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<ul><li><strong><a href="https://uhi.abdm.gov.in/">UHI </a>is a network that can enable interoperability in health services.</strong></li><li><strong>Through <keyword id="1766345" type="General" weightage="80" keywordseo="uhi" source="Orion">UHI</keyword> enabled applications, patients can discover, book, conduct and pay for services via an application of their choice.<br /></strong></li><li><strong>e-RUPI is a new fintech initiative for instant payment to healthcare service providers in the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana.</strong></li></ul>Just like <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> revolutionized payment transactions in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, Unified Health Interface or UHI will revolutionize digital health service delivery, said Dr R S <keyword id="445" type="General" weightage="80" keywordseo="sharma" source="Orion">Sharma</keyword>, CEO, <keyword id="7183605" type="General" weightage="50" keywordseo="national-health-authority" source="Orion">National Health Authority</keyword>, <keyword id="191419" type="General" weightage="50" keywordseo="ministry-of-health-and-family-welfare" source="Orion">Ministry of Health and Family Welfare</keyword> at IFTA 2022 held in Mumbai. <br /><br />A foundational layer of the Ayushman Bharat Digital Mission (ABDM) stack, <a href="https://uhi.abdm.gov.in/">UHI </a>is a network of open protocols that can enable interoperability in health services. Through UHI enabled applications, patients can discover, book, conduct and pay for services offered by a variety of participating providers via an app of their choice. <br /><br />“UHI facilitates the ease of doing business for health care service providers by granting them access to a large number of users, through the medium of a common platform. This paradigm shift in healthcare delivery also gives rise to a sea of opportunities for the emerging HealthTech ecosystem” said Dr Sharma. <br /><br />Some of the services that will be included in UHI are teleconsultation, lab booking and ambulance services. <br /><br />The healthcare system is also working on enabling payments via e-RUPI, as part of a fintech initiative for instant payment to healthcare service providers - under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, a government funded health insurance scheme. <br /><br />e-RUPI is a person and purpose specific digital instrument based on the architecture of UPI. It’s a one-time, cashless, contactless prepaid digital voucher which can be availed through an SMS or QR Code. It can be redeemed without a card, digital payments app, or internet banking access. <br /><br />“e-RUPI will have myriad use cases: to start with, health, nutrition, education and agriculture are just a few areas that are going to benefit from it. A number of states have already started using e-RUPI for various benefit delivery programmes in their states,” Dr Sharma added. <br /><br />It was launched by <keyword id="12394777" type="General" weightage="50" keywordseo="national-payments-corporation-of" source="Orion">National Payments Corporation of</keyword> India (NPCI) in August <a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1743056">2021</a>. <br /><br />Dr Sharma believes that it is time that we innovate new products in the fintech industry which could be combined with healthtech for an affordable, scalable and accessible digital healthcare ecosystem.<br /><br />IFTA 2022 is a fintech event hosted by <keyword id="8249528" type="General" weightage="50" keywordseo="india-fintech-forum" source="Orion">India FinTech Forum</keyword>, an advocacy group. More than 2,750 fintech companies and over 30,000 individuals are members of this forum. <br /><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/urban-company-grants-shares-worth-rs-5-2-cr-to-497-gig-workers/articleshow/95828715.cms">Urban Company grants shares worth Rs 5.2 cr to 497 gig workers</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/indonesia-relaunches-multiple-entry-visa-that-was-deactivated-during-the-pandemic/articleshow/95828509.cms">Indonesia relaunches multiple entry visa that was deactivated during the pandemic</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/tips-to-make-whatsapp-more-private-and-secure/articleshow/95825054.cms">Tips to make Whatsapp more private and secure</a><br /><br />

‘United Health Interface will do to service delivery what UPI did to payments’

Guwahati (Assam) [India], November 28 (ANI): To attain a better understanding of <keyword id="2966017" type="General" weightage="20" keywordseo="forest-ecology" source="Orion">forest ecology</keyword> in the urban landscape, Aaranyak organised an event titled Nature's Wonderland - A journey of curiosity, supported by Wipro Foundation and LEA Associates South Asia Pvt. Ltd. (LASA), focusing on forest biodiversity at the RReserve Forest, Kamrup District.<br /><br />Ten students of Rani High School participated in the journey accompanied by their faculty, Prarthana Mudoi and Kakali Buragohain organised on Sunday.<br /><br />"Deforestation, the urban heat island (UHI) effect, freshwater scarcity, pollution, flash floods and climate change are the pertinent issues clouding the metropolis," Aaranyak stated in a press statement.<br /><br />With cities becoming the locus of economy, trade, and logistics, landscapes around the world are changing due to rapid urbanisation.<br /><br />Cities are swelling with population influx in search of education, employment, lifestyle, and health care at the cost of natural resources like land, air, forests, rivers, streams, wetlands, croplands, etc.<br /><br />Aaranyaks Biologist, Jigyas Boruah briefed the participants about the art and science of birdwatching, and the use and adjustment of binoculars to take pleasure in birdwatching. Baruah described the ecology and habitat characteristics of the birds, Scarlet Minivet (Pericrocotus speciosus), Bronzed Drongo (Dicrurus aeneus), Black-hooded Oriole (Oriolus xanthornus), White-throated Kingfisher (Halcyon smyrnensis), Black-crested Bulbul (Rubigula flaviventris), spotted by the students while trailing in the Reserve Forest.<br /><br />Amid the environmental challenges, Guwahati, the bowl-shaped city dotted by green-covered hills, is thriving due to the presence of forest in the city as well as in the periphery of the city.<br /><br />"These forests provide multiple environmental services like heat mitigation, air and noise pollution reduction, groundwater recharge as well as other nature-based solutions, and socio-economic and psychological benefits," Aaranyak further said.<br /><br />Aaranyaks environmentalist Tanvi Hussain gave the participants an insight into the satellite-based navigation device, GPS and the process of trilateration for determining the geo-location of a place widely used in all modern gadgets.<br /><br />The nature enthusiasts relieved their uphill climb tiredness meditating to the trickling music of the Kopili stream.<br /><br />While Aaranyaks Wasima Begum carried out a biodiversity understanding and story-telling session Leaves Museum by the fallen leaves collected by the students on the trail.<br /><br />A group of students arranged the collected leaves as a flower to outline the variety and variability of flora and fauna. Another group arranged the leaves to depict Lord Ganesha to outline the shrinking of wild habitats emphasizing Human-Elephant coexistence.<br /><br />The activity threw light on the enthusiasm and awareness of the <keyword id="4550079" type="General" weightage="20" keywordseo="GenZ" source="Orion">GenZ</keyword> on environmental issues and biodiversity conservation.<br /><br />The coordination and conduction of the journey were shouldered by Aaranyaks Pranab Goswami and Wasima Begum facilitated by Bijay Kalita and Bikash Goyari. (ANI)<br /><br />

