Taft, passed the new income tax law in 1909.

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This may sound dry and technical, but the OECD wants all nations to participate in this pact, which has existed for a couple of decades but was radically expanded last year to give high-tax governments sweeping new powers to impose bad tax law on income generated in low-tax jurisdictions.

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Together with cuts in federal corporate income tax and a new capital-markets law that improved corporate-governance standards, this lifted Mexico 19 places to 43rd (out of 175 countries) in the World Bank's latest annual survey on the ease of doing business around the world.

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The New Jersey Gross Income Tax Act does not follow federal law regarding carry-forward and carry-back losses and the loss on the 2008 New Jersey individual income tax return can only be netted against gains or income reported in the category Net gains or income from disposition of property.

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Shadow Welsh Secretary Owen Smith, who has previously been cautious about Wales acquiring income tax powers, said Labour wanted a new law to implement the Silk commission to give the Welsh government "desperately needed" borrowing powers.

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With individual income taxes, this new law, thankfully, made some tax rules permanent (until Congress gets around to tax reform).

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The new law penalizes marriage and for many upper-middle income families may boost federal marginal tax rates well above 40%.

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Also on the table: ending agriculture subsidies, increasing the gas tax, taxing capital gains and interest as ordinary income, reducing some of the spending in the new health care law and freezing pay for government workers.

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