Gene Steuerle has helped developed ways to make the tax preference for charitable giving more efficient.
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So, why not simply eliminate the tax preference for 401(k) plans in the U.S. and raise a trillion dollars of revenue over the next decade?
FORBES: Tax Subsides for 401(k)'s Work, But Not for the Reasons You May Think
He eliminates the tax preference that currently exists for employer-sponsored insurance.
Last week, I wrote about the danger of drawing the conclusion that tax incentives do not matter and that we should therefore look to eliminate the tax preference for retirement saving.
FORBES: Why Retirement Plan Tax Preferences are Not as Expensive as You Might Think
As a result of the tax preference for munis, the federal government not only forgoes the revenue that it would otherwise be collecting from the interest income, but more importantly, it effectively subsidizes greater spending and debt by state and local government agencies.
FORBES: For the Sake of Tax Reform, The Muni Bond Exemption (and State Tax Deduction) Must Go
For such stock, no portion of the exclusion is treated as a tax preference item for purposes of the alternative minimum tax.
The new law even eliminates the alternative minimum tax preference for these sales.
Without carefully and objectively evaluating the pros and cons of each existing tax preference, bad economic (and political) outcomes may ensue if the good is tossed out with the bad.
FORBES: Tough Politics Are the Barriers To True Tax Simplification
He was also talking about some of the other provisions that we've set out in terms of hedge fund managers, who through a provision, a tax preference in the law, are allowed to have their income, which is designated income from their labor, be taxed at a capital gains rate -- called carried interest.
Although qualifying ISO dispositions can be reported as long-term capital gains on the 1040, the bargain element at exercise is also a preference item for the Alternative Minimum Tax.
Giving cap gains a tax preference for risk investing is one of the smartest things the U.S. has done during the last 40 years.
With the mortgage interest deduction in place, both sources of housing finance, debt and equity, get a tax preference.
FORBES: How Much Money Would Dropping The Mortgage Interest Deduction Raise? Less Than People Think
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