• deduction
  • There's a new kind of college tax credit/deduction as well as tax subsidies for long-term care expenses, health insur-ance credits, still another type of retirement savings vehicle, a new adjustment for certain charitable donations for nonitemizers, different standard deductions for two-earner couples versus one-earner couples, and so on. (prospect.org)
  • Reform
  • Even odder is the fact that Bill Clinton, after presiding over the most progressive tax reform in two decades, would name Peterson as one of his ten appointments to the newly formed Bipartisan Commission on Entitlement and Tax Reform. (prospect.org)
  • For all the partisan polemics and chest-thumping about "radical reform" there is little disagreement on this basic point: the federal tax burden should fall mainly on work. (schalkenbach.org)
  • concept
  • The concept of taxing income is a modern innovation and presupposes several things: a money economy , reasonably accurate accounts , a common understanding of receipts, expenses and profits , and an orderly society with reliable records. (wikipedia.org)
  • Practices such as tithing , or an offering of first fruits , existed from ancient times, and can be regarded as a precursor of the income tax, but they lacked precision and certainly were not based on a concept of net increase. (wikipedia.org)
  • In concept, the tax would spare the earnings of the working person and productive entrepreneur, and fall on unearned gains that arose from land and resources or the exercise of monopoly power in all its subtle forms. (schalkenbach.org)
  • rates
  • But few analysts were willing to admit the obvious: Bush's plans to reverse the tight fiscal policies of the Clinton years with big upper-income tax cuts and hugely expensive privatization of Social Security have made Alan Greenspan and the Federal Reserve more reluctant to cut interest rates. (prospect.org)
  • The tax rate may increase as taxable income increases (referred to as graduated or progressive rates). (wikipedia.org)
  • 1. Section 178 Finance Act 1989 and Statutory Instrument SI 1989 No. 1297 entitled The Tax (Interest Rate) Regulations 1989 lay down the procedures and formulae for calculating and amending Inland Revenue interest rates. (accountancyage.com)
  • rate
  • Income tax generally is computed as the product of a tax rate times taxable income. (wikipedia.org)
  • The tax rate under normal circumstances was 1% and sometimes would climb as high as 3% in situations such as war. (wikipedia.org)
  • The rate of interest charged on overpaid income tax, capital gains tax, stamp duty and stamp duty reserve tax (repayment supplement) has increased from 3 per cent to 4 per cent. (accountancyage.com)
  • The rate of interest on late payment of Income Tax on Company Payments which became due on or after 14 October 1999 has increased from 7.5 per cent to 8.5 per cent. (accountancyage.com)
  • The rate of interest for late payments or repayments of Inheritance Tax, Capital Transfer Tax and Estate Duty has increased from 4 per cent to 5 per cent. (accountancyage.com)
  • The rate of interest charged on unpaid Corporation Tax for accounting periods ending on or after 1 October 1993 (under CT (Pay and File)) has increased from 5.75 per cent to 6.75 per cent. (accountancyage.com)
  • The rate of interest for either late payments or repayment of Corporation Tax for accounting periods ended on or before 30 September 1993 (pre Pay and File CT), has increased from 5.75 per cent to 6.5 per cent. (accountancyage.com)
  • The rate of interest on unpaid Corporation Tax for accounting periods ending on or after 1 July 1999 (other than underpaid CT instalments) has increased from 7.5 per cent to 8.5 per cent. (accountancyage.com)
  • The rate of interest on overpaid Corporation Tax for accounting periods ending after 1 July 1999, in respect of periods after the normal due date, has increased from 4 per cent to 5 per cent. (accountancyage.com)
  • major
  • Now that John McCain has joined George W. Bush in presenting a major tax-cut plan, the two GOP candidates are engaged in a debate that is, by conservative standards, unusual: Whose proposal does the most for taxpayers in the middle and lower portions of the income scale? (prospect.org)
  • date
  • The inception date of the modern income tax is typically accepted as 1799, at the suggestion of Henry Beeke , the future Dean of Bristol . (wikipedia.org)
  • needs
  • The work tax system penalizes the human qualities the nation most needs to encourage-ingenuity, intelligence, constructive endeavor of all kinds. (schalkenbach.org)