Latest news with #wealthyAmericans
Daily Mail
08-07-2025
- Politics
- Daily Mail
Woke Americans are fleeing Trump for idyllic liberal paradise. But they're in for a sharp surprise that'll make them regret everything
They're dubbed 'Trumpugees': the growing number of wealthy Americans packing their bags and heading to New Zealand, desperate to get away from what they see as the chaos of a second Donald Trump presidency. But for many, the fantasy of a peaceful, liberal paradise on the edge of the world is fast colliding with reality, and it's not always pretty.
Daily Mail
08-07-2025
- Daily Mail
EXCLUSIVE People are only just realizing the REAL inspiration behind Machine Gun Kelly's stage name... and the sickening true story behind it
It's a crime we rarely hear about today, but kidnapping famously wealthy Americans for ransom was an epidemic between 1925 and 1934. According to the March 3, 1932, edition of the New York Times, 'Abduction for ransom has become a big money crime taking its place beside the liquor, vice and drug trafficking among the prominent rackets of the country.'
Daily Mail
05-07-2025
- Business
- Daily Mail
Trump backlash as rich Americans flee the States and bid for new life... in a Scottish castle
Wealthy Americans fleeing the US after the election of Donald Trump are driving a boom in sales of Scottish castles. In the six months since the most controversial and divisive president in modern history took office, top-end estate agents have witnessed a huge surge in interest for the country's oldest and most dramatic properties. And although buying a castle has long been the ultimate fantasy of many home-owners, prices are now soaring to a historic high – partly because of an exodus of millionaires from the States. So while many castles over the centuries have witnessed and withstood countless battles, skirmishes and attacks, these days they are more likely to find themselves at the centre of a bidding war. One recent sale went to a closing date with no fewer than three rich Americans all offering far in excess of the initial asking price. Cameron Ewer, head of residential property for Savills estate agency explained a spike in interest from the US was pushing prices higher. He said: 'There are definitely more international buyers in the marketplace. In the immediate aftermath of Donald Trump 's election, the number of American inquiries through our website went absolutely through the roof – and has now settled to a far higher-than-normal level. 'Not everyone is a Trump supporter, and those that aren't are keen to leave the country: there's definitely an element of that in discussions we've had with buyers.' Last month tax lawyers and immigration advisers told US broadcaster CNN they had seen a 'stampede' of Americans emigrating since the start of Mr Trump's presidency. One couple told the channel: 'We're getting away from the chaos … I feel like the America as we knew it growing up is slipping away pretty fast.' Meanwhile, more than 1,900 US residents applied for a British passport during the first quarter of 2025, the most since the Home Office began keeping records in 2004. Politics aside, Mr Ewer said there were also other factors behind the surge in interest in Scotland's castles. He said: 'Scottish castles have always had international appeal. There's a romance surrounding them – and there's always a smattering on the market. But there are definitely more for sale right now. One factor may be the increasing costs of running a castle – which isn't cheap. Another factor is simply that the market in Scotland is pretty buoyant across the board, and with more stock coming to the market generally, there's a feeling that this is a good time to be selling prize assets in Scotland.' He explained: 'The overarching reason for the uptick in interest is value: the quality of the properties, the culture, the heritage behind them that buyers can afford in Scotland is head and shoulders above what can be found in other places in the UK, Europe or elsewhere.' And with a flurry of castles newly offered to the market, even properties worth millions are being quickly snapped up. In just the past few weeks, three magnificent piles have gone 'under offer' – including Plane Castle in Stirlingshire (a manor house near Bannockburn with a 14th-century tower which was marketed for offers over £1.2 million); Keillour Castle (a turreted country house in Perthshire, offers over £1.8 million) and Cramond Tower (a restored mediaeval tower house outside Edinburgh, offers over £850,000). Glenborrodale Castle, a sprawling 16-bedroom sandstone castle in the West Highlands also sold this year – for more than £200,000 above the asking price – having been put on the market for offers over £2.35 million. Scotland has around 1,500 castles – ranging from mediaeval strongholds with towers and keeps, to fortified mansions, and even 18th century estate houses whose battlements are purely decorative. Many are ruins, while others have been converted into commercial ventures such as luxury hotels and wedding venues. Hundreds more, however, remain as private homes – and are eagerly sought after when they go up for sale, sometimes after decades or even centuries in the ownership of the same family. Estate agents believe the general level of interest in castles from property lovers on both sides of the Atlantic has been boosted by TV's The Traitors – hosted in the UK by Claudia Winkleman and by Alan Cumming in the American version – which was set amid the baronial splendour of Ardross Castle north of Inverness. Mr Ewer said increased demand was boosting the prices for castles. He said: 'Prices this year are at a height – both in terms of asking prices and also in terms of the final prices being achieved. Castles are a special type of property, and the values don't always follow trends in the general housing market. 