GenZ expresses their concern over shrinking wildlife habitat

<ul class="summary-list"><li>Russia is using inflatable tanks as decoys in Ukraine. </li><li>An expert told Insider that they can be effective, but not in the way Russia uses them.</li></ul><p><a target="_blank" href="https://www.businessinsider.com/ukrainian-drone-video-captures-field-full-of-inflatable-russian-tanks-2023-9?r=US&amp;IR=T">A video taken by a Ukrainian drone</a> near the front lines at first seemed to show a fearsome sight: a cluster of Russian T-72 tanks.</p><p>However — the imagery becomes a lot less intimidating once you realize that they are inflatable decoys and not real war machines.</p><p>It was an example of Russia messing up its tactics, according to a military expert who spoke to Insider.</p><p>Hamish de Bretton Gordon, a military commentator and retired British Army colonel, said it was a mistake to deploy the decoys so openly.</p><p>While the video shows some decoys hidden by trees, one is fully in the open and much easier to spot as a fake.</p> <p>"In effect, they're completely wasting their time," de Bretton Gordon said, adding that decoys shouldn't "just be left out in the open like that."</p><p>Decoys — whether they're inflatable, <a target="_blank" rel="" href="https://www.businessinsider.com/ukraine-using-fake-wooden-rocket-launchers-russia-waste-missiles-report-2022-8"><u>wooden knockoffs</u></a>, or <a target="_blank" rel="" href="https://www.businessinsider.com/ukraine-making-decoy-radars-using-old-russia-oil-barrels-ft-2023-9"><u>high-quality lookalikes</u></a> — can be highly effective on the battlefield, de Bretton Gordon continued.</p><p>They are mostly used to trick enemy forces into wasting ammo and potentially giving away their position. They are also a lot cheaper than real tanks and can be transported quickly, he said.</p><p>Dummy tanks have been used for almost as long as the real thing, and were pictured in use as long ago as World War I, like in this photo:</p><div type="image" title="WW1 dummy tank decoy" height="2184" width="3568" msid="103992818" hostid="261" sizebytes="335334"></div><p>But as technology has advanced, armies have had to become a lot smarter in how they are used, de Bretton Gordon said.</p><p>This is because new technology on the battlefield — <a target="_blank" href="https://www.businessinsider.com/how-russia-improved-invaded-ukraine-last-year-trenches-drones-war-2023-9?r=US&amp;IR=T">like drones with powerful cameras and thermal imagery</a> — has made it a lot easier to sniff out decoys, he added.</p><p>"Deception is a key part of the war, but it has to be thought through and credible," he added. "But the Russian deception with these blow-up tanks is not credible."</p><p>Gordon said Russia would need much more convincing decoys that do more than just look like a tank in still images.</p><p>"It needs to be able to move, it needs to have steel on it, it needs to emit something and give off heat or whatever, because the type of surveillance assets we have now are of such sophistication that the fakes will be spotted quickly," he said.</p><p>Russia is not the only side in the war using decoys.</p><p>Last year, Ukraine <a target="_blank" rel="noopener nofollow" href="https://www.washingtonpost.com/world/2022/08/30/ukraine-russia-himars-decoy-artillery/"><u>employed</u></a> decoy versions of its treasured HIMARS artillery units which baited Russian forces into wasting valuable cruise missiles, <a target="_blank" href="https://www.businessinsider.com/ukrainian-drone-video-captures-field-full-of-inflatable-russian-tanks-2023-9?r=US&amp;IR=T">Insider's Chris Panella previously reported.</a></p><p>A Ukrainian soldier also described to Insider how he tricked Russia into <a target="_blank" href="https://www.businessinsider.com/russia-lancet-drone-strike-tank-only-hit-wooden-decoy-ukraine-2023-6?r=US&amp;IR=T">wasting a drone on a fake tank he built from empty boxes</a>.</p><p>Anton Gerashchenko, an advisor to the Ukrainian government, told <a target="_blank" href="https://www.economist.com/europe/2023/04/17/how-ukraine-is-using-fake-tanks-and-guns-to-confuse-the-russians">The Economist earlier this year</a>: "You have to understand that this a war of innovation."</p><p>"The drones and satellites are more sophisticated and can see in greater detail. It's harder to fool the enemy who have cameras and live video. But high-quality decoys can work very well," he added.</p>

Russia's inflatable decoy tanks are 'not credible' and need to be way better to trick Ukraine, expert says

<keyword id="10591" type="General" weightage="100" keywordseo="samsung" source="Orion">Samsung</keyword> on Thursday invited local startups to collaborate on technologies around the 'Digital <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>' stack, including unified payments interface (<keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword>), Digilocker, Open Network for Digital Commerce (ONDC), Open Credit Enablement Network (OCEN) and Unified Health Interface (UHI), among others.<br /><br />The company said that its R&amp;D centres and business units in the country will work closely with these startups to co-build solutions for a specific product or service, that has the potential to be integrated with the company's product ecosystem.<br /><br />"We wish to collaborate with startups who have cutting-edge technologies in this space, which, when integrated with the Samsung ecosystem, can transform the lives of people, our consumers," said Dipesh Shah, Managing Director, Samsung R&amp;D Institute Bangalore.<br /><br />Samsung said it will also explore funding support to some of these startups to help them further scale their solutions.<br /><br />The company last week held a 'Startup Collab' event at the Samsung Opera House in Bengaluru where around 25 startups came together and interacted with Samsung leadership from its R&amp;D centres in Bengaluru and Noida, and its corporate headquarters in Gurugram.<br /><br />"Co-prosperity is one of our core values and we hope to play our part in enhancing the innovation ecosystem in the country, thereby powering 'Digital India,'" said Dr Balvinder Singh, Head, Open Innovation Group, Samsung R&amp;D Institute Bangalore.<br /><br />Samsung's engineers will also provide these startups with technical mentorship as well as guidance in protecting their intellectual property.<br /><br />A successful startup currently powers Samsung's local India app-store where consumers can discover and access their favourite mobile applications in 12 Indian languages.<br /><br />Another startup has powered 'Lock Screen Stories' on Samsung Galaxy smartphones. This feature has close to 30 million daily active users, said the company.<br /><br /><b>SEE ALSO:</b><br /><br /> <b><a href="https://www.businessinsider.in/tech/news/dysons-futuristic-air-purifying-noise-canceling-headphones-are-ready-to-hit-the-market-from-january-2023/articleshow/96081759.cms">Dyson’s futuristic air-purifying, noise-canceling headphones are ready to hit the market from January 2023</a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/news/what-is-chatgpt-and-how-does-it-work/articleshow/95994901.cms">ChatGPT is a new AI chatbot that can find mistakes in your code or write a story for you</a></b>

