Author: United States. Congress. Joint Committee on Internal Revenue TaxationPublisher:
ISBN:
Category : Revenue
Languages : en
Pages : 20
Book Description
Estimates of Federal Tax Expenditures
Author: United States. Congress. Joint Committee on Internal Revenue TaxationPublisher:
ISBN:
Category : Revenue
Languages : en
Pages : 20
Book Description
Tax Withholding and Estimated Tax
Author: Publisher:
ISBN:
Category : Tax revenue estimating
Languages : en
Pages : 56
Book Description
Effects of the Federal Estate Tax on Farms and Small Businesses
Author: United States. Congressional Budget OfficePublisher:
ISBN:
Category : Family farms
Languages : en
Pages : 60
Book Description
General Explanation of Tax Legislation Enacted in ...
Author: Publisher: Government Printing Office
ISBN:
Category : Law
Languages : en
Pages : 652
Book Description
JCS-5-05. Joint Committee Print. Provides an explanation of tax legislation enacted in the 108th Congress. Arranged in chronological order by the date each piece of legislation was signed into law. This document, prepared by the staff of the Joint Committee on Taxation in consultation with the staffs of the House Committee on Ways and Means and the Senate Committee on Finance, provides an explanation of tax legislation enacted in the 108th Congress. The explanation follows the chronological order of the tax legislation as signed into law. For each provision, the document includes a description of present law, explanation of the provision, and effective date. Present law describes the law in effect immediately prior to enactment. It does not reflect changes to the law made by the provision or subsequent to the enactment of the provision. For many provisions, the reasons for change are also included. In some instances, provisions included in legislation enacted in the 108th Congress were not reported out of committee before enactment. For example, in some cases, the provisions enacted were included in bills that went directly to the House and Senate floors. As a result, the legislative history of such provisions does not include the reasons for change normally included in a committee report. In the case of such provisions, no reasons for change are included with the explanation of the provision in this document. In some cases, there is no legislative history for enacted provisions. For such provisions, this document includes a description of present law, explanation of the provision, and effective date, as prepared by the staff of the Joint Committee on Taxation. In some cases, contemporaneous technical explanations of certain bills were prepared and published by the staff of the Joint Committee. In those cases, this document follows the technical explanations. Section references are to the Internal Revenue Code unless otherwise indicated.
An Overview of Tax Provisions Expiring In 2012
Author: Margot L. Crandall-hollickPublisher: Createspace Independent Pub
ISBN: 9781481041515
Category : Political Science
Languages : en
Pages : 36
Book Description
A number of tax provisions either expired in 2011 or are scheduled to expire at the end of 2012. These include the following: The Bush tax cuts, which reduced income taxes by reducing tax rates, reducing the marriage penalty, repealing limitations on personal exemptions and itemized deductions (PEP and Pease, respectively), expanding refundable credits, and modifying education tax incentives. The Bush tax cuts also reduced estate tax liabilities by increasing the amount of an estate exempt from taxation and by lowering the tax rate; The alternative minimum tax (AMT) patch, which, by increasing the amount of income that is exempt from the AMT and allowing certain personal credits against the AMT, prevents an estimated 26 million additional taxpayers from owing the AMT; The payroll tax cut, which reduced an employee's share of Social Security taxes by two percentage points; A variety of previously extended temporary tax provisions, commonly referred to as “tax extenders,” which affect individuals, businesses, charitable giving, energy, community development, and disaster relief. As Congress decides whether to extend these provisions, it may consider the estimated revenue losses associated with their extension. The Congressional Budget Office (CBO) estimated that extending these provisions through 2022, except for the payroll tax cut, which CBO assumes expires as scheduled at the end of 2012, would reduce revenues by $5.4 trillion between 2013 and 2022. Specifically, over this 10-year budgetary window extending the Bush tax cuts and extending the AMT patch would reduce revenues by $4.6 trillion, while extending the tax extenders would reduce revenues by $839 billion. The cost of extending the payroll tax cut for one year (2012) was estimated to be $114 billion over the 2012-2022 budgetary window. In addition to budgetary cost, Congress may also consider other factors when evaluating tax policy. For example, when considering extending the Bush tax cuts, policy makers might consider that the majority of the benefits of this policy accrued to the top 20% of taxpayers. They might also evaluate the potential contractionary impact the expiration of these cuts in 2013 may have on the economy, especially since both the scheduled expiration of the payroll tax cut and the enactment of budget cuts as part of the Budget Control Act (P.L. 112-25) are scheduled to go into effect at the same time. Similarly, Congress may examine the cost effectiveness of the payroll tax cut. According to CBO, the short-term stimulus impact of the payroll tax cut is lower than increasing aid to the unemployed or providing additional refundable tax credits to low- and middle-income households, but more stimulative than extending the Bush tax cuts. Finally, Congress may weigh the lower budgetary costs of short-term extensions of tax extenders against the unpredictability for taxpayers that can arise from short-term extensions. In past years, Congress has extended expiring provisions en masse in one legislative vehicle. In the 112th Congress, Members have considered legislation to extend certain provisions, including S. 3412, S. 3413, and H.R. 8, which extend some or all of the Bush tax cuts and the AMT patch. In addition, the Senate may consider S. 3521, which extends certain temporary expiring provisions.
Medical and Dental Expenses
Author: Publisher:
ISBN:
Category : Income tax deductions for medical expenses
Languages : en
Pages : 20
Book Description
U.S. Tax Guide for Aliens
Author: Congressional Record
Author: United States. CongressPublisher:
ISBN:
Category : Law
Languages : en
Pages : 1452
Book Description
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)
Farmer's Tax Guide
Author: Revenue Effects of Major Tax Bills
Author: TempalskiPublisher: CreateSpace
ISBN: 9781505607208
Category :
Languages : en
Pages : 24
Book Description
Since the federal income tax was significantly expanded in 1940, several dozen major tax bills have been enacted. Inevitably, discussions (and disagreements) have arisen concerning the relative size of the bills effects on federal revenues.This paper uses revenue estimates from Treasury and the Joint Committee on Taxation to compare the relative size of the revenue effect of the major tax bills enacted after 1939 using four different measures. An appendix provides a short list of the major provisions in the bills.