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Tax Reform Act Of 1986
The Tax Reform Act of 1986 (TRA) was passed by the 99th United States Congress and signed into law by President Ronald Reagan on October 22, 1986. 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 from the tax base. Offsetting these cuts, the act increased the alternative minimum tax and eliminated many tax deductions, including deductions for rental housing, individual retirement accounts, and depreciation. Although the tax reform was projected to be revenue-neutral, it was popularly referred to as the second round of Reagan tax cuts (following the Economic Recovery Tax Act of 1981). The bill passed with majority support in both the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United States. It is codified in statute as Title 26 of the United States Code. The IRC is organized topically into subtitles and sections, covering federal income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, effective for the laws in force as of December 1, 1873. Title 35 of the Revised Statutes was the Int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Senate
The United States Senate is a chamber of the Bicameralism, bicameral United States Congress; it is the upper house, with the United States House of Representatives, U.S. House of Representatives being the lower house. Together, the Senate and House have the authority under Article One of the United States Constitution, Article One of the Constitution of the United States, U.S. Constitution to pass or defeat federal legislation. The Senate also has exclusive power to confirm President of the United States, U.S. presidential appointments, to approve or reject treaties, and to convict or exonerate Impeachment in the United States, impeachment cases brought by the House. The Senate and the House provide a Separation of powers under the United States Constitution, check and balance on the powers of the Federal government of the United States#Executive branch, executive and Federal judiciary of the United States, judicial branches of government. The composition and powers of the Se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Deduction
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable income, while credits reduce tax. Above and below the line Above and below the line refers to items above or below adjusted gross income, which is item 37 on the tax year 2017 1040 tax form. Tax deductions above the line lessen adjusted gross income, while deductions below the line can only lessen taxable income if the aggregate of those deductions exceeds the standard deduction, which in tax year 2018 in the U.S., for example, was $12,000 for a single taxpayer and $24,000 for married couple. Limitations Often, deductions are subject to conditions, such as being allowed only for expenses incurred that produce current benefits. Capital ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Security Number
In the United States, a Social Security number (SSN) is a nine-digit number issued to United States nationality law, U.S. citizens, Permanent residence (United States), permanent residents, and temporary (working) residents under section 205(c)(2) of the Social Security Act, codified as . The number is issued to an individual by the Social Security Administration, an Independent agencies of the United States government, independent agency of the United States government. Although the original purpose for the number was for the Social Security Administration to track individuals, the Social Security number has become a ''de facto'' national identification number for Taxation in the United States, taxation and other purposes. A Social Security number may be obtained by applying on Form SS-5, Application for a Social Security Number Card. History Social Security numbers were first issued by the Social Security Administration in November 1936 as part of the New Deal Social Securit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depreciation
In accountancy, depreciation refers to two aspects of the same concept: first, an actual reduction in the fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wears, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used (depreciation with the matching principle). Depreciation is thus the decrease in the value of assets and the method used to reallocate, or "write down" the cost of a tangible asset (such as equipment) over its useful life span. Businesses depreciate long-term assets for both accounting and tax purposes. The decrease in value of the asset affects the balance sheet of a business or entity, and the method of depreciating the asset, accounting-wise, affects the net income, and thus the income statement that they report. Generally, the cost is allocated as depreciation expense among the periods in which the asset is expected to be used. Account ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employee Retirement Income Security Act Of 1974
The Employee Retirement Income Security Act of 1974 (ERISA) (, codified in part at ) is a federal law, U.S. federal United States tax law, tax and United States labor law, labor law that establishes minimum standards for Retirement plans in the United States, pension plans in private industry. It contains rules on the Income tax in the United States, federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by: * Requiring the disclosure of financial and other information concerning the plan to beneficiaries; * Establishing standards of conduct for plan Fiduciary, fiduciaries; * Providing for appropriate remedies and access to the United States federal courts, federal courts. ERISA is sometimes used to refer to the full body of laws that regulate employee benefit plans, which are mainly in the Internal Revenue Code and ERISA itself. Responsibility ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Low-Income Housing Tax Credit
