carcass of a female Green sea turtle on theshores of the barangay coastal area. It has a carapace length of 90 centimetersand width of 75 centimeters. CENRO Kabankalan personnel seen discoloration onits carapace and flippers; its organs were not intact and they identified it asseverely decomposed. The carcass was buried one meter deep, after investigationwas made.last_img read more

Syracuse uses size advantage to record shutout against DePaul in regular-season home finale

first_imgIn a final effort to score, DePaul midfielder Antonio Aguilar sent a ball into the box with two minutes to play. Syracuse center back Chris Makowski headed it back toward midfield, sealing his team’s 11th shutout of the season.The Orange utilized an evident size advantage to dictate the game’s tempo and hold possession for a large portion of the first half. SU’s ability to control the game in the air not only helped the team offensively, but was also an integral part of a strong defensive effort in a 2-0 victory over DePaul at SU Soccer Stadium on Saturday night.“Attacking the ball in the air is about personality,” SU head coach Ian McIntyre said. “And it’s also about aggression.”Syracuse (12-4, 5-2 Big East) had both personality and aggression on offense and defense against the Blue Demons (3-10-3, 0-6-1). SU won headers throughout the game just as the 5-foot-11-inch Makowski did to preserve the shutout.With 28 minutes left in the second half, redshirt freshman defender Tyler Hilliard won a crucial header at midfield, then cleared the ball with his head again on DePaul’s next offensive possession.AdvertisementThis is placeholder textLess than five minutes later, DePaul’s Aguilar sent a lob pass into Syracuse’s box. DePaul midfielder Joe Brinckwirth challenged Orange goalkeeper Alex Bono.But Bono, standing at 6 feet 3 inches, prevailed over Brinckwirth’s smaller 5-foot-8-inch frame.“We did have a good size advantage,” Hilliard said, “So when the ball was in the air we were confident enough to just go and get it.”Hilliard and fellow freshman Jordan Vale teamed up to give the Orange both goals on headers as well. Hilliard’s came in the 15th minute on a free-kick pass from Jordan Murrell.“We have worked a lot the last few weeks on set pieces,” Hilliard said. “Coach Mac says they are the most important part because we have dominated the Big East so far in restarts and scoring goals off them. My role was to run into the box and find a flick on, and fortunately I got a goal off of it.”As a freshman filling in for the injured Skylar Thomas and Ryan Tessler, Hilliard stepped up and set the tone on a big night for the Syracuse seniors.“Tyler Hilliard, who wasn’t playing a couple of weeks ago, comes out and is the hero tonight,” McIntyre said. “Good for him, and an important goal to score at an important time of the game.”The second goal came at the back end of a long lob pass from substitute midfielder Juuso Pasanen. It was Vale who found the back of the net when he headed the ball just over the reach of DePaul goalkeeper Eric Sorby to give Syracuse a 2-0 advantage in the 40th minute.The 5-foot-10-inch Vale has been able to score with his head repeatedly for the Orange this season, a skill that he credits to his father.“I give all to my dad really,” Vale said. “He’s smaller than me and was a goalkeeper, so he had to know how to judge balls. My judging and my runs are all thanks to him really.”And thanks to Hilliard and a tenacious effort by the defense, Syracuse fended off limited attempts by the DePaul attack.On a night when its opponent was the smaller team, the Orange capitalized on both sides of the ball to earn a dominant victory on senior night.“We were never threatened too much on either side of the ball,” Hilliard said, “It was just a great effort by both the offense and defense.” Comments Facebook Twitter Google+ Published on October 21, 2012 at 12:20 am Contact Jesse: [email protected] | @dougherty_jesselast_img read more

GPL: Live Score

first_imgSH : Hearts of Oak 1 – 2 Wa All Stars :FT : Tema Youth 2 – 0 DwarfsFT : AshGold 3 – 1 Amidaus Profs.FT : Heart of Lions 1 – 1 LibertyFT : Aduana Stars 0 – 0 KotokoFT : Arsenals 0 – 0 RTU FT : Medeama SC 1 – 0 Berekum Chelsea18:15 : Faisal ? – ? Edubiase FCFH- First HalfSH -Second HalfFT – Full Timelast_img

Advance voting starts next week for school bond proposal; people can vote by mail at this time

first_imgSumner Newscow report — USD 353 voters can vote in advance in the Security and Safety Bond Election. People are able to vote by mail up until June 20. Voters can also vote at the Sumner County Clerk’s office in person starting June 17 until June 23 at noon.The election is set for June 24. Polls will be open from 7 a.m. to 7 p.m. The voting location is as follows:Qualified voters of USD353 residing in city of Wellington, the townships of Wellington, Avon, Greene, Jackson, Harmon, Seventy-six, and London will vote at the Raymond Frye Complex at 320 N. Jefferson.Qualified voters of USD 353 residing in the city of Mayfield, the Township of Osborne, Sumner and Downs will vote at the Mayfield Grocery Store Annex at 101 N. Osborn Ave.Follow us on Twitter. Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new commentslast_img read more