The president has been talking about individual income tax reform for several years.
If the president were to push through a Simpson-Bowles type income tax reform he could rightly claim he just forced the rich to pay higher taxes.
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.
FORBES: The Equality Of Reaganomics, And Fallacious Leftist Dissent
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.
FORBES: Gingrich, The Gold Standard, And The Florida Primary
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.
FORBES: President Obama Offers A Repeat Of His Same Failed Policies
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.
FORBES: The Equality Of Reaganomics, And Fallacious Leftist Dissent
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.
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.
FORBES: The Equality Of Reaganomics, And Fallacious Leftist Dissent
The Reagan tax reform essentially ended income taxes for the lower half of earners.
FORBES: The Proper Post-Election Agenda: Cut Spending, Then Taxes
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.
FORBES: The Equality Of Reaganomics, And Fallacious Leftist Dissent
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%.
FORBES: Thoughts On The Recently Completed Debt-Ceiling Agreement
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.
Since proposing his 2012 budget, the president has laid out three goals: He wants to reform the corporate income tax, but in a way that raises no more money than the current code.
FORBES: Do The Math: Obama Can't Cut The Deficit By Soaking The Rich
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.
In the Tax Reform Act of 1986, President Reagan reduced the federal income tax rate for middle and moderate income earners all the way down to 15%.
FORBES: Reaganomics Vs. Obamanomics: Fallacies Offered By The Left
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.
FORBES: With Lame Fiscal Cliff Deal, Congress Can't Even Kick The Can Right
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.
FORBES: The Real Truth Behind The 47 Percent - Why Aren't These People Paying Federal Income Taxes?
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.
The most permanent tax reform we can undertake, though, is to end the income tax and abolish the IRS. We could remove the entire personal income tax-funded portion of the budget and the federal government would still receive roughly the same revenues that it did during the Clinton years.
We also asked Mr Hawksworth to estimate what impact such a reform would have on income-tax payers.
ECONOMIST: The Conservatives toy with a politically risky idea
Those issues are just one more compelling argument for comprehensive tax reform that simplifies the federal income tax.
FORBES: Marriage, Children, Tax Credits, And The Alternative Minimum Tax
Ohio legislators have filed measures to reform or restrict certain local income tax authorities that penalize production or city earnings in the Buckeye State.
FORBES: Forget The Feds, What's Your State's Plan To Prevent A Fall From Its OWN Fiscal Cliff?
应用推荐