Download or read book The Advisory Panel s Tax Reform Proposals written by Jane Gravelle and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In early 2005, the President appointed a tax reform advisory panel to formulate tax reform proposals. The report of the President’s Advisory Panel on Tax Reform, issued in November 2005, recommended two reform plans to consider: 1) a revised income tax, referred to as the simplified income tax (SIT); and 2) a consumption tax coupled with a tax on financial income, referred to as the growth and investment tax (GIT). This report discusses the provisions and implications of these two taxes in detail.

Download or read book The Advisory Panel s Tax Reform Proposals written by Jane G. Gravelle and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In early 2005, the President appointed a tax reform advisory panel to formulate tax reform proposals. The report of the President's Advisory Panel on Tax Reform, issued in November 2005, recommended two reform plans to consider: 1) a revised income tax, referred to as the simplified income tax (SIT); and 2) a consumption tax coupled with a tax on financial income, referred to as the growth and investment tax (GIT). This report discusses the provisions and implications of these two taxes in detail.

Download or read book The Advisory Panel s Tax Reform Proposals written by and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In November 2005, the President's Advisory Panel on Tax Reform presented two potential reform proposals: a simplified income tax (SIT) and a direct consumption tax proposal (the growth and investment tax, or GIT). Both proposals would eliminate itemized deductions while allowing, for all taxpayers, a credit for mortgage interest deductions and deductions for charitable contributions and health insurance. Both proposals substitute credits for personal exemptions and standard deductions. Both would allow greatly expanded tax-preferred savings plans. SIT would eliminate taxes on dividends and most capital gains from corporate stock, simplify depreciation and allow expensing (deducting costs immediately) for small business, and alter the international tax regime. GIT, as a consumption tax, would allow expensing of all investment. GIT also includes a tax on passive capital income (dividends, interest, and capital gains). Both proposals are stated to be both revenue and distributionally neutral. Because the panel uses a baseline assuming the 2001 tax cuts are permanent, both would lose revenue compared to the Congressional Budget Office (CBO) official baseline, which has the tax cuts expire as provided by current law. An additional revenue loss is expected in the long run because of the proposals for tax-deferred savings plans. These measures also cause the income tax proposal to be slightly less progressive than current law. The consumption tax proposal is likely to be significantly less progressive than current law. The plans would simplify tax filing for higher-income individuals and the self employed; lower-income taxpayers could, in some cases, have more complicated tax returns. Much simplification rests on the assumption that many minor provisions, not actually discussed, will be eliminated, an unlikely event in the case of certain provisions such as casualty losses and catastrophic medical expenses. Both plans would likely increase efficiency in the allocation of capital, but these effects would be quite small for SIT and lessened for GIT due to the tax on financial income. The SIT may magnify distortions in the allocation of capital around the world. The effects on overall economic growth would be negligible for SIT because of the limited change in marginal tax rates. Although there would be a substantial reduction in effective tax rates on new investment under GIT, the growth effects for this plan are uncertain and may be quite modest. In any case, they are not large enough to materially affect the budget outlook. The effects on economic efficiency other than in the allocation of capital are mixed: a floor under charitable deductions along with expansion to non-itemizers would contribute to efficiency, but the effects on health markets are unclear. Transition problems present difficulties; the main issue with the SIT would probably be in the loss of deductions for homeowners with large houses and mortgages. These transition problems in the SIT are minor, however, in comparison with the significant problems in the GIT arising from the loss of depreciation deductions, interest deductions, and deductions for the recovery of inventory. This report will not be updated.

Download or read book Simple Fair and Pro growth written by United States. President's Advisory Panel on Federal Tax Reform and published by . This book was released on 2006 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Advisory Panel s Tax Reform Proposals July 13 2006 written by Gravelle and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Simple Fair and Pro growth written by United States. President's Advisory Panel on Federal Tax Reform and published by . This book was released on 2006 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The official account of the advisory panel formed by Presi-dent George W. Bush to identify major problems in the U.S.Federal Tax Code and to recommend options to make the codesimpler, fairer and more conducive to economic growth. Thepanel's report was submitted to U.S. Secretary of the Trea-sury John W. Snow on Nov. 1, 2005. Chaired by Connie MackIII, the panel recommended 2 reform options: the SimplifiedIncome Tax Plan & the Growth & Investment Tax Plan.