Samsung invites Indian startups to build tech around UPI, ONDC and more

<p class="headline-regular financial-disclaimer">Our experts answer readers' investing questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology" class="not-content-link" target="_blank">here's how we assess investing products</a>). Paid non-client promotion: In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>. Our opinions are always our own.</p><ul class="summary-list"><li>Gifting stock can be more valuable than cash and a way to pass down wealth or give to charities.</li><li>Stock gifts valued at less than $18,000 remove tax liability from the gifter.</li></ul><p>What's a better gift to give your loved ones this holiday season than the chance to build wealth? Although some people prefer to get cash for the holidays, you can do them one better by gifting <a href="https://www.businessinsider.com/personal-finance/what-is-stock">stock</a>. </p><p>Compared to tangible gifts that can wear and tear, stocks can be more beneficial over the long term since they can appreciate in value over time. Plus, by giving stock as a gift to your friends or family, you may even be able to gift yourself a tax break. If you're looking to give back a little more this holiday season, you can even gift stock to charities. </p><p>You can gift stocks through some of the <a href="https://www.businessinsider.com/personal-finance/best-stock-trading-apps">best stock trading apps</a>. These apps have low fees, human advisor access, and much more. </p><p>But keep in mind that there's no guarantee that the stock you gift will increase in value. Also, recipients may be subject to a robust gift tax, which may put a damper on your generous sentiment. </p><p>Here are four ways to gift stock in 2023. </p><h2><strong>4 ways to gift stock in 2023</strong></h2><p>Stock, of course, isn't a physical gift that you can buy at the store and wrap in a bow. When you gift a stock, you're delivering shares to another individual (or institution) who has a <a href="https://www.businessinsider.com/personal-finance/what-is-a-brokerage-account">brokerage account</a>. And senders don't have to sell the shares before transferring the stock to the recipient — doing so would leave you with a tax bill.</p><h3><strong>1. Gifting stock to friends and family</strong></h3><p>One of the most common ways to gift stock is by transferring it from one brokerage account to another. To get started, you'll need to contact your investment custodian, and you can expect to complete custodian-mandated paperwork before gifting the shares of stock, according to Brian Fry, founder and CFP at <a href="https://safelandingfinancial.com/" target="_blank" rel="noopener">Safe Landing Financial</a>.</p><p>For instance, if you're a current <a href="https://www.businessinsider.com/personal-finance/fidelity-investments-review">Fidelity</a> account holder and want to gift stock to another Fidelity user, you'll need to provide a letter that contains instructions on who you're gifting to, as well as a description of the securities you're gifting. Some of the information the brokerage asks for includes the recipient's name, Social Security number, and Fidelity account number.</p><p>If you choose to transfer stock directly, the recipient can receive the full share value (or fractional share dollar amount if your brokerage allows it). However, the stock transfer process may vary for different brokerages or investment platforms.</p><p>Gifting stock you've purchased through investing apps may be possible, but could cost additional fees. For example, with <a href="https://www.businessinsider.com/personal-finance/robinhood-investing-review">Robinhood</a>, you can transfer assets out of the app and into other brokerages, but there is a $100 fee on all partial or full transfers.</p><h3>2. Gifting stock to kids</h3><p>Children and minors are also eligible to receive stock as a gift through a custodial brokerage account like a <a href="https://www.businessinsider.com/personal-finance/what-is-utma-ugma-custodial-account">UTMA or UGMA</a>. The gifting process is the same as when you transfer stock or another security between brokerage accounts.</p><p>You also have the option to buy stock directly within a custodial account, even if you're not the parent or guardian of the reception. Grandparents, aunts, uncles, cousins, and even family friends can open and contribute through some of the <a href="https://www.businessinsider.com/personal-finance/best-custodial-accounts">best custodial accounts</a> as long as the beneficiary is a minor.</p><p>But be careful how much contribute to a <a href="https://www.businessinsider.com/personal-finance/what-is-a-custodial-account">custodial account</a>, or you may lose out on tax benefits. Under the kiddie tax rule for 2023, the first $1,250 of a child's unearned income is tax-free. The following $1,250 of unearned income is taxed at the lower child tax rate. After that, all contributions are taxed at the parent's tax rate. </p><h3>3. Gifting stock to charities</h3><p>You can gift stock to other individuals, but you can also gift it to charities. The process for gifting stock to charity is similar to that of gifting stock to other individuals, but the tax implications differ.</p><p>To initiate the transfer, you'll generally need to include things like the charity's name, its account information, and the stock(s) you're transferring — but you can contact your brokerage if you're not sure where to begin.</p><p>"You want to be giving your lowest basis shares to charity since charity does not pay tax, and those shares are the least valuable to you because they have the highest percentage of capital gains," explains Nicole Webb, CFP and senior vice president at <a href="https://www.wealthenhancement.com/s/" target="_blank" rel="noopener">Wealth Enhancement Group</a>.</p><p>Since capital gains are taxable, she adds, you certainly want to look for your lowest basis shares and be very specific with which shares you're transferring to charity. If you sell your stock(s) before donating to charity, you'll have to account for short- or long-term <a href="https://www.businessinsider.com/personal-finance/capital-gains-tax-rates">capital gains taxes</a>.</p><p>And in such situations, your tax rate can be higher if you hold the stock for less than one year. Tax rates are generally lower for assets you hold for one year or more. But if you transfer the stock directly to the charity of your choice, you won't have to worry about paying capital gains taxes. </p><p><strong>Quick tip:</strong> Another option is to gift stock to charity by setting up a <a href="https://www.businessinsider.com/personal-finance/donor-advised-funds">donor-advised fund</a> and contributing low-cost basis shares. This can help stack your deductions, according to Webb. </p><p>"You can make one larger gift to that donor-advised fund and receive a larger deduction in specific tax years if you're eligible, and then give to charity in the following years out of that account," she explains.</p><p>Plus, you'll have to account for IRS deductibility limits when making charitable contributions. For tax year 2023, the annual income <a href="https://www.businessinsider.com/personal-finance/tax-deductible-donations">tax deduction</a> limit for non-cash assets that have been appreciated is between 20% to 50% of your adjusted gross income (AGI). </p><h3>4. Gifting stock through a service or gift cards</h3><p>Alternatively, you could look into gifting stock or cryptocurrencies with gift cards through companies like <a href="https://www.stockpile.com/" target="_blank" rel="noopener">Stockpile</a>. They're "... almost like a transfer of an amount of cash, then [the recipient] chooses where it goes," Owens explains.</p><p>You could also purchase single shares of a company's stock through services like <a href="http://www.giveashare.com/" target="_blank" rel="noopener">GiveAShare</a>, and <a href="https://uniquestockgift.com/" target="_blank" rel="noopener">UniqueStockGift.com</a>. These options even come with a certificate.</p><h2>Who's eligible to gift stocks?</h2><p>Everybody is eligible to gift stock, but the real question is about who will be receiving the stock, explains Webb.</p><p>"The thing to keep in mind is that the recipient of that stock if you're giving it while you're alive, receives your cost basis for that stock," says Webb.</p><p>The cost basis represents the price — as well as any trading fees or other associated expenses — you originally paid for the stock you're gifting. When you transfer stock to someone else, that person assumes the cost basis, and thus the tax liability, for the stock you've given them. In other words, gifting stock to individuals isn't a taxable event as long you remain within the allowance threshold.</p><p>The rules are slightly different for charities. The cost basis doesn't matter when it comes to gifting to charities since charities don't pay taxes, according to Webb. "So if they want to sell the stock, which most charities would, you don't have to worry about any tax consequences for charity," she explains. </p><h2><strong>Benefits of gifting stocks </strong></h2><p>Stock gifting is often done within families, especially from parents to children, says Dondrea Owens, CPA and founder of <a href="https://www.thecreativescfo.com/" target="_blank" rel="noopener">The Creative's CFO</a>.