Since the Administration is not going to simplify the tax code, it might as well push for allowing individuals a tax deduction on the premiums paid for health insurance plans that have Health Savings Accounts.
It leads to tax bracket creep for individuals increasing their tax rates in addition to the total tax amount.
As the end of 2011 draws near, individuals and tax professionals start planning ahead for the annual return preparation ritual.
Even while excluding most support for religious schools, the Court has raised no objections to individuals getting tax breaks for donating money to their churches or synagogues (which in turn support schools).
The disagreement here now seems to be that he believes that the savings from that action, the savings from closing those loopholes, should be funneled back to the wealthiest individuals in tax cuts.
Instead, they should not only make Health Savings Accounts available to uninsured individuals but also amend the tax code to give individuals the same breaks that corporations have enjoyed since World War II.
The idea of long-term tax planning is essentially impossible, since individuals, circumstances and tax laws change with frequency.
However, if policymakers were serious about reducing the number of uninsured, they could immediately make individual healthcare more affordable for individuals by making insurance policies 100% tax deductible for individuals (as it is for employers who provide it to their employees).
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It would do it in a way that asks folks to play by the same rules, that says we should close loopholes in our tax code that allow wealthy individuals or corporations to enjoy tax benefits that average folks and average businesses don't enjoy.
Why was it good policy back in December to eliminate special interest tax breaks for the wealthiest individuals and large corporations, tax breaks, advantages in the tax code that regular folks don't get and small businesses don't get -- why was it good policy then in the name of deficit reduction but not now?
Generally states want to tax individuals on what they earn in that state.
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Since most small businesses are flow throughs with individuals paying the tax, the inconsistencies can only make you come out behind.
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Corporate income taxes are just passed on to consumers anyways, so it makes more sense to tax individuals rather than businesses whenever possible.
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In addition, wealthy individuals avoid this tax by either matching gains with losses, or simply not selling an asset whose value has gone up.
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But here is the most important truth, the wealthy, defined as the top 1% of earners, as individuals saw their tax payments in absolute dollars go up!
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In the latter case, when no one was looking a couple of staffers reportedly inserted a wildly controversial provision affording heretofore unimaginable congressional access to individuals' IRS tax returns.
When you have a change in the House like this, can that affect individual companies or even individuals: the tax breaks they get, the subsidies they get or that they lose?
Quite unlike taxes on income that are paid no matter what, with a consumption tax individuals would be able to limit the amount of money handed to the government by virtue of spending less.
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The highest tax rate for individuals and businesses in Iraq's incoming income tax code will be a mere 15%.
The speculation is that Mr Bush will push for tax breaks for businesses and a tax rebate for individuals, but will not insist on extending his tax cuts.
Every year, Congress renews a series of tax breaks for individuals and specific industries, making temporary features of the tax code into a seemingly permanent fixture.
As of October 15, 2010 there is no Illinois estate tax for individuals dying in 2010.
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Irrevocable trusts enable individuals to avoid estate tax on more than the exemption equivalent amount of property.
Opponents argue that imposing a tax on individuals who refuse health coverage will eventually raise overall taxes.
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Hmm, yes, but: the number of individuals who file income tax returns is around the 140 million number.
This is on top of the current 15% payroll tax, and in addition to a new 2.5-percentage point tax on individuals who don't buy health insurance.
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And economists will tell you that the payroll tax cut has that effect for individuals, that the employer-side payroll tax cut for small businesses has that.
By contrast, individuals who expect their tax rate to be lower in retirement are better off with a conventional 401(k) that delays the payment of taxes.
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