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Capital gains tax rates were significantly increased in the 1969 and 1976 Tax Reform Acts. In 1978, Congress eliminated the minimum tax on excluded gains and increased the exclusion to 60%, reducing the maximum rate to 28%. The 1981 tax rate reductions further reduced capital gains rates to a maximum of 20%.
The Virginia Plan (also known as the Randolph Plan or the Large-State Plan) was a proposed plan of government for the United States presented at the Constitutional Convention of 1787. The plan called for the creation of a supreme national government with three branches and a bicameral legislature. The plan was drafted by James Madison and ...
The Tax Reform Act of 1986 was the top domestic priority of President Reagan's second term. The act lowered federal income tax rates, decreasing the number of tax brackets and reducing the top tax rate from 50 percent to 28 percent. The act also expanded the earned income tax credit, the standard deduction, and the personal exemption, removing approximately six million lower-income Americans ...
Virginia Gov. Glenn Youngkin is sending out tax rebate checks to qualified residents, just days before the state’s 2023 General Assembly elections.
Trade associations representing hundreds of companies that do business in Virginia have come out swinging against a proposal to expand the state sales tax to cover digital goods, something ...
The Virginia Tax Review (VTR) is one of the oldest student-run law journals at the University of Virginia School of Law, and is the only journal at the Law School to deal exclusively with tax and corporate topics.
The Virginia Department of Taxation is the executive branch agency of the state government responsible for taxation in the state of Virginia in the United States.
The alternative minimum tax ( AMT) is a tax imposed by the United States federal government in addition to the regular income tax for certain individuals, estates, and trusts. As of tax year 2018, the AMT raises about $5.2 billion, or 0.4% of all federal income tax revenue, affecting 0.1% of taxpayers, mostly in the upper income ranges. [1] [2]