</p><p>"A lot of parents and grandparents don't necessarily want to buy toys or just give kids money, but they will give them stock because it's a way for them to start building wealth at a very early age," Owens explains. With the added value of time, gifting stock to kids and young adults could maximize the potential return. For some, it may even be a valuable tool used to educate loved ones about money and investing.</p><p>As the gifter, you can enjoy zero capital gains tax on the appreciated value of the investment. In 2023, you can gift up to $17,000 per person (up to $18,000 per person in 2024). The current lifetime limit for gifted stock as of 2023 is $12.92 million.</p><h3>Benefits of gifting stock to charity</h3><p>A warm, fuzzy feeling in your chest isn't the only benefit to gifting stock to charity as you may also be able to receive a charitable deduction for the total value of gifted stock. </p><p>"If I paid $1,000 for this stock and now it's worth $25,000, I will still get a charitable deduction for $25,000," explains Dennis LaPorte, owner at <a href="https://uhy-us.com/" target="_blank" rel="noopener">UHY Advisors MI, Inc.</a></p><p>Moreover, you gift as much as you like to your charity of choice. "There's no maximum amount you're allowed to gift to charity in a year," says Webb.</p><p>This way, you'll also be able to give more to the organization than you would by selling the stock, paying tax on the appreciation, and then gifting whatever is left.</p><h2><strong>Tax implications of gifting stocks</strong></h2><p>When gifting stock, there will be tax implications for both the giver and the receiver. Luckily, it may be possible for both parties to come out on top. In general, when you sell an asset for more than the price you paid for it (or, your cost basis), you're subject to a tax on the capital gains. The rate is determined both by how long you hold the asset and your taxable income</p><p>However, once the gifter transfers ownership of the stock, they no longer have to worry about capital gains taxes. "When you decide to gift it, there's really nothing to be taxed," says Owens. </p><p>Still, transferring stock from one person to another won't take capital gains tax out of the equation completely. Someone will have to pay it eventually, or at the very least report the gain. </p><p>An important thing to remember with regards to capital gains taxes when you're giving a stock you own as a gift is to let the recipient know what you originally paid for it, LaPorte notes.</p><p>The value of your stock gift is also a major caveat. The IRS allows you to give away $17,000 tax-free per year, per person in 2023, and the limit increases to $18,000 in 2024. The same holds true for stocks, if you're gifting more than the gift allowance per year, as the donor, you will need to file a gift tax return and may be subject to a gift tax.</p><p>Ultimately, every situation is different, and it's best to consult with a professional about your potential tax liability before making any decisions.</p><h3>Tax implications of gifting stock to charity</h3><p>With charitable giving, you can deduct the complete fair market value (or current market value of the stock you're gifting) of the security you're donating.</p><p>For instance, if you originally invested $10,000 into a certain stock (and held it for more than one year), and the fair market value at the time of your donation was $40,000, you could both avoid long-term capital gains taxes and make a $40,000 charitable deduction (as long as you don't surpass IRS deduction limits). </p><p><strong>Quick Tip: </strong>Holding assets for longer than a year ensures you'll be taxed at a long-term capital gains rate, which could be as low as 10% depending on your taxable income and filing status. Short-term capital gains are taxed like ordinary income, potentially up to 37%. </p><h2>What other investment types can you gift?</h2><p>You can gift most types of investments like bonds, mutual funds, commodities, or <a href="https://www.businessinsider.com/personal-finance/what-is-cryptocurrency">cryptocurrencies</a> as long as the amount falls within the annual limit. In 2023, the limit for individuals is $17,000 and $34,000 for couples. In 2024, the limit is $18,000 for individuals and $36,000 for couples. And according to Webb, the gift allowance applies to the fair market value, not the original cost basis. </p><p>Whether you're gifting traditional assets like <a href="https://www.businessinsider.com/personal-finance/how-to-invest-in-mutual-funds">mutual funds</a> or stocks, or offering things like jewelry, precious metals, or other alternative assets, you need to remain mindful of the fair market value of the assets you're transferring, Webb explains.</p><h2>Alternatives to gifting stock</h2><p>There are multiple methods you can utilize if you want a longer-term approach to gifting stock. These include setting up a custodial account or trust account.</p><h3>Custodial accounts</h3><p>With the custodial option, you can open an investment account for a minor (typically someone under age 18 or 21, depending on the state), and that minor will assume complete control over the account once they reach their state's age of majority.</p><p>For instance, Charles Schwab offers custodial accounts that let you gift Schwab <a href="https://www.businessinsider.com/personal-finance/stock-slices">Stock Slices</a> (or fractional shares) to minors. These are portions of stocks or ETFs often at a lower price. </p><p>Popular custodial account options include Uniform Gift to Minor Act (UGMA) accounts and Uniform Transfers to Minors Act (UTMA) accounts. Although these accounts operate similarly, the kind of assets they hold varies. For example, UGMAs are limited to liquid assets like cash and stocks, whereas UTMAs can hold alternative investments like real estate or collectibles. </p><p>Some other gifts to help advance others' financial future may include funding <a href="https://www.businessinsider.com/personal-finance/what-is-a-529-plan">529 plans</a> for college or Roth IRAs for children or adult children with income, according to Fry.</p><h3>Trust accounts</h3><p>Trust accounts function like custodial accounts, but they offer more wiggle room when it comes to transferring account ownership. In addition, they allow you, the owner, to provide specific instructions for how you want the assets distributed.</p><p>Trust accounts are managed by trustees on behalf of a third party and typically can hold assets like stocks, cash, bonds, real estate, and much more. However, there's a lot more leg work needed to set up a trust account compared to a custodial account. </p><h2>Gifting stock — Frequently asked questions (FAQs)</h2><h3 class="faq-question">What is a gift stock?</h3><p class="faq-answer">A gift stock is a stock transferred from one individual to someone else. Once the asset makes its way into the giftee's account, a gift stock acts like any old stock. Gifted stocks can only be transferred using a brokerage account or certain estate planning strategies. </p><h3 class="faq-question">Do you have to pay taxes on gifted stocks?</h3><p class="faq-answer">The individual gifting stock can gift up to $17,000 per person in 2023 without paying gift tax (up to $18,000 per person in 2024). Receivers of gift stocks may have to pay capital gains tax when they sell the gifted stock.</p><h3 class="faq-question">Is it better to gift stock or cash?</h3><p class="faq-answer">When comparing stock versus cash, the stock is the better gift since it has the potential to rise in value over time. However, if the giftee wants to purchase something immediately with the gifted amount, then cash is preferred. </p><h3 class="faq-question">What is the difference between gifted stock and inherited stock?</h3><p class="faq-answer">Gifted stock and inherited stock are received in different manners, but once the assets are in your account, they act the same. Anyone can receive a gifted stock from a family member, friend, or colleague. Inherited stock, on the other hand, is given to recipients through an inheritance after the original owner of the stock passes away. Also, inherited stock provides more tax advantages than gifted stock since inherited stock is considered long-term property. The base cost of the stock becomes the market value the asset had at the time of the original holder's death. </p><h2>Is it worth gifting stock in 2023?</h2><p>Gifting stock can be a great way to educate children about money and investing, defer capital gains taxes, and make charitable donations. Though there are plenty of avenues for stock gifting, most commonly it's done by transferring shares from one brokerage account to another or creating a custodial account and funding it for children and minors. </p><p>But children aren't the only ones that can benefit from being gifted a stock. Anyone with a brokerage account can be gifted a stock this holiday season. </p><p>If you're giving stock, it's helpful to gather any upfront documentation, such as the cost basis of the shares, and provide that to the recipient for their future use. As the receiver, "Keep really accurate documentation of what you received and what its valuation is at any point in time," Owens explains. </p><p>A big advantage for the gifter is that it allows you to transfer any capital gains taxes to the recipient if the shares' fair market value is greater than the original cost basis. And if you're donating stock to charity, you'll generally be able to deduct the full fair market value of the security you're donating.</p><p>Consulting with a tax professional can help strategize the timing of your gift and determine any tax liabilities you may have.</p>

