Clinton and Trump’s Tax Policies: Fact Checking the Fact Checkers

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Are the fact checkers telling us the truth about the Presidential candidates’ statements regarding proposed tax policies?  Examining the details of the so-called fact checking sites making True or Pinocchio claims reveal the “True” and “Pinocchio” designations are themselves cloaked in rhetoric and word play. This layman’s term easy to read article reveals the truth behind our candidates’ tax policies and the fact checking scores reported by the media.

Tax policy is a hot 2016 election topic because of the economic strife plaguing American families for almost 20 years. Liberals typically propose higher taxes blaming the wealthy for the struggles of the poor. The liberal tax mantra claims higher taxes on the “billionaire class” will fund bigger government spending packages to help the poorer families gain education, health care, and other benefits that ultimately serve to bridge the income inequality gap. Conservatives typically propose lower taxes arguing that allowing people to keep more of their own hard earned money promotes market efficiency, shrinks the government influence over American citizens resulting in greater freedoms, and promotes individual savings and business investment that generates jobs, increases our nation’s gross domestic product, and strengthens the American economy.

trump-2Of course the liberals claim lower taxes are a tool for increasing the income inequality because the wealthy, keeping more if its hard earned money, become more wealthy and ultimately increases the inequality of wealth in America. Instead, making the billionaire class pay more leaves them with plenty while funding government programs making sure poorer families have food, housing, and opportunity for advancement through education. It is hard to argue the merit of such a plan if this were the case. However, conservatives argue that the liberal spending packages irresponsibly waste money by helping big business with side deals, giving billions to countries that hate America, and funding social programs that are abused resulting in the perpetuation of inner city problems instead of curing them. Can these views be reconciled?

 

Whitney’s Tax Files: Small Estate Affidavits

In this edition of Whitney’s Tax Files, Whitney explains how to use Small Estate Affidavits to bypass probate, saving you time and money.

Hi, I’m Whitney Sorrell with the Sorrell Law Firm in Scottsdale, Arizona, and you’re watching Whitney’s Tax Files. Today’s question comes from a client who’s asking whether they can avoid probate with the use of small estate affidavits.Continue reading

Whitney’s Tax Files: Taking title to real property.

Title to Real Property

What are the different methods, and what’s the difference between the different methods of taking title to real property?” “Should we take title as tenants in common, as joint tenants, or as community property with rights of survivorship?”Continue reading

What is a Living Will?

Whitney’s Tax Files is a video segment in which Whitney L. Sorrell, JD, CPA, MBA of Sorrell Law Firm, PLC answers commonly asked questions relating to Estate Planning, Tax, and Business Law. In this edition, Whitney explains the purpose of a Living Will.

“What is a living will?” A lot of confusion between a living will and a living trust. A living trust is a testamentary document that says, “Here’s who gets my assets when I’m dead, and here are the terms of them getting these assets.” A living will is very different.Continue reading

Are Handwritten Wills Enforceable? Princess Diana Thought So…

Princess Diana was one of the world’s most loved celebrities – and one of the richest.  Her tragic death in 1997 was world news. The majority of her estate, reportedly worth $40 million at the time of her death, was divided between Prince William and Prince Harry in her estate plan. However, she also prepared a handwritten will that directed her executors to give a number of personal effects to her godchildren. Those executors, her mother and her sister, went to court and had it ruled unenforceable.

However, she also prepared a handwritten will that directed her executors to give a number of personal effects to her godchildren. Those executors, her mother and her sister, went to court and had it ruled unenforceable.Continue reading