The most important change is that the much lower individual income tax rates after tax reform, from a top rate of 70% when Reagan entered office to 28% after the reform, caused billions in business income to switch from corporate tax returns to individual tax returns as subchapter S corporations, partnerships, LLCs (limited liability partnerships), and proprietorships.
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All the candidates agree on the need to repeal ObamaCare and Dodd-Frank, to reduce the regulatory burden on American business and to cut corporate and personal income tax rates through tax reform.
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Mr Putin had plenty on his plate already: his government is trying to push a radical income-tax reform through parliament, decide on an economic policy and restore central authority over Russia's 89 regions and republics.
Similarly, after Reagan cut income tax rates across the board by 25% in 1981, and then adopted the 1986 tax reform reducing the top income tax rate from 70% when he entered office all the way down to 28%, the economy boomed throughout the 1980s, and federal revenues doubled, despite the rate cuts.
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Germany's Gerhard Schrder understands this: hence the brave income and capital gains tax reform proposals he announced in December and continues to fight for.
Moreover, most income from executive stock options is now reported as W-2 wage income, while before tax reform it was reported as capital gains when exercised.
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The Bush Tax Cuts should be continued until we reform our entire income tax system to remove all preferences and loopholes in return for lower tax rates.
Romney proposes revenue neutral tax reform that would lower all personal income tax rates by 20%, and reduce the corporate tax rate to 25% from 35%.
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The momentum continued for the rest of the decade, fueled by the 1986 tax reform that lowered the top marginal income tax rate to 28%, allowing America to employ the millions of late baby boomers, women and immigrants who sought jobs.
The 2010 Deficit Commission, Congress and current administration want fundamental tax reform, closing tax loopholes and lowering income tax rates.
And of course it is trebly true of the cut in the top rate of income tax, the accelerated reductions in corporation tax and the reform of taxation for multinationals based here (the controlled foreign company rules).
At the same time, after tax reform investment income of the more middle income workers was increasingly not counted because a rising share of that income was held in IRAs or 401(k)s, and so not reported on income tax returns.
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The Reagan tax reform essentially ended income taxes for the lower half of earners.
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Another important change is that until the 1986 tax reform, interest income on the trillions in municipal bonds was not required to be reported on individual tax returns.
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Republicans and Democrats actually agreed, for a brief period, on a plan for major tax reform that would eliminate many deductions and reduce top income tax rates to the neighborhood of 26%.
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The main components that still have to be put in place are the income tax portion of the comprehensive tax reform package -- with that we should be graduating from the IMF.
The Tax Reform Act of 1986 was a massive reboot of the income tax system.
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Whether America adopts a broader-based income tax with lower rates, or a VAT, or any serious tax reform, depends more on politics than economics.
On top of that, high-income households will pay another 3.8 percent tax on investment income starting this year under the 2010 health reform law.
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The oft-repeated objection is that tax reform benefits high-income taxpayers at the expense of low-income taxpayers.
Passed in 1975 by a Democratically controlled Congress and signed into law by a Republican president, the Earned Income Tax Credit was borne out of welfare reform efforts of the early 1970s.
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He has effectively adopted Paul Ryan's agenda as his own: big immediate cuts in spending, a dramatic cut in the top rate of income tax to 28% and a bold reform of Medicare for those 55 and under.
However, in light of the distinct possibility that tax reform could raise individual income tax rates in 2013 it may be prudent for corporations to deduct a bonus in 2012 and for individuals to recognize the income in 2012.
We also asked Mr Hawksworth to estimate what impact such a reform would have on income-tax payers.
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Those issues are just one more compelling argument for comprehensive tax reform that simplifies the federal income tax.
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Ohio legislators have filed measures to reform or restrict certain local income tax authorities that penalize production or city earnings in the Buckeye State.
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Mr Cameron also used his speech to hail progress on welfare reform, immigration and cutting income tax, saying the coalition government programme of "national renewal" was on track.
States with big energy production, like Louisiana and Oklahoma, also have another reform option: replacing the income tax with revenues from oil and gas extraction taxes, drilling leases and royalty payments.
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