Give the gift of stocks in 2023 — here are 4 ways to gift stock to friends, family, and charities

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.gettyimages.co.uk/detail/news-photo/vehicles-negotiate-the-old-street-roundabout-in-shoreditch-news-photo/110118546">Oli Scarff/Getty Images</a></span></p><p class="caption">Old Street's "Silicon Roundabout."</p></div><p></p></div></div>Fewer entrepreneurs are founding startups around London's so-called Silicon Roundabout area, according to figures obtained under the Freedom of Information Act.</p><p>Silicon Roundabout, the name used to describe a part of East London that is often considered a hotbed for tech startup activity, saw new business openings fall by 70% last year, <a href="http://www.uhy-uk.com/news-events/news/silicon-roundabout-sees-70-fall-in-number-of-new-start-ups-as-rising-rents-force-firms-to-look-elsewhere/" target="_blank">according to accountancy firm UHY Hacker Young</a>, which obtained the figures from HMRC.</p><p>The number of companies set up in the area - based around the Old Street gyratory system - was just 3,070 in 2016, down from 10,280 in 2015, and 15,620 in 2014. It's worth noting that the figures include startups spanning all industries, not just tech.</p><p>Surging rents in the increasingly gentrified Silicon Roundabout area are thought to have contributed to the decline in startup activity, with new businesses now looking at cheaper postcodes.</p><p>For example, City Road, situated immediately north of Old Street roundabout, saw a 75% increase in the number of new businesses founded last year, jumping from 8,400 in 2015 to 14,710 in 2016, according to UHY Hacker Young.</p><p>Leicester Square - situated in central London - saw a 142% increase in startup creation in 2016, possibly fuelled by the presence of nearby Google.</p><p>Colin Jones, partner at accountancy firm UHY Hacker Young, said in a statement: "Silicon Roundabout has fallen off the top spot in terms of new business creation, it is a victim of its own success. The Silicon Roundabout area gained popularity with internet companies originally due to its historically low rents. Now that rents have soared, the area has lost its competitive advantage."</p><p>It's not just startups that are neglecting Silicon Roundabout. Silicon Valley firms like Google, Facebook, and Apple have chosen to set up their <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> headquarters in other parts of London.</p><p>Former Prime Minister David Cameron endorsed Silicon Roundabout in 2010 when he created a new government quango called the Tech City Investment Organisation (TCIO), since renamed to Tech City UK, to support and promote tech companies in the neighbourhood. The organisation's remit has also been expanded to support tech hubs across the UK.</p><p id="ext-gen136">Gerard Grech, CEO of Tech City UK, dismissed UHY Hacker Young's report, saying it's only a good thing that tech is spreading out across London and the rest of the UK.</p><p>"Anybody trying to build a negative argument about the relative performance of a single postcode in East London is seriously missing the point and in danger of talking down one of this country's great global strengths," he said in a statement.</p><p>"Outside of Silicon Valley, the UK - and London in particular - plays host to one of the biggest tech scenes on the planet. We continue to dominate tech innovation in Europe, streets ahead of Berlin, Paris and Stockholm and for good reason. Tech City UK has been, is, and will continue to play a lead role in that growth."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/tesla-avoids-accident-before-happens-2016-12">Watch a Tesla predict an accident and react before it even happens</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lvb2VtODE6Rjp5vmlKg7MFo4S7q2nmO7" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Startups are shunning London's 'Silicon Roundabout' in favour of new tech hubs

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Camden Town Brewery</span></p><p class="caption">Camden Town Brewery was recently bought by AB InBev.</p></div><p></p></div></div>Craft beer might be expensive but that's also driving its status as a luxury good.</p><p>According to <a href="http://www.uhy-uk.com/news-events/news/number-of-new-breweries-in-london-jumps-by-24-in-just-a-year/">a report by accountancy firm UHY Hacker Young</a>, the perception of craft beer as an "aspirational" item has boosted its demand.</p><p>This has seen the number of new breweries in London jump 24% from last year to 36.</p><p><span>'Craft' beer is defined as beer produced in 'microbreweries,' which are small scale, independently owned breweries that sprung up in Britain in the 1970s. </span></p><p><span>They have had a resurgence in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> and US over the last decade, placing an emphasis on taste and quality over profit. But s</span><span>ome microbreweries have been so successful they've been bought by bigger companies.</span></p><p><span>The highly popular Camden Town Brewery was purchased by Belgium beverage conglomerate AB InBev for a rumoured £85 million ($121 million).</span></p><p><span> </span>James Simmonds, of UHY Hacker Young, said that craft beer had cemented its popularity beyond "hipster areas of Shoreditch and Hackney:</p><p style="padding-left: 30px;">"It's not surprising that London has such a large amount of new microbreweries, with the high numbers of young professionals working within the City. Because craft beer is viewed as a luxury good, customers are prepared to pay a higher price in comparison to other more commercially branded beers. [Microbreweries] have become household names and this in turn has only spurred more entrepreneurs to try their hand at brewing."</p><p>Elsewhere in England, the number of new breweries opening actually decreased. 249 opened compared to 278 in 2014, down 10%. However Wales saw a jump of 35% to 17 new breweries.</p><p>Anyone thinking of starting their own microbrewery may be encouraged to know about the <span> government's <a href="https://www.gov.uk/government/publications/excise-notice-226-beer-duty/excise-notice-226-beer-duty--2">Small Breweries Relief Scheme</a>, which provides tax relief for brewers that produce fewer than 10.6 million pints of beer a year.</span></p><p><span>However a license to make anything stronger is required, as the penalty for 'illegally made spirits' ("moonshine") is £1,000 ($1,443) and a confiscation of equipment. </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/2-in-1-shampoo-conditioner-combination-science-2016-3">Why 2-in-1 shampoo and conditioner products don't work </a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="91YjV0MTE6Q-UUNd4hePsmmU5pUlzcwC" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Craft beer popularity is soaring in London - because it's more expensive

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p>The Red Sox ugly season just got uglier as one of their big offseason free agency acquisitions, third baseman Pablo Sandoval, has been benched for one game after admitting he used Instagram during a game in which he was participating,&#xa0;<a href="https://twitter.com/IanMBrowne">according to Ian Browne of MLB.com</a>.</p><p>The issue arose during the Red Sox' 5-2 loss on Wednesday night when Jared Carrabis of Barstool Sports, a popular Boston-centric blog, noticed that Sandoval had favorited two photos on Instagram.</p><div><div></div></div><p class="embed-spacer"></p><p><a href="http://www.boston.com/sports/baseball/redsox/2015/06/18/was-pablo-sandoval-instagram-during-wednesday-red-sox-game/kjgeTVKMq73NgoHsxW9jBM/story.html">Producers for the "Dennis and Callahan Show" on WEEI in Boston</a> determined that the activity occurred while the Red Sox were batting in the 7th inning. Sandoval was due up sixth that inning.</p><p>Sandoval met with the media on Thursday and confirmed that he was the one using the account, saying he went to the bathroom and grabbed his phone on the way.</p><div><div></div></div><p class="embed-spacer"></p><p>The Red Sox, a popular pick to win their division and contend for a World Series title, have struggled this season and are currently in last place in the AL East, 9.0 games behind the Yankees.</p><p>Sandoval, a fan favorite with the San Francisco Giants, signed a five-year, $95 million free agent contract with the Red Sox this past winter.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/lebron-james-low-carb-diet-science-lose-weight-2015-6">This is why LeBron James is in such good shape</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9ibDJ5cDq0IPDTBhci_Ooi-DCo_ebixF" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Red Sox player Pablo Sandoval got benched for liking pictures on Instagram during a game he was playing in