'People don't say, 'I've got a budget of two million, I'm going to buy a Scottish castle.' They typically need far deeper pockets than that, to be able to ensure they can afford the maintenance and running costs. These aren't buyers with specific budgets. If you find the right buyer, they'll pay whatever it takes.' Earlier this month American actress Christina Hendricks hinted she was looking to buy a castle. After spending time in Scotland filming two series of period drama The Buccaneers – which features as locations Culzean Castle in Ayrshire, Hopetoun House, near South Queensferry, and Drumlanrig Castle in Dumfriesshire – the 50-year-old confessed in an interview: 'I am so in love with Scotland... I'm all about the historical stuff. I mean when we shoot at these estates and these castles... this is mind blowing to me.' Above, to help the actress – and any other would-be purchasers – track down a dream castle in Scotland, the Mail on Sunday reveals some of the most amazing examples currently on the market. Picturesque ruins Over the centuries, many ancient castles have fallen into disrepair. And although the damage may be beyond the reach of even the most ambitious restorer, the remains can still make a picturesque centrepiece for a larger estate. The ruins of Castle Cary in Creetown, Dumfries and Galloway, are currently on the market for offers over £9.5 million. The price tag may seem high for a derelict building but the estate also includes a holiday park business with swimming pool, and pub and restaurant. On the Isle of Skye, the ruins of Armadale Castle, the historic seat of the MacDonalds of Sleat, (above) is on sale at offers over £995,000. The Clan Donald Lands Trust said it had taken the 'difficult' decision to sell the square Tudor-Gothic mock-castle dating back to 1815 – and the adjoining 20,000-acre estate – because of financial challenges. Castle with Mod Cons Although Pirwindy Keep near Largo in Fife looks and sounds like a historic stronghold, it was actually built in 1998. To all intents and purposes it really is a 'modern' castle. The six-bed property – offers over £1.9 million – was designed as a replica of a fortified turreted keep. The main three-storey tower has an imposing stone façade and a protruding balcony which offers great views over the Firth of Forth to Edinburgh's Arthur's Seat – ideal as a lookout in case the house ever needs to take on a defensive role against marauding invaders! Historical dungeons! For some, a castle's true worth can only be measured in the number of centuries it has been standing – and in the tally of original features such as mediaeval battlements, dungeons, moats and arrow-slit windows. Earlshall Castle in Leuchars, Fife, still retains its 16th century musket loops for repelling invaders. With an asking price of £8 million, the house – which was visited by Mary, Queen of Scots and King James VI – also boasts a Great Hall and a 50ft gallery decorated with the coats of arms of European royalty and Scottish nobles. Cakemuir Castle in Tynehead, Midlothian, (above) also dates back to the 1500s and has distinctive crenellated walls and spiral staircases, plus a stone plaque commemorating the occasion Mary, Queen of Scots in 1567 sheltered there, as she fled Borthwick Castle disguised as a page boy. The eight-bedroom restored tower house is available for offers over £2.9 million. The original tower house features a projecting turnpikestair, gun loops and a parapet for guards. A pavilion contains a dining room opening to the lawned garden through three sets of French doors. The property also has a wine cellar. A £300,000 bargain Believed to be the cheapest castle currently on the market in Scotland, Little Tarrel Castle is for sale, offers over £299,000. The B-listed fortalice – a small fortified house – was built in 1559 by Alexander Ross who became chief of Clan Ross and Laird of Balnagown after his father was murdered. Determined not to meet the same fate, Alexander began attacking rivals, kidnapping neighbours, stealing church lands and defying the government. After decades of delinquent behaviour, he was brought to book and forced to hand his title to his son. The castle was fully restored in the 1980s but retains many original features, including arched stone fireplace, timber beams, thick wooden latched doors and shutters, as well as the original shot hole, gun loops and arrow slits.
