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Income splitting is a tax policy of fictionally attributing earned and passive income of one spouse to the other spouse for the purposes of assessing personal income tax (i.e. "splitting" away the income of the greater earner, reducing his/her income for tax measurement purposes), thus reducing tax rates paid by the spouse who earns more and increasing rates paid by a spouse who earns less (or ...
Dividing debt during a divorce can be as challenging as separating assets, and it requires a clear understanding of state laws, the nature of the debt and each spouse’s financial situation.
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
Redistribution of income and wealth is the transfer of income and wealth (including physical property) from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law. [1]
But often overlooked is how complicated it becomes when couples are in the middle of a divorce. Paying off student loans is, of course, a huge problem. ... student loan debt can split or separate ...
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The American Association for Debt Resolution (AADR) believes Congress should evaluate changing the current law so that families struggling with debt are not hit with an unforeseen tax once they ...
When the tax revenues finance the entire public service such as the health care, it is described as wide hypothecation. Narrow hypothecation means that only a specific area such as nursery education is funded. The third level of splitting is based on the type of, and the reason for imposing, the tax that is hypothecated.