<p>Summer in the city can be brutal, but just how bad it gets depends on the city itself. Most cities are hotter than their surroundings, but some are more susceptible to this "heat island" effect than others. <a href="http://dx.doi.org/10.1038/nature13462">A new study</a>, released July 9 in the journal Nature, has pinpointed why - and which cities are the most at risk.</p>
<p>For example, New Orleans is about 10 degrees F hotter than its surroundings, but in Los Angeles this difference is less than 6 degrees F. It turns out, this effect is worsened in wet areas because of the different kinds of plants that live around those cities, according to the study.</p>
<p><a href="http://dx.doi.org/10.1038/nature13462">Half of the world's population</a> lives in urban areas. Unfortunately, these cities are causing "one of the most significant human-induced changes to Earth's surface climate," the Urban Heat Island (UHI) effect, according to the study.</p>
<p>Below you can see what a heat island looks like for a generic city:</p>
<p><div class="KonaFilter image-container display-table full"><div><div class="image"><p class="source"><span><a href="http://www.epa.gov/heatislands/resources/pdf/HIRIbrochure.pdf">EPA.gov</a></span></p></div><p></p></div></div>The study looked at the annual mean average temperature of 65 locations from 2003 to 2012 for both the city and the surrounding rural area at 1:30 p.m. and 1:30 a.m. local time.</p>
<p>Their findings showed that how much and what kind of vegetation was present in the rural areas - which is greatly influenced by precipitation rates - played a large role in the heat island effect. "If you look across the North American continent, in places with higher precipitation, you get stronger daytime UHI," study researcher Xuhui Lee, of Yale University, told Business Insider in an email.</p>
<p>When climates are naturally wet, forests act as natural 'heat converters' moving heat from the ground into the atmosphere, Lee said. "In comparison, cities in these climates are not as efficient in convecting heat - our estimate is that they are 58% less efficient than the natural landscape - and hence we have strong urban heat island," he said.</p>
<p>You can see how your city stacks up below. The "daytime ΔT" refers to how much warmer the urban areas are compared to the surrounding rural areas in Celsius (1 degree C = 1.8 degrees F).</p>
<p><div class="KonaFilter image-container display-table full"><div><div class="image"><p class="source"><span>Data courtesy of Xuhui Lee, Yale University from "Strong contributions of local background climate to urban heat islands," Zhao et. al. </span></p></div><p></p></div></div></p>
<h3>The worst offenders</h3>
<p>You can see those cities on the map below. The size of the dot shows the temperature difference between the city and surrounding areas (the numbers in the legend are in Celsius, 1 degree C = 1.8 degrees F). The color of the dot denotes the amount of annual mean precipitation. Red is less than about 20 inches of precipitation. Green is between 20 and about 43 inches. Blue is over 43 inches.</p>
<p>You can see the blue dots are the biggest dots:</p>
<p><div class="KonaFilter image-container display-table full"><div><div class="image"><p class="source"><span>"Strong contributions of local background climate to urban heat islands." Zhao et. al.</span></p></div><p></p></div></div>Cities in the southeastern U.S. tended to show the greatest heat island effect with an average 7 degrees F daytime and 4 degrees F nighttime greater temperature than surrounding areas, Lee said. The nighttime urban heat island effect temperatures are due to the release of heat stored in buildings, which absorb some of the heat during the day.</p>
<p>Here are those same cities at night:</p>
<p><div class="KonaFilter image-container display-table full"><div><div class="image"><p class="source"><span><a href="http://dx.doi.org/10.1038/nature13462">"Strong contributions of local background climate to urban heat islands." Zhao et. al.</a></span></p></div><p></p></div></div>"Cities in the semi-arid climates, such as Tucson, Arizona and Reno, Nevada, have the lowest urban heat island," Lee said. This is because low-lying vegetation, like shrubs and grasses, aren't good at removing heat from the ground. "In comparison, urban landscape is on average 20% more efficient in heat convection," Lee said (Still the surrounding landscape remains cooler since other factors are at play such as the increased reflectivity of the landscape and water evaporation by trees).</p>
<p>Large cities also naturally have a greater heat island effect. "In a large city, heat has more time to build up," Lee said.</p>
<p>The effect can change from year to year with different precipitation rates. "In the humid southeastern U.S., urban heat island tends to be stronger in the drier (and hotter) years than in the wetter years," Lee said. This could be due to the fact that urban trees help cool the landscape through water evaporation, an effect which the researchers think is not as strong within the city in drier years as it is outside, he said.</p>
<h3>So what can cities do?</h3>
<p>Lee suggests they use building materials that reflect heat away from the city rather than absorb it. "A good case in point is Chicago," Lee said.</p>
<p>The windy city experienced a record heat wave in 1995 which killed hundreds of people. In response, the city changed its building codes to encourage the use of reflective roofs yielding a cooler city.</p>
<p>While urban greening can help with cooling, it has to be done right to be effective. The popular grassy green roofs, for example, don't to much for heat mitigation, Lee said. However, previous studies have shown that green areas, like tree-speckled parks, can help keep city dwellers cool. This is because "Trees tend to offer more cooling power than shrubs and grasses," Lee said.</p>
<p>"Light colored roofs also offer cooling benefits," he said. In a previous study, Lee and a team compared the cooling power of street trees versus reflective roofs, with the latter taking the win.</p>

