So U.S. companies doing business in Japan were stuck paying excess tax (tax in excess of the U.S. rate) unless they were able to use the extra foreign tax to offset U.S. tax on other foreign income.
Many supporters of a carbon tax would offset the added revenue by cutting other taxes.
Tax expenditures distort our official data by reducing government tax revenues in the official scorekeeping, rather than being recorded in a manner consistent with their substance, as additional tax collections offset by government spending programs.
Such a tax could be offset against, say, income tax, so that taxpayers were no worse off overall.
But until 2005, this foreign tax credit could offset only 90% of the alternative minimum tax they owed.
Discussing her tax-cut proposal, Oklahoma Governor Mary Fallin said the reduction in personal income tax will help offset the loss residents saw with the rise in the federal payroll tax.
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Foreigners are attracted chiefly by Malta's tax system, which allows income tax on dividends to be offset against corporate tax, reducing the effective tax rate on dividends from 35% to 5%.
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As reported on May 2 in a Forbes.com article, " Rich College Kids: Take A Tax Hike, " Congress wants children and college students who come from wealthier families to pay more taxes to offset tax breaks given to small businesses.
One year tax credits were able to offset the alternative minimum tax in the annual fix passed by Congress.
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In the legislation, the kiddie tax is considered to be an offset provision for tax breaks given to small businesses, but there is more to the story.
Refundable tax credits would offset the regressivity of the VAT for those with low incomes.
Cuts in corporation tax will be offset by a number of extra business costs.
Even if appropriators would accept that, which is unlikely, it is against the rules to use cuts in appropriations to offset tax cuts.
Congress is also cooking up an alphabet soup of tax measures to offset some of the outlays, and how it turns out is anyone's guess.
When the Fidelity Charitable Gift Fund surveyed 500 financial advisors in May, one in four predicted clients would increase charitable giving (and hence charitable deductions) to offset tax hikes.
Also disappeared from the landscape are the big tax-equity investors such as Lehman Brothers and hedge funds that underwrote windmill construction to capture their favorable tax credits to offset other gains.
The U.S. government generally gives companies operating in foreign countries a tax credit to offset the foreign taxes paid, so the companies are not taxed twice on the same foreign income.
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The mandate could be replaced with a refundable tax credit for the purchase of health insurance, though you would need significant new tax revenues to offset the cost of the credit.
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Some employers can use new insurance exchanges created by the law to shop for coverage, while the smallest businesses will receive tax credits to offset the cost of covering lower-wage workers.
And we create incentives for all Americans to save now for future and long-term health care needs by improving health savings accounts and flexible spending arrangements and creating new tax benefits to offset the costs of long-term care premiums.
Boehner repeated his past assertion that the GOP-led House has offered proposals to replace the forced spending cuts while the Democratic-led Senate has not, as well as his party's opposition to any increased tax revenue to offset the forced spending cuts.
Forget for a moment that shipping costs often offset tax advantages for so-called remote sellers, that because of convenience and ease the Internet also creates extra commerce that would not otherwise occur and that this, in turn, creates jobs and thereby tax revenue for governments.
The wiki goes on to show examples of how it works when you invest a single sum, covers topics such as using a loss from one tax lot to offset the capital gains from another, donating low basis shares to a charity, and how the stepped-up cost basis works at death.
The increase in other federal government tax revenue would more than offset the decline in the estate tax portion of the estate and gift tax.
These tax credits are used to offset the U.S. income tax on foreign income.
The Ryan plan would cut the top individual and corporate tax rates to 25 percent and offset the cost by curbing tax deductions, credits, and exclusions.
As the Tax Policy Center demonstrated, there simply are not enough deductions to eliminate in order to offset the gross tax savings resulting from a reduction in the top rate to 28%.
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"It is alleged that, between January 1, 2002 and July 1, 2011, a tax relief that allows investors in the British film industry to offset losses against other tax liabilities was abused and dishonestly marketed in order to cheat the public revenue, " Mr Penhale added.
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