UK Wealth Tax Given ‘Zero Chance' Amid Cash Crunch for Reeves
'There's zero chance they will introduce a wealth tax in the next budget,' Andy Summers, associate professor at the London School of Economics, told Bloomberg. 'Unless the Treasury has been secretly working on it for many months or years, then it just can't be done.'
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Yahoo
11 minutes ago
- Yahoo
Prince Harry's Secret Weapon: The Unexpected Force Behind Royal Peace Talks
Is a royal family reunion on the horizon? It looks like something is in the works, at least according to The Mail on Sunday. Last week, Prince Harry's chief communications officer, Meredith Maines, emerged as his secret weapon after meeting with King Charles III's communications secretary, Tobyn Andreae. The Sussexes' PR representative in the U.K., Liam Maguire, was also present for the meeting at the Royal Over-Seas League in London, per the media outlet. More from SheKnows Rosie O'Donnell's Response to Donald Trump's Threats Hints at the Deeper Root of Their Feud It was Maines who had the Duke of Sussex speak to the BBC in May, where Charles' youngest son was very clear about being open to mending the palace rift. He told them that he 'would love a reconciliation' with his dad and older brother, Prince William. Harry admitted that he was tired of fighting, and he worried about Charles' health because he did 'not know how much longer [his] father has.' With the security issue still a sticking point, it seems that Maines might be paving the way for a reconciliation. A source for The Mail on Sunday believed that the meeting with royal reps was only 'the first step towards reconciliation between Harry and his father, but at least it is a step in the right direction. 'Everyone just wants to move on and move forward now,' they added. 'It was finally the right time for the two sides to talk.' Maines, who began working with Harry and Meghan Markle in March of this year, has proven her worth on the Archewell and As Ever team. She's had significant wins with the success of the Duchess of Sussex's brand launch, along with her Netflix series, With Love, Meghan. She shared her excitement about joining the stateside royals in a statement to Axios in late February. 'I'm honored to partner with Prince Harry and Meghan, the Duke and Duchess of Sussex, to highlight the amazing work they are doing through Archewell, their broader business portfolio, and nonprofit work,' Maines said. 'I'm excited to help them tell their story as entrepreneurs, builders, and philanthropists, while overseeing all communications for the couple and their ventures.' She has also been streamlining the couple's business team, noting to People in June that Harry and Meghan had parted ways with four employees. 'As the Duke and Duchess's business and philanthropic interests grow, I have made the strategic decision to move toward a more traditional communications structure of specialist agency support, as previously reported in Forbes and PR Week several weeks ago,' she said. Maines continued, 'Transitioning from a team of two to an agency support staff of eight, operating across five different time zones, will give international media and stakeholders better access, and critically, faster response times to inquiries.' The PR specialist might be the key to Harry and Meghan finding their footing, not only professionally, but personally. If a royal family reunion comes to fruition, then Maines will have pulled off a palace of SheKnows Every Single Look Kate Middleton Has Worn to Wimbledon Since 2007 Every Single Time Kate Middleton's Royal Fashion Made Us Stop in Our Tracks 56 Times Celeb Women Rocked Their Gorgeous Gray Hair on the Red Carpet
Yahoo
15 minutes ago
- Yahoo
Here's the net worth you need to be in the top 10% of Americans — why it's a lot higher than you might think
One of the lesser-known rules of personal finance is that wealth is relative. A net worth of $500,000 might be a fortune in some countries and barely enough in others. That's why tracking your net worth against the national average and different percentiles can give you a clearer picture of your progress toward financial freedom. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it With that in mind, here's the latest available government data on how much wealth it takes to be in the top 10% of all Americans. The Federal Reserve is arguably the best source of data on national net worth. It has unmatched insight into how Americans earn, spend, save, invest and borrow. According to a Washington Post analysis of the Federal Reserve's 2022 Survey of Consumer Finances, the median American family has a net worth of just $192,900. If your household has more than that, you're doing better than half of the country. If your net worth is above $1,063,700, you're wealthier than the average American. This number is much higher than the median number because it is skewed by ultra-wealthy individuals like Jeff Bezos and Mark Zuckerberg. Still, it's a useful benchmark — being a millionaire or billionaire in America puts you ahead of most. To break into the top 10%, though, you'll need a net worth of at least $2 million, according to the 2022 survey. That means only 1 in 10 American households has a net worth above that threshold. In other words, if you're a multimillionaire, you can safely consider yourself among the affluent. Your family likely enjoys access to better housing, education than most. That said, 2022 was a while ago, and this data is likely outdated. If you're trying to crack the top 10% in 2025 or beyond, you might need to aim a little higher than $2 million. Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. Every year, America's wealthiest people tend to get even richer. At the same time, the cost of living keeps rising. Since 2022, the S&P 500 has jumped roughly 64%, boosting the portfolios of many affluent families and potentially raising the bar for the top 10%. Meanwhile, consumer price inflation (CPI) has averaged about 3.25% annually since 2022, according to SmartAsset. This means cumulative inflation is around 10% over the past three years; your dollar buys 10% less than it did then. Taking all of this into account, it's safe to estimate that the current minimum net worth for joining the top 10% sits closer to $2.2 million. Reaching that milestone may take a lifetime of exceptional earnings, diligent saving, savvy investments, successful business ventures or even a lucky inheritance. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Forbes
40 minutes ago
- Forbes
AI In Tax: Using LLMs To Work Smarter With Spreadsheets
Spreadsheet illustration concept. Despite the growing presence of AI and large language models (LLMs) within tax departments, spreadsheets continue to play a central role in the daily work of tax professionals. While tax departments are embracing digital transformation, many interim processes—like extracting data from ERP systems or reconciling values—still flow through spreadsheets. And despite the promise of intelligent tax tools, this reality isn't going away anytime soon. But with great reliance comes significant risk. High-profile cases have shown that spreadsheet errors can cost companies millions. A comprehensive academic study found that a staggering 94% of financial spreadsheets contain errors. These aren't just innocent typos but often result in compliance breaches, miscalculations, and flawed reporting. LLMs may offer real help in managing spreadsheets. To use them effectively and responsibly, tax professionals must understand both what these AI tools can do and where they fall short. How LLMs Process Spreadsheets While most LLMs can read common spreadsheet formats like CSV or Excel and answer questions about the data, they differ in two important ways: how much data they can handle at once (known as the context window) and how they process the data. GPT‑4o has a context window of 128,000 tokens, which limits how much information it can process in a single interaction. When you upload a spreadsheet to ChatGPT powered by GPT‑4o, the model doesn't read the file directly. Instead, it uploads the file to a secure, temporary environment that includes tools like Python and data science libraries. In this setup, GPT‑4o behaves like a Python programmer: it writes and runs code to explore your spreadsheet. It then turns the results of that code into clear, human-readable explanations. If you ask for a chart, GPT‑4o generates the code to create it and shows you the result. Claude 3.5 Sonnet takes a different approach. It reads spreadsheet content directly as text, interpreting headers, rows, and columns without writing or running code. It currently doesn't support chart generation or code execution, but it has a much larger context window—up to 200,000 tokens—which allows it to handle larger datasets in a single session and generate longer, more detailed responses without losing earlier information. Based on their characteristics, GPT‑4o may be the better choice for tasks that involve complex data manipulation, calculations, or visualizations. Claude, on the other hand, is excellent for exploring and interpreting large, text-based tables, identifying patterns, and summarizing structured data, especially when working with large volumes of content that don't require advanced computation. But What About Limitations? LLMs have some limitations when working with spreadsheets, and the most significant hurdle is context window constraints. Think of an LLM's context window as its short-term memory or the amount of information that can be processed in a single interaction. This information is measured in tokens, which are not the same as words. A token typically represents a few characters or parts of words. For example, 1,000 tokens is roughly equivalent to 750 words of English text. Each LLM has a different context window size. GPT‑4o, for instance, has a context window of 128,000 tokens. Now consider a large spreadsheet with 10 columns and 100,000 rows—that's 1 million cells. If we estimate an average of 3 tokens per cell, the total token count would be around 3 million tokens, which far exceeds the capacity of any current model, including GPT‑4o. Even uploading a portion of such a file can push the model beyond its limit. For example, 10 columns × 20,000 rows equals 200,000 cells. At 3 tokens per cell, that's approximately 600,000 tokens, not even counting the extra tokens