The Low-Income Housing Tax Credit (LIHTC) is a federal program in the United States that awards tax credits to housing developers in exchange for agreeing to reserve a certain fraction of units as rent-restricted for lower-income households. The housing developers can then sell the tax credits for cash to fund the cost of development. The program was created under the Tax Reform Act of 1986 (TRA86) to incentivize the use of private equity in developing affordable housing. Projects developed with LIHTC credits must maintain a certain percentage of affordable units for a set period of time, typically 30 years, though there is a "qualified contract" process that can allow property owners to opt out after 15 years. The maximum rent that can be charged for designated affordable units is based on Area Median Income (AMI); over 51% of residents in LIHTC properties are considered Extremely Low-Income (at or below 30% AMI). Less than 10% of current credit expenditures are claimed by individu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Home Mortgage Interest Deduction
A home mortgage interest deduction is a form of housing subsidy that allows taxpayers who own their homes to reduce their taxable income by the amount of interest paid on the loan which is secured by their principal residence (or, sometimes, a second home). The mortgage deduction makes home purchases more attractive, but contributes to higher house prices. Most developed countries do not allow a deduction for interest on personal loans, but the Netherlands, Switzerland, the United States, Belgium, Denmark, and Ireland allow some form of the deduction. Status in countries Canada Canadian federal income tax does not allow a deduction from taxable income for interest on loans secured by the taxpayer's personal residence, but landlords who own rental residential or commercial property may deduct mortgage interest as a reasonable business expense; the difference between the two being that the deduction is only allowed when the property is not for the taxpayer's personal use, b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
No New Taxes
"Read my lips: no new taxes" is a phrase spoken by American presidential candidate George H. W. Bush at the 1988 Republican National Convention in New Orleans as he accepted the nomination on August 18. Written by speechwriter Peggy Noonan, the line was the most prominent sound bite from the speech. The pledge not to tax the American people further had been a consistent part of Bush's 1988 election platform, and its prominent inclusion in his speech cemented it in the public consciousness. The line later hurt Bush politically. Although he did oppose the creation of new taxes as president, the Democratic-controlled Congress proposed increases in existing taxes as a way to reduce the national budget deficit. Bush negotiated with Congress for a budget that met his pledge, but was unable to make a deal with a Senate and House that was controlled by the opposing Democrats. Bush agreed to a compromise, which increased several existing taxes as part of a 1990 budget agreement. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Omnibus Budget Reconciliation Act Of 1990
The Omnibus Budget Reconciliation Act of 1990 (OBRA-90; ) is a United States statute enacted pursuant to the budget reconciliation process to reduce the United States federal budget deficit. The Act included the Budget Enforcement Act of 1990 which established the "pay-as-you-go" or "PAYGO" process for discretionary spending and taxes. The Act was signed into law by President George H. W. Bush on November 5, 1990, counter to his 1988 campaign promise not to raise taxes. This became an issue in the presidential election of 1992. Provisions The Act increased individual income tax rates. The top statutory tax rate increased from 28% to 31%, and the individual alternative minimum tax rate increased from 21% to 24%. The capital gains rate was capped at 28%. The value of high income itemized deductions was limited: reduced by 3% times the extent to which AGI exceeds $100,000. It temporarily created the personal exemption phase out applicable to the range of taxable income between $ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Earned Income Credit
The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. The amount of EITC benefit depends on a recipient's income and number of children. Low-income adults with no children are eligible. For a person or couple to claim one or more persons as their qualifying child, requirements such as relationship, age, and shared residency must be met.Tax Year 2020 1040 and 1040-SR Instructions, including the instructions for Schedules 1 through 3 Rules for EIC begin on page 40 for 2020 Tax Year. The earned income tax credit has been part of political debates in the United States over ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Speaker Of The United States House Of Representatives
The speaker of the United States House of Representatives, commonly known as the speaker of the House or House speaker, is the Speaker (politics), presiding officer of the United States House of Representatives, the lower chamber of the United States Congress. The office was established in 1789 by Article One of the United States Constitution#Section 2: House of Representatives, Article I, Section II, of the U.S. Constitution. By custom and House rules, the speaker is the political and parliamentary leader of the House and is simultaneously its presiding officer, ''de facto'' Party leaders of the United States House of Representatives, leader of the body's majority party, and the institution's administrative head. Speakers also perform various other administrative and procedural functions. Given these many roles and responsibilities, the speaker usually does not personally preside over debatesthat duty is instead delegated to members of the House from the majority partynor regul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