Download or read book written by and published by . This book was released on 1973 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Report on Tax Reform Options written by and published by . This book was released on 2010 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today, the President's Economic Recovery Advisory Board (PERAB) approved its report on tax reform and sent it to the President. The PERAB report fulfills the specific mandate they were given: to discuss the pros and cons of a spectrum of reform ideas relating to tax simplification, improving compliance with existing tax laws, and reforming the corporate tax system. They were also instructed not to consider policies that would raise taxes on families making less than $250,000. The report is meant to be informative rather than prescriptive. Its intention is to aid discussion about the wide variety of tax reform ideas in these areas. The PERAB was not tasked with providing its own policy recommendations for the Administration and, of course, given the independence of the PERAB as a group of outside advisers, it is not a reflection of administration ideas under consideration. The final report approved today is an informative and important almanac of options for tax reform.

Download or read book Options for Tax Reform written by Chris R. Edwards and published by . This book was released on 2005 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: "President Bush has established an advisory panel to study federal tax reform options. The panel is headed by former senators Connie Mack of Florida and John Breaux of Louisiana. Congressional leaders, including House Speaker Dennis Hastert and Majority Leader Tom Delay, have also pledged their support for reform. Enacting a major tax reform bill will be a challenge, but the president has been remarkably successful with his tax agenda so far. Income tax rates have been reduced, dividend and capital gains taxes have been cut, and the tax rules on retirement savings vehicles have been liberalized. However, the tax system remains terribly complex and inefficient. The number of pages of federal tax rules has increased 48 percent in the past decade. The complex alternative minimum tax will hit about 35 million households by the end of the decade if not repealed. The high-rate U.S. corporate income tax is under growing pressure as global investment capital has become more mobile. This study looks at possible changes to address those problems. It identifies three goals for tax reform: simplification, efficiency, and limited government. The latter goal focuses on tax code features such as visibility and equal treatment that cultivate an understanding of the high cost of government. This study examines reform options including a flat tax, a national retail sales tax, and a savings-exempt tax in reference to those goals. It also proposes a new option: a "dual-rate income tax." This revenue-neutral option would convert the individual income tax to a two-rate system that eliminates most deductions and credits and allows nearly all families to pay tax at a low 15 percent rate. A 27 percent rate would kick in for earnings above $90,000 (single) and $180,000 (married). To promote growth, the maximum individual rate on dividends, interest, and capital gains would be 15 percent. The corporate tax rate would be dropped to 15 percent and interest made non-deductible. These changes would equalize and cut the combined top income and payroll tax rates on wages, dividends, interest, and small business income to just under 30 percent, compared with between 35 and 45 percent under current law. The dual-rate tax plan would retain the standard deduction, an expanded personal exemption, and the earned income tax credit. The plan would create a simpler and more efficient taxcode within the structure of today's system and may be just the type of tax plan that the president's advisory panel is looking for"--Cato Institute web site.