Why Some Cities Get Way Hotter Than Others During The Summer

<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><ul class="summary-list"><li style="font-weight: 400;"><strong>A <a href="https://www.businessinsider.com/category/wealth-tax">wealth tax</a> would make ultra-wealthy Americans pay the federal government a small percentage of their <a href="https://www.businessinsider.com/category/net-worth">net worth</a> each year.</strong></li><li style="font-weight: 400;"><strong>Presidential candidates, tax experts, and <a href="https://www.businessinsider.com/category/billionaire">billionaires</a> alike have said the revenue from a wealth tax could be used to fight climate change and repair the country's infrastructure - if the <a href="https://www.businessinsider.com/category/irs">IRS</a> can find a way to enforce it.</strong></li><li style="font-weight: 400;"><strong>Despite popular support, a wealth tax bill would have to overcome opposition in both Houses of Congress, the White House, and the <a href="https://www.businessinsider.com/category/supreme-court">Supreme Court</a> before becoming law.</strong></li><li style="font-weight: 400;"><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></strong></li></ul><p><span style="font-weight: 400;">Income inequality in America <a href="https://www.businessinsider.com/bottom-half-of-americans-negative-net-worth-2019-5">is a serious problem</a>, and all indications say it's only getting worse.</span></p><p><span style="font-weight: 400;">Since 1989, the wealthiest 1% of Americans have added $21 trillion to their combined net worths, while the poorest 50% of Americans have seen their combined net worths drop $900 billion, an analysis of Fed data reported in </span><a href="http://nymag.com/intelligencer/2019/06/the-fed-just-released-a-damning-indictment-of-capitalism.html"><span style="font-weight: 400;">New York Magazine</span></a><span style="font-weight: 400;"> found.</span></p><p><span style="font-weight: 400;">A federal wealth tax is one potential solution that has been touted by presidential candidates and hedge fund billionaires alike. And the idea has support among Americans: An INSIDER poll shows that more than half of Americans support Senator Elizabeth Warren's wealth tax proposal.</span></p><p><span style="font-weight: 400;">However, the revenue raised by the proposed wealth tax would likely be much lower than its advocates expect, former Department of Justice tax attorney James Mann, who is now a tax partner at law firm Greenspoon Marder, told Business Insider. </span></p><h2><strong>What is a wealth tax?</strong></h2><p><span style="font-weight: 400;">Today, ultra-wealthy Americans pay taxes on things like superyachts and fine art when they purchase them - but not after. A wealth tax would change that, making them pay taxes on their wealth every year.</span></p><p><span style="font-weight: 400;">One of the mo</span><span style="font-weight: 400;">st frequently cit</span><span style="font-weight: 400;">ed proposals, </span><a href="https://www.businessinsider.com/who-is-elizabeth-warren-bio-age-family-key-positions-2019-3"><span style="font-weight: 400;">Elizabeth Warren</span></a><span style="font-weight: 400;">'s "</span><a href="https://elizabethwarren.com/ultra-millionaire-tax/"><span style="font-weight: 400;">Ultra-Millionaire Tax</span></a><span style="font-weight: 400;">," calls for a 2% annual tax on households with a net worth between $50 million and $1 billion and a 3% annual tax on households with a net worth over $1 billion.</span></p><p><span style="font-weight: 400;">The US has never had a wealth tax, </span><span style="font-weight: 400;">but</span><span style="font-weight: 400;"> other countries have implemented them with mixed success. France introduced a wealth tax in 1988 that resulted in a massive capital flight, prompting President Emmanuel Macron to replace the wealth tax in 2017. The tax's repeal was unpopular and helped spark the country's yellow jacket protests, according to the </span><a href="https://www.washingtonpost.com/business/wealth-tax/2019/06/24/e7f0e54c-96be-11e9-9a16-dc551ea5a43b_story.html?utm_term=.e10a79d80b47"><span style="font-weight: 400;">Washington Post</span></a><span style="font-weight: 400;">.</span></p><p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><h2><span style="font-weight: 400;"><strong>What would the benefits of a wealth tax in the US be?</strong></span></h2><p><span style="font-weight: 400;">Introducing a wealth tax is one of the few issues that a majority of Americans agree on.</span></p><p><span style="font-weight: 400;">An INSIDER </span><a href="https://www.businessinsider.com/majority-americans-approve-elizabeth-warren-wealth-tax-plan-2019-1"><span style="font-weight: 400;">poll</span></a><span style="font-weight: 400;"> from February shows that 54% of Americans support Warren's plan, while only 19% disapprove of it. Warren's wealth tax even has the support of some of the billionaires who would be paying it. That includes George Soros, Abigail Disney, and members of the Pritzker and Gund families, who signed an open letter on June 24 outlining their request. Real estate magnate <a href="https://www.businessinsider.com/eli-broad-wealth-tax-billionaires-wealth-gap-fortune-500-2019-6">Eli Broad</a> had also separately spoken up in favor of a wealth tax.</span></p><p><em><span style="font-weight: 400;"><strong>Read more</strong>: </span></em><a href="https://www.businessinsider.com/majority-americans-approve-elizabeth-warren-wealth-tax-plan-2019-1"><em><span style="font-weight: 400;">A majority of Americans approve of Elizabeth Warren's new tax on the wealthy, according to a new poll</span></em></a></p><p><span style="font-weight: 400;">The June 24 </span><a href="https://www.businessinsider.com/wealth-tax-ultra-rich-americans-sign-letter-presidential-candidates-2019-6"><span style="font-weight: 400;">letter</span></a><span style="font-weight: 400;"> was signed by 19 ultra-wealthy Americans who noted that the revenue raised by the tax could be used to fund environmental initiatives, fuel economic investment, and reduce the cost of health care.</span><span style="font-weight: 400;"><strong> </strong></span></p><p><span style="font-weight: 400;">Elizabeth </span><span style="font-weight: 400;">Warren</span><span style="font-weight: 400;"> <a href="https://elizabethwarren.com/ultra-millionaire-tax/">has said</a> that the wealth tax could generate $2.75 trillion in revenue in a decade. She claims that a</span><span style="font-weight: 400;"> wealth tax could also help limit growing economic inequality by funding programs that would benefit the poorest Americans, but doesn't say by how much it will reduce inequality - or how quickly.</span></p><p><span style="font-weight: 400;"><strong><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></strong></span></p><h2><strong>What are the drawbacks?</strong></h2><p><span style="font-weight: 400;">The biggest problem with a wealth tax would be figuring out how to enforce it, Deutsche Bank Managing Director of Wealth Management Blanche Lark Christerson told Business Insider. It's easy for the IRS to figure how much to tax a billionaire's investment portfolios, </span><span style="font-weight: 400;">Christerson </span><span style="font-weight: 400;">said, </span><span style="font-weight: 400;">but the value of other assets like yachts and fine art are up for interpretation.</span></p><p><span style="font-weight: 400;">Appraising is more of an art than a science, Christerson said, and the IRS would have to verify those appraisals. Neither Christerson nor Mann believes that the IRS is currently equipped to do that.</span></p><p><span style="font-weight: 400;">To make matters worse, ultra-wealthy Americans are so good at finding ways to reduce their tax bill that they would likely be able to find a way around any anti-evasion measures, Eric Hananel, a tax consultant at UHY Advisors focusing on high net worth individuals, said. Hananel also said that billionaires might be motivated to move their money outside the country to avoid the tax, hurting the economy in the process. </span><span style="font-weight: 400;"> </span></p><p><em><span style="font-weight: 400;"><strong>Read more</strong>: </span></em><a href="https://www.businessinsider.com/the-irs-pursues-fewer-cases-of-tax-evasion-than-it-did-10-years-ago-2018-10"><em><span style="font-weight: 400;">The IRS pursues fewer cases of tax evasion than it did 10 years ago - and experts fear more people will get away with tax fraud</span></em></a></p><p><span style="font-weight: 400;">Mann, Christerson, and </span><span style="font-weight: 400;">Hananel agree that</span><span style="font-weight: 400;"> it's unlikely that a wealth tax would raise as much revenue as its proponents hope, though they did not specify an alternate estimate as to how much it would actually raise. Mann, for his part, noted that it's impossible to estimate exactly how successful a wealth tax would be without more data.</span></p><p><span style="font-weight: 400;">"These are the people who obviously have access to the most sophisticated financial planners and lawyers and accountants," Mann said about the ultra-wealthy people who the wealth tax would target, "and I think it's naive to think that they wouldn't plan to minimize their wealth tax burden."</span></p><p><span style="font-weight: 400;">"It's just when you look at the practical application of how would this really work, it's hard to imagine that it would work successfully," Christerson said.</span></p><p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><h2><strong>How would a wealth tax change my taxes?</strong></h2><p><span style="font-weight: 400;">Warren </span><a href="https://elizabethwarren.com/ultra-millionaire-tax/"><span style="font-weight: 400;">estimates</span></a><span style="font-weight: 400;"> that her "Ultra-Millionaire Tax" would only affect the wealthiest 75,000 households in the US. For those families, even figuring out how much they owe will be a massive headache, according to Christerson.</span></p><p><span style="font-weight: 400;">Multi-millionaires and billionaires would need to enlist the help of appraisers to put a price on hard-to-value assets like yachts and jewelry, and then file separate documents with the IRS to pay the tax on them. The whole process would be independent of the current income tax system and likely run on a different schedule, Mann said.</span></p><p><span style="font-weight: 400;">"It would really be like filing an annual estate tax return," Christerson said. </span></p><p><span style="font-weight: 400;">This could pose a problem for Americans who have inherited most of their wealth. Many heirs and heiress inherit their fortunes in the form of real estate and fine art, not liquid assets like cash or stocks, according to Christerson. A new tax bill could force them to liquidate.</span></p><p><span style="font-weight: 400;">Little would change in the tax bills for Americans who fall in or below the middle class, Christerson said.</span></p><h2><strong>When could we see a wealth tax?</strong></h2><p><span style="font-weight: 400;">A "pretty seismic change in the political landscape" would be required to add a wealth tax to the tax code, Christerson said. Progressive Democrats would have to gain control of both Houses of Congress and the White House. The constitutionality of such a tax would likely end up debated in front of the Supreme Court as well, according to Mann. </span></p><p><span style="font-weight: 400;">Alongside her proposal, Warren released a letter from professors at leading law schools arguing that a wealth tax is constitutional based on a clause in </span><a href="https://www.archives.gov/founding-docs/constitution-transcript"><span style="font-weight: 400;">Article I Section 8</span></a><span style="font-weight: 400;"> of the Constitution that allows the federal government to "collect taxes, duties, imposts and excises" as long as they are "uniform throughout the United States." </span>However, <a href="https://www.archives.gov/founding-docs/constitution-transcript">Article I Section 9</a> prohibits a "capitation, or other direct tax ... unless in proportion to the census or enumeration herein before directed to be taken."</p><p><span style="font-weight: 400;">Constitutional scholars disagree about which clause a wealth tax would fall under, Mann said. </span><span style="font-weight: 400;">To Mann, Warren's plan has one major fault: The letter fails to mention the Supreme Court's most recent discussion of which taxes are constitutional.</span></p><p><span style="font-weight: 400;">"They talk a lot about Supreme Court cases from 100 years ago. They don't talk about the most recent one," Mann said, referencing the </span><span style="font-weight: 400;">2012 </span><a href="https://www.supremecourt.gov/opinions/11pdf/11-393c3a2.pdf"><span style="font-weight: 400;">case</span></a><span style="font-weight: 400;"> that briefly upheld Obamacare by classifying it as a tax. However, that decision still doesn't define how the Supreme Court decides whether or not a tax is constitutional. </span></p><p><span style="font-weight: 400;">Ultimately, Mann and Christerson agree: The chances of a wealth tax before 2025 are essentially zero.</span></p>

