She s Inheriting Millions of Euros She Wants Her Wealth Taxed Away İnternal-Sub-Only - Hnwı HEAD TOPICS

She s Inheriting Millions of Euros She Wants Her Wealth Taxed Away

10/21/2022 2:37:00 PM

Marlene Engelhorn 30 heir to a fortune isn t interested in philanthropy believing it only perpetuates existing power dynamics She s calling for structural change to how the ultrarich are taxed

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New York Times World

By the time her extraordinarily wealthy grandmother died last month, Marlene Engelhorn already knew who she wanted to be the ultimate beneficiary of the enormous inheritance she would receive. “The dream scenario is I get taxed,” she said. Marlene Engelhorn 30 heir to a fortune isn t interested in philanthropy believing it only perpetuates existing power dynamics She s calling for structural change to how the ultrarich are taxed Give this articleCredit...5:00 a.m. ETFor more than a year, Ms. Engelhorn has been campaigning for tax policies that would redistribute her eight-figure windfall — and anyone else’s.“There’s no need for another foundation,” she said as she sat by a canal in Amsterdam and ate a loaf of bread she had brought in her backpack. “What’s really needed is structural change.” Mashid Mohadjerin for The New York Timesin 1997.At university in Vienna, Ms. Engelhorn’s perspective began to broaden.But to her, the news was more disconcerting than a cause for joy, spurring a tormented reckoning about her place in society.Preparing for the Millionaires for Humanity event in Amsterdam. The number of nations in the Organization for Economic Cooperation and Development that taxed net wealth dropped from 12 in 1990, to five in 2020. Read more:
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Give this article Give this article Give this article Marlene Engelhorn at a Millionaires for Humanity event in Amsterdam in late August, where activists were calling for wealth to be taxed. "I struggle a lot with the idea that my life has become unmanageably sized and not to sound too dark, but I struggle with the idea of not feeling like a person. Credit.  The IRS makes such adjustments annually, but this year's hot inflation means that many of the changes are more significant than in a typical year.. What we know so far about 'Midnights aside from the 3rd track, 'Anti-Hero' In case you missed it, our cryptic pop queen has been revealing track names for"Midnights" since Sept.. The higher provision thresholds could provide relief to some taxpayers who fall into lower tax brackets as a result, said Tim Steffen, director of tax planning with Baird, in an email. Mashid Mohadjerin for The New York Times By Oct. 21. For instance, Steffen noted that a married couple earning $200,000 in both 2022 and 2023 would save $900 in taxes next year because more of their income would be taxed at a lower rate. 21, 2022, 5:00 a.m. One video at a time, Swift draws one ball randomly and announces the track name in correlation to the number. ET AMSTERDAM — By the time her extraordinarily wealthy grandmother died last month, Marlene Engelhorn already knew who she wanted to be the ultimate beneficiary of the enormous inheritance coming her way: the tax man.  Standard deduction The standard deduction is used by people who don't itemize their taxes, and it reduces the amount of income you must pay taxes on. “The dream scenario is I get taxed,” said Ms.  For married couples filing jointly, the standard deduction will rise to $27,700, up from $25,900 in the current tax year. Engelhorn, the co-founder of a group called Tax Me Now. Ms.  For single taxpayers and married individuals filing separately, the standard deduction will rise to $13,850 in 2023 from $12,950 currently. Engelhorn, a 30-year-old who grew up in Vienna, is part of a growing movement of young, leftist millionaires who say they want governments to take a much larger share of their inherited wealth, arguing that these unearned fortunes should be democratically allocated by the state. For more than a year, Ms. Engelhorn has been campaigning for tax policies that would redistribute her eight-figure windfall — and anyone else’s. Heads of households will see their standard deduction in 2023 jump to $20,800 from $19,400 this year. Heads of households will see their standard deduction in 2023 jump to $20,800 from $19,400 this year. “I am the product of an unequal society,” Ms. Engelhorn said in a speech at a Millionaires for Humanity event in late August in Amsterdam, where activists were calling for wealth taxation. “Because otherwise, I couldn’t be born into multimillions.  "The flip side of this, though, is that it's going to be harder to itemize your deductions in 2023," Steffen said. Just born. Nothing else." Tax brackets The IRS is boosting tax brackets by about 7% for each type of tax filer, such as those filing separately or as married couples. ” Her family is no stranger to giving away huge sums. The top marginal rate, or the highest tax rate based on income, remains 37% for individual single taxpayers with incomes above $578,125 or for married couples with income higher than $693,750. Her grandparents poured a chunk of their fortune into supporting young scientists. Her great-uncle gave millions to an archaeology center. His cousin pledged nearly $140 million to classical music. Tax brackets show the percentage you'll pay in taxes on each portion of your income. But in Ms. A common misconception is that the highest rate is what you'll pay on all of your income, but that is incorrect. Engelhorn’s view, it shouldn’t be the wealthy who get to decide which personal interests and passions deserve their inherited millions. “There’s no need for another foundation,” she said as she sat by a canal in Amsterdam and ate a loaf of bread she had brought in her backpack. In 2023, she will take a standard deduction of $13,850, reducing her taxable income to $96,150. “What’s really needed is structural change.” Image “The dream scenario is I get taxed,” said Ms. Engelhorn, the co-founder of a group called Tax Me Now.  