On July 14th, the IRS held a public hearing for the debt-equity rule (section 385 of the IRS code) that the Treasury Department proposed last April. The hearing, which had as many as 16 speakers from various industries,...
- Record High Progressivity of Federal Income Taxes
Record High Progressivity of Federal Income Taxes
Key Findings Since the enactment of the federal income tax in 1913, interest on state and local bonds has been excluded from taxation. However, the original reason for this exclusion – concern about the constitutionality of taxing the...
Key Findings: Rep. Jim Renacci’s (R-OH) tax plan would reform the individual income tax code and replace the corporate income tax with a 7 percent value-added tax. The congressman’s plan would reduce federal revenues by $845...
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