Wealth tax explainer: Why Elizabeth Warren and billionaires like George Soros alike are calling for a specialized tax on the ultra-wealthy

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.gettyimages.co.uk/license/904006312">Getty/Joe Scarnici</a></span></p><p class="caption">Jessica Chastain and husband Gian Luca Passi de Preposulo.</p></div><p></p></div></div></p><ul><li><strong>We met with Gian Luca Passi de Preposulo, the fashion executive and husband of Hollywood actress Jessica Chastain. </strong></li><li><strong>He and two childhood friends created their own prosecco brand, Fiol, in 2010.</strong></li><li><strong> Passi de Preposulo says that the industry's obsession with keeping prices low has led to a compromise in quality in some cases.</strong></li><li><strong>The trio are on a mission to position Fiol as a recognisable, premium prosecco brand. </strong></li></ul><p><span><br />Gian Luca Passi de Preposulo popped up on the media radar last June when he married Hollywood actress Jessica Chastain in the grounds of his family estate in Italy. </span></p><p><span>The wedding was attended by a number of celebrities, including Anne Hathaway and Emily Blunt, as well as some of the fashion elite - and it sparked</span> a flurry of news reports titled asking "Who is Jessica Chastain's husband?"</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.gettyimages.co.uk/license/162610907">Getty/Frazer Harrison</a></span></p></div><p></p></div></div></p><p><span>Passi de Preposulo is PR director of events and entertainment at Italian fashion house Moncler, and previously worked for Armani. He splits his time between Milan and New York. </span></p><p><span>However, when Business Insider met him at Mark's Club in London, it was to discuss his premium prosecco brand <a href="https://www.fiol.it/" target="_blank" rel="noopener">Fiol</a>, a partnership between him and his childhood friends and co-founders, brothers Pietro and Giovanni Ciani Bassetti.</span></p><p><span>Passi de Preposulo told Business Insider that he tasted his first glass of fizz aged nine or 10 at his family home,<br />Villa Tiepolo Passi, a 17th-century estate in Treviso which is less than an hour's drive from Venice. </span></p><p>The Passi de Preposulos are a family of counts and countesses, although Italy no longer recognises the aristocracy. Meanwhile the Ciani Bassetti family have been making wine for over 400 years.</p><p><strong><span> Giovanni Ciani Bassetti (left) is pictured with </span>Gian Luca below. </strong></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>FIOL</span></p></div><p></p></div></div><span></span></p><p>"We grew up surrounded by prosecco," Passi de Preposulo said. "The harvest was a very specific time of year for us.</p><p>"Every year we would do the harvest with our parents and grandparents and at the end there was a big celebratory lunch and dinner with all of our family and friends - that was where I had my first prosecco tasting."</p><p>At 19 he moved to Milan and began working in the fashion industry, while <span>Pietro and Giovanni </span> went into banking.</p><p>"Our base was Treviso (under an hour's drive from Venice) where our family are still nowadays, so we'd go back there every summer, Easter, and Christmas holidays. We always loved being back to our roots."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>FIOL</span></p></div><p></p></div></div></p><p>Almost a decade later, the trio decided to go into business together. "We said, 'Why don't we do something together as friends, leverage our experience in business?'"</p><p>This coincided with the beginning of the prosecco boom, he said, thanks in large part to the financial crisis of 2008.</p><p>"Before then people just considered prosecco a cheap version of Champagne," <span>Passi de Preposulo said. "But following the crisis those seeking an affordable sparkling wine found prosecco and this incredible wave of success started that just didn't stop and is still growing now."</span></p><h1>'The war of the poor'</h1><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.gettyimages.co.uk/license/612461712">Getty/Pascal Le Segretain</a></span></p></div><p></p></div></div></p><p>While prosecco is undoubtedly a<span> hugely popular category, Passi de Preposulo says people lack knowledge on the brands they're ordering and purchasing, and ultimately make decisions based purely on price. </span></p><p><span>"</span>When people ask in a bar 'Can I have a glass of prosecco,' the bartenders don't know what they're giving you, and you don't know what you're drinking.'</p><p>"It's pretty fascinating," he went on. "Because when you order anything else you know exactly what brand gin, whisky, beer, coffee, juice, even water - you know what you like."</p><p><span>The industry, he says, has been so solely focused on keeping the price point low, which h</span><span>as generated what he calls "the war of the poor," causing some producers to also compromise on quality.</span></p><p><span>It's certainly true that supermarkets, in the UK at least, have gone big on Italian bubbles - and it's not unusual to see a bottle on offer for £7 or £8, especially in the summer months. </span></p><p><span>The growth of the sparkling wine category in Britain, however, slowed in 2017, <a href="http://www.uhy-uk.com/news-events/news/increase-in-uks-sparkling-wine-market-reaches-new-high-but-does-slowdown-in-growth-mean-we-are-reaching-peak-prosecco/" target="_blank" rel="noopener">according to UHY Hacker Young</a>, after years of double-digit growth. It led the accountancy group to suggest we could be approaching "peak prosecco." </span></p><p><span>"Prosecco may have reached a 'Burberry moment' - where the brand suffers from overexposure and loses its luxury/aspirational image through overstocking at supermarkets and over appearance on novelty t-shirts etc," the firm wrote.</span></p><h1>Making Fiol the Belvedere of the prosecco world</h1><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>FIOL</span></p></div><p></p></div></div></p><p><span>Passi de Preposulo told Business Insider he believes that the industry has wasted an opportunity - one that Fiol wants to seize - to create a premium, recognisable brand.  </span>He sees an opportunity to position Fiol as the Belvedere or Grey Goose of the prosecco world.</p><p>"One thing I learned from the fashion industry is that if you start low you can only go lower, you have to position the brand high to begin with," he said.</p><p>On the other hand, he added that when it comes to prosecco there is a certain scale to take into consideration. "If you're selling it for £25, you'd be out of the market, people would just spend £5 more and buy Champagne."</p><p><span>Fiol is now sold in the US, Canada, and in Europe, and currently retails in the UK for <a href="https://www.greatwesternwine.co.uk/catalogsearch/result/?q=FIOL" target="_blank" rel="noopener">£13.95 a bottle at Great Western Wines.</a></span></p><p><span>Passi de Preposulo says the trio wanted to created a blend that combines the traditional taste of the wine they grew up drinking, but also to "</span><span>dispel the myth of prosecco being acidic with lots of bubbles."</span></p><p>The extra dry prosecco is light in colour and has a thin and constant bubble. It has won a number of awards, most recently gold in the Prosecco Masters in 2017 and 2018.</p><p>It is a prosecco DOC (<span>Denominazione di Origine Controllata) classification which means the quality is assured to a certain standard, and that it comes from specific territories in north-east Italy. </span></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.gettyimages.co.uk/license/474113828">Getty/Pascal Le Segretain</a></span></p></div><p></p></div></div></p><p>A bottle of prosecco, which is primarily made with "glera" grapes, shouldn't be kept beyond two years, according to Passi de Preposulo.</p><p><span>The beauty of this is that - unlike with a "grand cru" Champagne or equivalent - "when you pop a bottle you don't have to worry about whether this is this the perfect occasion, 'Should I save it?" according to Passi de Preposulo. "You just open another and another."</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/sara-blakely-spanx-ceo-offers-advice-redefine-failure-retail-2016-7">Learning to celebrate failure at a young age led to this billionaire's success</a></h3>        <div>                    </div>    </div>

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