Friday, August 06, 2021

The Number Of People With IRAs Worth $5 Million Or More Has Tripled, Congress Says


Donald Trump did not appear to donate his salary from his last 6 months in office as promised, says report

ProPublica: The Number Of People With IRAs Worth $5 Million Or More Has Tripled, Congress Says

Following up on my previous posts (links below):  ProPublica, The Number of People With IRAs Worth $5 Million or More Has Tripled, Congress Says:

Pro PublicaThe number of multimillion-dollar individual retirement accounts has soared in the past decade, as more wealthy Americans use the tax-advantaged vehicles to shield fortunes from income taxes, according to new data released by Congress today.

The data reveals for the first time the staggering amount of money socked away in tax-free mega Roth accounts: more than $15 billion held by just 156 Americans.

Prior TaxProf Blog coverage:

David R. Agrawal (Kentucky) & Kenneth Tester (Kentucky), The Effect of Taxes on Where Superstars Work:

Prior studies show that taxes matter for the residential locations of high-income earners. But, states raise a significant share of income taxes from nonresidents, especially superstars. Using superstar athletes and variation in state tax rates, we provide causal evidence on the effect of the net-of-participation tax rate on the location of labor supply. 

 AI Carpenter Can Design Recreations Of Furniture From A Few Photos

When work weighs you down, take a ‘sad day’

THAT’S NOT EVEN A SLAP ON THE WRIST FOR A CCP SPYWARE COMPANY AND ITS AMERICAN ENABLERS: Zoom to pay $85M for lying about encryption and sending data to Facebook and Google

Big scandal coming up shortly re Newmarch House, Covid and Anglicare Sydney. Watch this space…

Australians could get COVID-19 vaccinations at drive through-sites like stadiums, shopping centres or schools, according to a new plan released by the federal government.

The Prime Minister announced Operation COVID Shield in June, and now some of the details about what it entails have been released.

Are You More Strategic than a Fifth Grader?

Sometimes when executives are too good at games like this, everyone else just stops playing with them. There’s an interesting story Jordan Peterson tells where sometimes mice play-wrestle and the stronger mouse has to let the weaker one win 30% of the time or the weaker one will stop playing. I bet something similar happens with humans and rationality.

Isabelle Brocas and Juan Carrillo have a new paper in the JPE testing when children develop strategic (k-level) reasoning. A clever game outlined below illustrates the basic idea. Players 1,2 and 3 are asked to make (simultaneous) choices to earn prizes (money for the adults and older kids, points for toys for the younger kids). The sophisticated, rational choice becomes successively more difficult as we from from player 3 to player 1. Player 3 is simply asked to match a shape. In the case shown, for example, player 3 earns the most by choosing the red square labelled C since it matches the shape of the blue square labelled A. Player 2 earns the most by choosing the color chosen by Player 3. Of course, Player 2 doesn’t know what color Player 3 will choose and so has to reason about Player 3’s actions. What color do you choose? Player 1 earns the most by choosing the same letter as Player 2 but now must reason about Player 2 which involves reasoning about how Player 2 will reason about Player 3. What letter do you choose?