Suggestions for simplification federal income taxation
Article Abstract:
The US income tax system in place in 1923 is unduly complex and could be simplified by addressing a number of issues. While a graduated system that imposes a higher rate on greater incomes is not problematic, disguising the graduation through the use of surtaxes is unnecessary. The lower rates enacted for capital gains under the Act of 1921 make an unwarranted distinction between earned and unearned income. The limitations placed losses from the sale and repurchase of securities also add an unwarranted level of complexity.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
Effect of the Taxpayer Relief Act of 1997 on Code sec. 1031 tax-deferred exchanges
Article Abstract:
Changes made by the Taxpayer Relief Act of 1997 did not change taxpayers' preference for IRC section 1031 tax-free exchanges rather than sales or installment sales combined with purchases. Detailed analysis and examples demonstrate why this preference exists. Section 1031 exchanges must meet certain time requirements which should be examined in advance to be sure the statutory benefits are realized.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: The usefulness of the statement of cash flows: evidence from New Zealand analysts. Obtaining purchase predictions via telephone interviews
- Abstracts: Impact of the Taxpayer Bill of Rights 2 on exempt organizations. What you can do if you can't pay your tax bill
- Abstracts: Transfer pricing and formulary apportionment. Transfer pricing analysis of global trading operations and procedural alternatives