Download or read book Moving to a Territorial Income Tax written by Jane Gravelle and published by Createspace Independent Publishing Platform. This book was released on 2012-08-02 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Among potential tax reforms under discussion by Congress is revising the tax treatment of foreign source income of U.S. multinational corporations. Some business leaders have been urging a movement toward a territorial tax, which would eliminate some U.S. income taxes on active foreign source income. Under a territorial tax, only the country where the income is earned imposes a tax. Territorial proposals include the Grubert-Mutti proposal (included in President Bush's Advisory Panel on Tax Reform proposal in 2005) and, more recently, a draft Ways and Means Committee proposal and a Senate bill, S. 2091. The Fiscal Commission also proposed a territorial tax. Proposals have, however, also been made to increase the taxation of foreign source income, including S. 727, and proposals by President Obama. Although the United States has a worldwide system that includes foreign earnings in U.S. taxable income, two provisions cause the current system to resemble a territorial tax in that very little tax is collected. Deferral delays paying taxes until income is repatriated (paid as a dividend by the foreign subsidiary to its U.S. parent). When income is repatriated, credits for foreign taxes paid offset the U.S. tax due. Under cross-crediting, unused foreign tax credits from high tax countries or on highly taxed income can be used to offset U.S. tax on income in low tax countries. Some proponents of a territorial tax urge such a system on the grounds that the current system discourages repatriations. Economic evidence suggests that effect is small, in part because in normal circumstances a large share of income is retained for permanent reinvestment. Amounts held abroad may have increased, however, as firms lobbied for another repatriation holiday (similar to that adopted in 2004) that allowed firms to exempt most dividends from income on a one-time basis. Opponents are concerned about encouraging investment abroad. A territorial tax is generally not viewed as efficient because it favors foreign investment, but that increased outflow of investment is likely to have a small effect relative to the U.S. economy. Artificial shifting of profits into tax havens or low tax countries is a current problem that could be worsened under some territorial tax designs, and proposals have included measures to address this problem. Proposals also address the transitional issue of the treatment of the existing stock of unrepatriated earnings. The Ways and Means proposal would tax this stock of earnings, but at a lower rate, and use the revenues to offset losses from other parts of the plan, which would lead to a long-run revenue loss. S. 2091 has a similar approach. The Grubert-Mutti proposal does not have a specific transitional tax, but would raise revenue largely due to its disallowance of parent overhead expenses aimed at reducing profit shifting. The other two proposals also contain provisions to address profit shifting. In addition there are complicated issues in the design of a territorial tax, such as how to treat branches and dividends of firms in which the corporation is only partially owned. A number of issues arise from the ending of foreign tax credits, with perhaps the most significant one being the increased tax on royalties, which are currently subject to tax, have low or no foreign taxes, and would lose the shield of excess credits. The final section of the report briefly discusses some alternative options, including those in S.727 and in the Administration proposals. It also discusses hybrid approaches that combine territorial and worldwide systems in a more efficient way, including eliminating the disincentive to repatriate. One such approach is a minimum tax on foreign source income, which is proposed by the President in the context of current rules, but could be combined with a territorial system.

Download or read book Understanding the tax reform debate background criteria questions written by and published by DIANE Publishing. This book was released on 2005 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Designing a Tax Administration Reform Strategy written by Ms.Katherine Baer and published by International Monetary Fund. This book was released on 1997-03-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Building on previous FAD work in the tax administration field, this paper defines broad criteria for diagnosing the problems in a country’s tax administration and formulating an appropriate reform strategy. To be effective, this strategy should be based on the size of the tax gap and the country’s particular circumstances. This paper discusses some guiding principles which have provided the basis for successful reforms, including: reducing the tax system’s complexity, encouraging taxpayers’ voluntary compliance, differentiating the treatment of taxpayers by their revenue potential, and ensuring the reform’s effective management. Also discussed are specific bottlenecks that hinder the effectiveness of the tax administration’s operations.

Download or read book Tax Reform Proposals written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 1986 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Congressional Record written by United States. Congress and published by . This book was released on 1952 with total page 1414 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Congressional Record is the official record of the proceedings and debates of the United States Congress. It is published daily when Congress is in session. The Congressional Record began publication in 1873. Debates for sessions prior to 1873 are recorded in The Debates and Proceedings in the Congress of the United States (1789-1824), the Register of Debates in Congress (1824-1837), and the Congressional Globe (1833-1873)

Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.

Download or read book Member Proposals for Tax Reform written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Select Revenue Measures and published by . This book was released on 2006 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Encyclopedia of Taxation Tax Policy written by Joseph J. Cordes and published by The Urban Insitute. This book was released on 2005 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt: "From adjusted gross income to zoning and property taxes, the second edition of The Encyclopedia of Taxation and Tax Policy offers the best and most complete guide to taxes and tax-related issues. More than 150 tax practitioners and administrators, policymakers, and academics have contributed. The result is a unique and authoritative reference that examines virtually all tax instruments used by governments (individual income, corporate income, sales and value-added, property, estate and gift, franchise, poll, and many variants of these taxes), as well as characteristics of a good tax system, budgetary issues, and many current federal, state, local, and international tax policy issues. The new edition has been completely revised, with 40 new topics and 200 articles reflecting six years of legislative changes. Each essay provides the generalist with a quick and reliable introduction to many topics but also gives tax specialists the benefit of other experts' best thinking, in a manner that makes the complex understandable. Reference lists point the reader to additional sources of information for each topic. The first edition of The Encyclopedia of Taxation and Tax Policy was selected as an Outstanding Academic Book of the Year (1999) by Choice magazine."--Publisher's website.