Residency, citizenship shape rates; foreign status
Article Abstract:
An individual's income and transfer tax liabilities are significantly affected by his status as a citizen, resident or non-resident of the United States. In general, non-resident aliens have no income tax liability for income from foreign sources. Income from US sources is taxed at a flat rate by a source withholding tax. Income-producing assets situated abroad are likewise not used in computing estate tax liability for non-resident aliens. Certain US-source income on which no income tax is levied can be used in computing the estate tax of a non-resident alien.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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Recent legislation offers opportunities for tax and retirement planning in 1997, and the Clinton administration's budget proposes another set of changes
Article Abstract:
Legislation passed in 1997 gives many chances for retirement planning and tax saving which should be considered when figuring out 1997 taxes and making personal finance choices for the coming year. The changes influence such areas as health insurance, individual retirement accounts, S corporations, and proposed capital gains tax relief for homeowners. There are also proposed education tax breaks. All are listed and detailed.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1997
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A tax code we can understand and live with
Article Abstract:
A consumption tax would discourage tax evasion and would encourage saving. Such a tax reform plan would include a 10% flat tax on all income exceeding a base amount , a 10% federal sales tax on all consumer goods other than necessities, and a progressive flat tax on income over a varying amount, based on sales tax receipts and revenue needs. This 10% would remain constant and boast simplicity and ease of explanation.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1997
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