Description and Analysis of Proposals to Replace the Federal Income Tax: Scheduled for Public Hearings Before the Committee on Ways and Means on June 6-8, 1995Distributed to some depository libraries in microfiche. |
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Page 19
... collected by the seller on the sale of the input to the purchaser . At the end of a reporting period , a taxpayer may calculate its tax liability by subtracting the cumulative amount of tax stated on its purchase invoices from the ...
... collected by the seller on the sale of the input to the purchaser . At the end of a reporting period , a taxpayer may calculate its tax liability by subtracting the cumulative amount of tax stated on its purchase invoices from the ...
Page 20
... collected in various amounts from the four stages of production . If , instead of a VAT , the jurisdiction in question levied a retail sales tax at a rate of 10 percent , the total amount of tax would also be $ 200 ( $ 2,000 sales times ...
... collected in various amounts from the four stages of production . If , instead of a VAT , the jurisdiction in question levied a retail sales tax at a rate of 10 percent , the total amount of tax would also be $ 200 ( $ 2,000 sales times ...
Page 23
... collected from all stages of production would be greater than the retail sales price of the good times the VAT rate ) . For this reason , most VAT commentators , while recognizing that exemptions may be useful in easing the ...
... collected from all stages of production would be greater than the retail sales price of the good times the VAT rate ) . For this reason , most VAT commentators , while recognizing that exemptions may be useful in easing the ...
Page 24
... collected at all prior stages and results in no tax being collected by the government . A zero rating at any level of production before the retail stage results in total government collections being the same as if no exclusions were ...
... collected at all prior stages and results in no tax being collected by the government . A zero rating at any level of production before the retail stage results in total government collections being the same as if no exclusions were ...
Page 48
... collected by the States on behalf of the Federal Government . [ Washington Post , April 20 , 1995. ) To date , no such legislation has been intro- duced . For a discussion of similar proposals , see , a paper of Laurence J. Kotlikoff ...
... collected by the States on behalf of the Federal Government . [ Washington Post , April 20 , 1995. ) To date , no such legislation has been intro- duced . For a discussion of similar proposals , see , a paper of Laurence J. Kotlikoff ...
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Common terms and phrases
accounting Added Tax administrative allowed alternative minimum tax annual apply assets bill border tax adjustments business activity business purchases business tax capital gains cash collected consumers consumption tax consumption-based tax corporate income tax cost credit-invoice method credit-invoice VAT determined discussion durable earned income economic effect employees ex ante approach ex post approach example excise taxes exemption exports filing financial intermediary financial intermediation services financial services flat tax gift tax government and nonprofit implicit fees imputed rental approach increase individual income tax inputs interest investment itemized deductions marginal tax rate ment method VAT OECD payments percent present law present value retail sales tax revenue saving social security standard deduction subject to tax subtraction method subtraction-method VAT sumption tax tax base tax liability tax receipts taxable income taxes paid taxpayer tion transition rules treatment United value added Value-Added Tax wage tax zero rating zero-rated
Popular passages
Page 31 - For purposes of this section, the term "earned income" means wages, salaries, or professional fees, and other amounts received as compensation for personal services actually rendered, but does not include that part of the compensation derived by the taxpayer for personal services rendered by him to a corporation which represents a distribution of earnings or profits rather than a reasonable allowance as compensation for the personal services actually rendered. In the case of a taxpayer engaged in...
Page 10 - There shall be allowed as a deduction the excess of the net long-term capital gain for the taxable year over the net short-term capital loss for such year...
Page 31 - ... professional fees, and other amounts received as compensation for personal services actually rendered, but does not include that part of the compensation derived by the taxpayer for personal services rendered by him to a corporation which represents a distribution of earnings or profits rather than a reasonable allowance as compensation for the personal services actually rendered.
Page 10 - Present Law In general, gain or loss reflected in the value of an asset is not recognized for income tax purposes until a taxpayer disposes of the asset. On the sale or exchange of capital assets, the net capital gain is...
Page 10 - Capital losses generally are deductible in full against capital gains. In addition, individual taxpayers may deduct capital losses against up to $3,000 of ordinary income in each year. Any remaining unused capital losses may be carried forward indefinitely to another taxable year. A capital asset generally means any property except (1) inventory, stock in trade, or property held primarily for sale to customers in the ordinary course of the taxpayer's trade or business, (2) depreciable or real property...
Page 10 - In addition, the net gain from the disposition of certain property used in the taxpayer's trade or business is treated as long-term capital gain. Gain from the disposition of depreciable personal property is not treated as capital gain to the extent of all previous depreciation allowances. Gain from the disposition of depreciable real property is generally not treated as capital gain to the extent of the depreciation allowances in excess of the allowances that would have been available under the...
Page 11 - Alternative minimum taxable income (AMTI) is the taxpayer's taxable income increased by certain tax preferences and adjusted by determining the tax treatment of certain items in a manner which negates the deferral of income resulting from the regular tax treatment of those items.
Page 64 - National saving is generally divided into private saving and public saving. Private saving is comprised of household or personal saving and business saving. Households save by not spending all of their disposable income (ie, after-tax income). Businesses save by retaining some of their earnings. Public saving reflects the extent to which the Federal, State, and local governments run budget surpluses or deficits.
Page 7 - Alimony and separate maintenance payments, annuities, and income from life insurance and endowment contracts in general constitute gross income, unless excluded by law. Annuities paid by religious, charitable...
Page 31 - Secretary or his delegate, a reasonable allowance as compensation for the personal services rendered by the taxpayer, not in excess of 30 percent of his share of the net profits of such trade or business, shall be considered as earned income.