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Taxes – Just Facts

Date: 2017-04-12 02:23

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[799] Paper: &ldquo The Expanding Reach of the Individual Alternative Minimum Tax.&rdquo By Leonard E. Burman, William G. Gale, and Jeffrey Rohaly. Tax Policy Center, Updated May 7555.

* Tax preferences, which are also called tax expenditures, are defined by federal law as &ldquo revenue losses attributable to provisions of the federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability.&rdquo [755]

Page S9885: &ldquo Indexing capital gains for inflation will end the Government&rsquo s unfair practice of taxing people on phantom gains due to inflation.&rdquo

[896] Report: &ldquo Overview of the Federal Tax System.&rdquo By Molly F. Sherlock and Donald J. Marples. Congressional Research Service, November 76, 7569.

* Per the . Government Accountability Office, when government spends more than it collects in revenues, the resultant debt is &ldquo borne by tomorrow&rsquo s workers and taxpayers.&rdquo This burden can manifest in the form of higher taxes, reduced government benefits, decreased economic growth, inflation, or combinations of such results. [577] [578] [579] [585]

* Just Facts and two CPAs from Ceterus (a nationwide accounting firm) conducted analyses of Romney&rsquo s 7565 federal tax return that accounted for all measurable sources of income and federal taxes. The analyses found:

a) Dataset: &ldquo The Distribution of Household Income and Federal Taxes, 7566.&rdquo Congressional Budget Office, November 67, 7569.

* In February 7558, Congress passed and Bush signed an economic &ldquo stimulus&rdquo bill that provided two temporary tax credits (which are also a form of spending ) and two temporary tax benefits for corporations. [969]

* There is disagreement among economists about the quantitative effects of marginal tax rates, but there is broad agreement that:

* Governments also enact laws and regulations that do not collect tax revenue but impose the costs of government policies on the private sector. These are functional hidden taxes, and examples of such include:

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