needed for headers, formatting, or file structure. Since GPT‑4o can only process 128,000 tokens at once, only a small fraction of that spreadsheet can be 'seen' and processed at any given time. When you upload a spreadsheet to GPT‑4o, the model can only interact with the data that fits within the active context window. It doesn't see the entire file all at once but just the portion that fits within that token limit. For example, if you ask, 'What is the deductible VAT amount listed in row 7,000?' but the model only received the first 5,000 rows, it won't be able to answer because it never saw that row in the first place. It's also important to understand that the context window includes the entire conversation, not just your current question and the data. As the session continues and more prompts and responses are exchanged, the model may start dropping earlier parts of the conversation to stay within the 128,000-token limit. That means key data, such as the original file content, can be silently dropped as the conversation grows. This can lead to incomplete or incorrect answers, especially when your new question relies on information the model has already "forgotten." Another limitation is that LLMs are sequence-based models. They read spreadsheets as a linear stream of text and not as a structured, two-dimensional grid. That means they can misinterpret structural relationships and cross-sheet references between cells. LLMs don't automatically recognize that cell D20 contains a formula like =SUM(A20:C20). Similarly, they may not realize that a chart on "Sheet1" is pulling data from a table on "Sheet2,' unless this relationship is clearly described in the prompt. Finally, LLMs don't truly 'understand' tax law. While they've been trained on large volumes of publicly available tax-related content, they lack the deeper legal reasoning and jurisdiction-specific knowledge that professionals rely on. They can easily make obvious mistakes like not flagging penalties or entertainment expenses as not eligible for input VAT deduction because they are not aware of country-specific rules, unless such rules are explicitly stated in the prompt. As a result, they can produce plausible but incorrect answers if relied on without expert review. How to Use LLMs Effectively with Spreadsheets When using LLMs to work with spreadsheets, you'll get the best results by running them within platforms designed for data tasks, such as Python notebooks, Excel plugins, or Copilot-style interfaces. These tools allow the LLM to interact with your spreadsheet by generating Excel formulas or Python code based on your instructions. For example, you might say: 'Write a formula to pull client names from Sheet2 where the VAT IDs match those names." The tool then generates the appropriate formula, and the spreadsheet executes it just like any standard formula. When dealing with large spreadsheets, another effective strategy is to break the data into smaller, manageable sections and ask the model to analyze each part separately. This approach helps keep the information within the model's memory limits. Once you've gathered insights from each section, you can combine them manually or with the help of a follow-up AI prompt. Another powerful method is to ask the LLM to write code to process your spreadsheet. You can then run that code in a separate environment (like a Jupyter notebook), and feed just the summarized results back into the model. This allows the LLM to focus on interpreting the findings, generating explanations, or drafting summaries without being overwhelmed by the raw data. Spreadsheets Are Here to Stay Spreadsheets aren't going anywhere. They are too flexible, too accessible, and too deeply ingrained in tax operations to disappear. AI and LLMs will continue to transform the way we work with them, but they won't replace them. Looking ahead, we can expect smarter tools that make spreadsheets more AI-friendly. Innovations like TableLLM and SheetCompressor are paving the way. Though still in the research phase and not yet integrated into mainstream commercial tools, they signal a promising future. TableLLM is a specialized language model trained specifically to understand and reason over tabular data. Unlike general-purpose LLMs that treat tables as plain text, TableLLM recognizes the two-dimensional structure of rows, columns, and cell relationships. SheetCompressor, developed as part of Microsoft's SpreadsheetLLM project, uses AI-driven summarization techniques to drastically reduce spreadsheet size before passing the data to an LLM. It results in up to 90% fewer tokens, while preserving the original structure and key insights. Beyond TableLLM and SheetCompressor, the field of spreadsheet-focused AI is expanding rapidly. Experimental tools like SheetMind, SheetAgent, and TableTalk explore everything from conversational spreadsheet editing to autonomous multi-step operations. As these technologies mature, AI-powered tax departments won't move away from spreadsheets but will use them in smarter, faster, and more efficient ways. The opinions expressed in this article are those of the author and do not necessarily reflect the views of any organizations with which the author is affiliated.