Yahoo
04-07-2025
- Business
- Yahoo
How your income taxes will change after Trump signs the ‘big, beautiful bill' into law
With the GOP's 'big, beautiful bill' headed to President Trump's desk for signature Friday, wealthy Americans are poised to receive significant tax breaks partly offset by steep cuts to social welfare programs. The bill makes 2017 tax breaks from Trump's first term permanent, while adding some new tax breaks, like no taxes on tips up to $25,000 and a 'senior deduction' that will allow more people over 65 to avoid Social Security taxes. Some policy analyses show that the tax cuts for lower earners may be offset by the new costs they incur from lost support for health care and food assistance. Most households — about 85 percent — would get a tax cut in 2026, according to an analysis from the Tax Policy Center. But while many of the bill's changes are permanent, other provisions, such as the new deduction for seniors, are set to expire within a couple years. The center estimates that by 2030 only about 70 percent of households would continue to have a tax break. The center also estimates that nearly 60 percent of the tax benefits would go to those in the top quintile of annual incomes (about $217,000 or more). Those households would receive an average tax cut of $12,500. While other estimates of the bill's tax changes by income bracket vary, they largely agree that the tax breaks generally increase moving up the income ladder. Here's how the bill would impact your taxes. For taxes filed in 2026, households making between $217,000 and $318,000 would see their after-tax income raise 2.6 percent, a tax break of about $5,400. For Americans making $318,000 to $460,000 — in the 90th to 95th percentile — that cut would be about $8,900, or a 3.1 percent increase to their after-tax income. Those making between $460,000 and $1.1 million would receive the biggest break: a $21,000 change, increasing their after-tax income by 4.4 percent. The top 1 percent and the top 0.1 percent — households making more than $1.1 million or $5 million — would see their after-tax incomes increase 3.5 percent and 3.2 percent, respectively. The tax breaks for the rest of Americans are far less substantial, according to the center's estimates. Households making between $100,000 and $200,000 a year would see their after-tax income increase by 2.5 percent, about a $3,000 tax break. For those making between $75,000 and $100,000, the tax cut as a percentage of income is similar — at about $1,700 or 2.3 percent. Americans earning between $50,000 and $75,000 will have a $1,000 tax break. For those making between $40,000 and $50,000, that cut will be about $630. Those are after-tax boosts of 1.9 percent and 1.5 percent, respectively. Those in the bottom quintile of incomes, making below $34,600 a year, would see their taxes decrease by about $150, or a 0.8 percent increase in their after-tax income. However, benefits that low-income Americans could see in tax breaks could be offset by the bill's sweeping cuts to Medicaid and food stamps. Federal Medicaid spending is estimated to decrease by about $1 trillion, resulting in about 12 million low-income Americans losing their health insurance by 2034, according to the nonpartisan Congressional Budget Office. The bill also includes work requirements for Medicaid and for Supplemental Nutrition Assistance Program benefits, also known as food stamps, which could disenroll millions from both programs. Many of the bill's tax deductions will start in 2025, and some of them will be permanent. That includes a permanent increase in the child tax credit to $2,200 and an increase in the standard deduction by $750. Other new tax cuts, especially those core to Trump's campaign promises, are set to expire in a couple of years. A new $6,000 deduction for Americans over 65 will last only through 2028. A $25,000 deduction designed to eliminate taxes on tips will also only last for three years. The same goes for another $12,500 deduction meant to curb taxes on overtime. The amount that households can deduct in state and local taxes on their federal returns, known as the SALT cap, will also increase to $40,000. Previously capped at $10,000, SALT deductions were a major sticking point among House Republicans during the first rounds of negotiations on the bill in May. All these cuts are expensive, although estimates vary. The nonpartisan Congressional Budget Office says the bill would add $3.4 trillion to the debt over 10 years while the Committee for a Responsible Federal Budget said it would add $4.1 trillion. The conservative Cato Institute put the figure as high as $6 trillion. Republicans who claim to be fiscal hawks railed against the bill's impact on the national debt, saying it would inflict pain on future generations, but many ultimately voted for it. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
04-07-2025
