In addition, in calculating the tax, deductions and exemptions were not included, and the current tax tables were used throughout.
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Second, the code is riddled with special tax deductions, credits and exemptions, which make it both fiendishly complicated and economically inefficient.
Indeed, any number of studies and proposals including Simpson-Bowles suggest that we could actually lower tax rates for all Americans if we are prepared to place meaningful limits on tax deductions, credits and exemptions.
And so what I do is I bring down the tax rates, lower deductions and exemptions -- the same idea behind Bowles-Simpson, by the way.
This would raise the top marginal federal tax rate back to roughly 47% or 48%, if you include the Medicare tax and the phase-out of certain deductions and exemptions.
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Like all Republicans, he did little to take out the massive welfare state of tax exemptions and deductions upon which many industries depend.
The tax code rewrite was designed to shift exemptions, deductions, investment gains and losses around to allow the tax rate to be reduced at the upper end with each of the rate categories on their own being revenue neutral.
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America's tax system is riddled with exemptions, deductions and credits that feed an industry of advisers but sap economic energy.
The President is subject to the tax in both years, rendering the phase-out of his itemized deductions and personal exemptions moot because it is his AMT taxable income that will drive his tax liability, and neither the PEASE nor PEP limitation ultimately influence this computation.
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So, why does President Obama continue to favor a tax increase for the wealthy rather than capping their deductions and exemptions?
State tax tables, along with the incentives, deductions, conversions and exemptions, should become more mindful of these looming consumer trends.
So even though the rate is high, companies can enjoy a low effective tax rate by using various credits, deductions, exemptions, and other preferences.
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They include the new 3.8% investment income tax, the new phaseout of personal exemptions and itemized deductions, the deductibility of medical expenses, casualty losses and miscellaneous deductions, and certain tax credits.
Statutory rates were too high, and deductions and exemptions too many, to make either tax collections efficient or economic activity optimal.
But, as we learned in 1986 with the Reagan administration, the only way to lower tax brackets is by taking away treasured exemptions, exclusions, deductions and credits.
Reducing the number of people on the planet could be achieved in part by eliminating the subsidies for children that exist is some developed countries, such as the exemptions, deductions and credits in the American tax code.
You may be entitled to personal exemptions, deductions, and credits that can lower your tax.
The tax code of the 1950s allowed upper-income Americans to take exemptions and deductions that are unheard of today.
The special provisions under which this subsidy apparatus functions take a variety of forms, covering exclusions from income, exemptions, deductions, credits against tax, preferential rates of tax, and deferrals of tax.
Our own Steve Forbes has argued that one way to clean up the tax code and expose hidden taxes is through the adoption of a federal "flat" tax, a single rate for individuals and business that would eliminate most of the deductions and exemptions now in place.
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