Book Bits: 20 July 2024

● Tax Alpha Solutions: Effective Tax Management Strategies for High-Net-Worth Investors
Matthew Chancey
Essay by author via WealthManagement.com
The Internal Revenue Service recently announced its plans to significantly increase audits on the wealthiest taxpayers, large corporations and large, complex partnerships for tax year 2026.
Audit rates will rise by more than 50% for those with total positive income over $10 million (up from an 11% coverage rate in 2019 to 16.5% in tax year 2026). That news is sure to trigger anxiety in some high-net-worth earners.
But an IRS audit is more of an exercise that seeks documentation; it’s not necessarily an accusatory event. They just want to see your clients’ homework to show how they got their answers.

● The Stoic Path to Wealth: Ancient Wisdom for Enduring Prosperity
Darius Foroux
Summary via publisher (Portfolio/Penguin)
The Stoics understood that if you can control your reactions and manage your emotions, you can achieve success. The same principles apply to our financial lives today. The greatest investors approach the markets with discipline, emotional distance, and self-mastery—lessons that the Stoics have been teaching us for thousands of years. As financial markets become increasingly unpredictable and chaotic, The Stoic Path to Wealth offers the key to weathering any economic storm while building wealth that will last a lifetime and beyond.

● The Inequality of Wealth: Why it Matters and How to Fix it
Liam Byrne
Summary via publisher (Bloomsbury)
The super-rich have never had it so good. But millions of us can’t afford a home, an education or a pension. And unless we change course soon, the future will be worse. Much worse. Yet, it doesn’t have to be like this. In this bold new book, former UK Treasury Minister, Liam Byrne, explains the fast-accelerating inequality of wealth; warns how it threatens our society, economy, and politics; shows where economics got it wrong – and lays out a path back to common sense, with five practical new ways to rebuild an old ideal: the wealth-owning democracy.

● Common Sense Economics: What Everyone Should Know About Wealth and Prosperity (4th ed.)
James D. Gwartney, et al.
Summary via publisher (Macmillan)
As the global economy recovers from the COVID-19 pandemic and debates over the future of work challenge our long-held preconceptions about what careers and the market can be, learning the basics of economics has never been more essential. Principles such as gains from trade, the role of profit and loss, and the secondary effects of government spending, taxes, and borrowing risk continue to be critically important to the way America’s economy functions, and critically important to understand for those hoping to further their professional lives—even their personal lives. Common Sense Economics discusses these key points and theories and more, using them to show how any reader can make wiser personal choices and form more informed positions on policy.

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