- Business
- Yahoo
How your incombe taxes will change after Trump signs the ‘big, beautiful bill' into law
With the GOP's 'big, beautiful bill' headed to President Trump's desk for signature Friday, wealthy Americans are poised to receive significant tax breaks partly offset by steep cuts to social welfare programs. The bill makes 2017 tax breaks from Trump's first term permanent, while adding some new tax breaks, like no taxes on tips up to $25,000 and a 'senior deduction' that will allow more people over 65 to avoid Social Security taxes. Some policy analyses show that the tax cuts for lower earners may be offset by the new costs they incur from lost support for health care and food assistance. Most households — about 85 percent — would get a tax cut in 2026, according to an analysis from the Tax Policy Center. But while many of the bill's changes are permanent, other provisions, such as the new deduction for seniors, are set to expire within a couple years. The center estimates that by 2030 only about 70 percent of households would continue to have a tax break. The center also estimates that nearly 60 percent of the tax benefits would go to those in the top quintile of annual incomes (about $217,000 or more). Those households would receive an average tax cut of $12,500. While other estimates of the bill's tax changes by income bracket vary, they largely agree that the tax breaks generally increase moving up the income ladder. Here's how the bill would impact your taxes. For taxes filed in 2026, households making between $217,000 and $318,000 would see their after-tax income raise 2.6 percent, a tax break of about $5,400. For Americans making $318,000 to $460,000 — in the 90th to 95th percentile — that cut would be about $8,900, or a 3.1 percent increase to their after-tax income. Those making between $460,000 and $1.1 million would receive the biggest break: a $21,000 change, increasing their after-tax income by 4.4 percent. The top 1 percent and the top 0.1 percent — households making more than $1.1 million or $5 million — would see their after-tax incomes increase 3.5 percent and 3.2 percent, respectively. The tax breaks for the rest of Americans are far less substantial, according to the center's estimates. Households making between $100,000 and $200,000 a year would see their after-tax income increase by 2.5 percent, about a $3,000 tax break. For those making between $75,000 and $100,000, the tax cut as a percentage of income is similar — at about $1,700 or 2.3 percent. Americans earning between $50,000 and $75,000 will have a $1,000 tax break. For those making between $40,000 and $50,000, that cut will be about $630. Those are after-tax boosts of 1.9 percent and 1.5 percent, respectively. Those in the bottom quintile of incomes, making below $34,600 a year, would see their taxes decrease by about $150, or a 0.8 percent increase in their after-tax income. However, benefits that low-income Americans could see in tax breaks could be offset by the bill's sweeping cuts to Medicaid and food stamps. Federal Medicaid spending is estimated to decrease by about $1 trillion, resulting in about 12 million low-income Americans losing their health insurance by 2034, according to the nonpartisan Congressional Budget Office. The bill also includes work requirements for Medicaid and for Supplemental Nutrition Assistance Program benefits, also known as food stamps, which could disenroll millions from both programs. Many of the bill's tax deductions will start in 2025, and some of them will be permanent. That includes a permanent increase in the child tax credit to $2,200 and an increase in the standard deduction by $750. Other new tax cuts, especially those core to Trump's campaign promises, are set to expire in a couple of years. A new $6,000 deduction for Americans over 65 will last only through 2028. A $25,000 deduction designed to eliminate taxes on tips will also only last for three years. The same goes for another $12,500 deduction meant to curb taxes on overtime. The amount that households can deduct in state and local taxes on their federal returns, known as the SALT cap, will also increase to $40,000. Previously capped at $10,000, SALT deductions were a major sticking point among House Republicans during the first rounds of negotiations on the bill in May. All these cuts are expensive, although estimates vary. The nonpartisan Congressional Budget Office says the bill would add $3.4 trillion to the debt over 10 years while the Committee for a Responsible Federal Budget said it would add $4.1 trillion. The conservative Cato Institute put the figure as high as $6 trillion. Republicans who claim to be fiscal hawks railed against the bill's impact on the national debt, saying it would inflict pain on future generations, but many ultimately voted for it. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Sign in to access your portfolio
