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The Tax Equity and Fiscal Responsibility Act of 1982 ( Pub. L. 97–248 ), [ 1] also known as TEFRA, is a United States federal law that rescinded some of the effects of the Kemp-Roth Act passed the year before. Between summer 1981 and summer 1982, tax revenue fell by about 6% in real terms, caused by the dual effects of the economy dipping ...
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]
RICHMOND, Va. (AP) — 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 ...
Signed into law by President Ronald Reagan on November 10, 1988. The Technical and Miscellaneous Revenue Act of 1988 (TAMRA) ( Pub. L. 100–647) made corrections to the Tax Reform Act of 1986 and the Revenue Act of 1987. For example: The 1986 Act introduced the "Kiddie" tax, taxing children under 14 on part of their unearned income at their ...
The main question behind this issue stems into three different approaches. First, federal spending should be neutral, meaning federal taxation should roughly equal expenditures. Second, it should be redistributive, meaning rich states should be taxed most heavily and poorer states should receive more benefits.
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. It is consistently one of the most influential tax law journals, alongside the Tax Law Review and the Florida Tax Review. [1]
Virginia Plan. 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.
v. t. e. Tax reform is the process of changing the way taxes are collected or managed by the government and is usually undertaken to improve tax administration or to provide economic or social benefits. [1] Tax reform can include reducing the level of taxation of all people by the government, making the tax system more progressive or less ...