Flexible spending accounts Flexible spending accounts allow workers to put money, up to the limit allowed by the IRS, in an account that can be used to pay for medical expenses.  Flexible spending accounts Flexible spending accounts allow workers to put money, up to the limit allowed by the IRS, in an account that can be used to pay for medical expenses. Credit...  Because employees set their FSA limits in the fall, ahead of the new calendar year, people will be using this new IRS threshold to decide on their contributions within the next few weeks. Mashid Mohadjerin for The New York Times Philanthropy to her only replicates the same power dynamics that have created the systemic inequalities she wants to see dismantled, with new tax policies for the super rich an essential aspect of that vision. The Engelhorn family’s multibillion-dollar fortune originated with Friedrich Engelhorn, who about 150 years ago in Germany founded BASF, one of the world’s largest chemical companies. Capital gains tax brackets Capital gains — the profit from investments or other assets — are taxed using different brackets and rates than earned income. Another family company, Boehringer Mannheim, which produced pharmaceuticals and medical diagnostic equipment, was sold to Roche for $11 billion in 1997. Estate tax limit The estates of wealthy Americans will also get a bigger break in 2023. As a partial heir to that fortune, Ms. Engelhorn grew up in a mansion in a chic part of Vienna. She attended French-language schools, describing herself as the sort of student who was “correcting grammar mistakes when I heard them.06 million for people who died in 2022 — an increase of 7.” She played soccer with boys and read voraciously. Bigger gift exclusion People can also give up to $17,000 in gifts in 2023 without paying taxes on the money, up from $16,000 in the current year. She said she lacked any awareness of class privilege. When she saw friends living in small apartments, she wondered why they did not choose to live in a big house with a garden, which is “much nicer.” “Privilege really gives you a very, very narrow view of the world,” she said. At university in Vienna, Ms. Engelhorn’s perspective began to broaden.1%. She volunteered with gay-rights groups and grew interested in the interconnection of racial, gender and economic discrimination. In early 2020, as Ms. Engelhorn sat in a cafe in Switzerland, where she had gone to see her grandmother on her 93rd birthday, an accountant told her that upon her grandmother’s death, she would inherit many millions of euros. He told her to enjoy herself. “He said, ‘This is just to be spent,’” Ms. Engelhorn recalled. “Like, ‘Just go play.’” But to her, the news was more disconcerting than a cause for joy, spurring a tormented reckoning about her place in society. “I was part of the problem,” she said she remembered thinking. “I am very woke and all, but now: What do I do with all these pretty thoughts?” As she looked for advice, she entered the orbit of groups of pro-tax millionaires, whose members meet in person or on video calls to discuss their privileges — and how to get the state to strip them away. Image Preparing for the Millionaires for Humanity event in Amsterdam. The number of nations in the Organization for Economic Cooperation and Development that taxed net wealth dropped from 12 in 1990, to five in 2020. Credit... Mashid Mohadjerin for The New York Times Some of the members call the groups, which include Resource Generation and Patriotic Millionaires, a “safe space” where they can open up about what they call the “money story” — an honest account of the real origins of their social status. They acknowledge the crimes often at the heart of their family’s wealth and analyze the sexist and racist components that might have contributed to it. Perhaps most important, the members are expected to share how they are engaged in what they typically term “reparations” to society. Some of these groups emerged in the past 20 years or so, but recently their memberships have expanded, driven by what Ms. Engelhorn calls “next gens of wealth” who have a different approach than many of their parents. Instead of trying to give away part of their inheritance, they are now asking how it’s possible they inherited so much to begin with. Newspapers have mocked some of the language of these groups, calling it sententious and self-reverential, and Ms. Engelhorn complained that some scornful press ridiculed them as “rich kids clubs.” She credits the groups for helping her realize what could be done differently about wealth redistribution. If she hadn’t encountered them, she said, “I might have also just settled with the status quo. ” Which is easy to do, she noted, “when you can literally afford not to care.” Some experts outside the millionaire circle have also found the work of these groups helpful. “I’m really grateful for their voice,” said Amy Hanauer, the executive director at Institute on Taxation and Economic Policy, a think tank in Washington, who said that millionaires can be influential higher tax advocates. After joining several of these groups, Ms. Engelhorn last year co-founded another one for Central Europe, Tax Me Now, described on its website as “an initiative of wealthy people who are actively committed to tax justice. ” Its policy goal is to implement or to increase inheritance and wealth taxes (Austria, where Ms. Engelhorn lives, abolished its inheritance tax in 2008). The number of nations in the Organization for Economic Cooperation and Development that taxed net wealth .