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Tax Cuts And Jobs Act Of 2017
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, , is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986. Major elements of the changes include reducing tax rates for businesses and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, reducing the alternative minimum tax for individuals and eliminating it for corporations, doubling the estate tax exemption, and cancelling the penalty enforcing individual mandate of the Affordable Care Act (ACA). The Act is based on tax reform advocated by congressional Republicans and the Trump administration. The nonpartisan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure provided over a fifth of the Union's war expenses before being allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.S. Constitut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pass-through Entities
A flow-through entity (FTE) is a legal entity where income "flows through" to investors or owners; that is, the income of the entity is treated as the income of the investors or owners. Flow-through entities are also known as pass-through entities or fiscally-transparent entities. Common types of FTEs are general partnerships, limited partnerships and limited liability partnerships. In the United States, additional types of FTE include S corporations, income trusts and limited liability companies. Most countries require an FTE (or its owners) to file an annual return reporting the shares of income allocated to owners, and to provide each owner with a statement of allocated income to enable owners to report their shares of income on their own tax returns. In the United States, the statement of allocated income is known as a K-1 (or Schedule K-1). Depending on the local tax regulations, this structure can avoid dividend tax and double taxation because only owners or investors are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Clear Politics
RealClearPolitics (RCP) is an American political news website and polling data aggregator formed in 2000 by former options trader John McIntyre and former advertising agency account executive Tom Bevan. The site features selected political news stories and op-eds from various news publications in addition to commentary from its own contributors. The site is prominent during election seasons for its aggregation of polling data. In 2008, the site's founders said their goal was to give readers "ideological diversity". According to a 2012 article in the ''Chicago Sun-Times'', competitors and people inside politics have praised the site's balance of stories, although a 2020 article in ''The New York Times'' noted that since the end of 2017, RealClearPolitics has had a rightward, pro-Donald Trump turn in its content. According to a 2020 Knight Foundation study, RealClearPolitics is generally read by a moderate audience, leaning slightly toward the right. Establishment The website ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomson Reuters
Thomson Reuters Corporation ( ) is a Canadian multinational media conglomerate. The company was founded in Toronto, Ontario, Canada, where it is headquartered at the Bay Adelaide Centre. Thomson Reuters was created by the Thomson Corporation's purchase of the British company Reuters Group in April 2008. It is majority-owned by The Woodbridge Company, a holding company for the Thomson family. History Thomson Corporation The forerunner of the Thomson company was founded by Roy Thomson in 1934 in Ontario, as the publisher of ''The Timmins Daily Press''. In 1953, Thomson acquired the '' Scotsman'' newspaper and moved to Scotland the following year. He consolidated his media position in Scotland in 1957, when he won the franchise for Scottish Television. In 1959, he bought the Kemsley Group, a purchase that eventually gave him control of the '' Sunday Times''. He separately acquired the ''Times'' in 1967. He moved into the airline business in 1965, when he acquired Brit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CNBC
CNBC (formerly Consumer News and Business Channel) is an American basic cable business news channel. It provides business news programming on weekdays from 5:00 a.m. to 7:00 p.m., Eastern Time, while broadcasting talk shows, investigative reports, documentaries, infomercials, reality shows, and other programs at all other times. Along with Fox Business and Bloomberg Television, it is one of the three major business news channels. It also operates a website and mobile apps, whereby users can watch the channel via streaming media, and which provide some content that is only accessible to paid subscribers. CNBC content is available on demand on smart speakers including Amazon Echo devices with Amazon Alexa, Google Home and app devices with Google Assistant, and on Apple Siri voice interfaces including iPhones. Many CNBC TV shows are available as podcasts for on-demand listening. Graphics are designed by Sweden-based Magoo 3D studios. CNBC is a divisi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Atlantic
''The Atlantic'' is an American magazine and multi-platform publisher. It features articles in the fields of politics, foreign affairs, business and the economy, culture and the arts, technology, and science. It was founded in 1857 in Boston, as ''The Atlantic Monthly'', a literary and cultural magazine that published leading writers' commentary on education, the abolition of slavery, and other major political issues of that time. Its founders included Francis H. Underwood and prominent writers Ralph Waldo Emerson, Oliver Wendell Holmes Sr., Henry Wadsworth Longfellow, Harriet Beecher Stowe, and John Greenleaf Whittier. James Russell Lowell was its first editor. In addition, ''The Atlantic Monthly Almanac'' was an annual almanac published for ''Atlantic Monthly'' readers during the 19th and 20th centuries. A change of name was not officially announced when the format first changed from a strict monthly (appearing 12 times a year) to a slightly lower frequency. It was a mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gross Domestic Product
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is often revised before being considered a reliable indicator. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the per capita GDP (also called the Mean Standard of Living). GDP definitions are maintained by a number of national and international economic organizations. The Org ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reconciliation (United States Congress)
Budget reconciliation is a special parliamentary procedure of the United States Congress set up to expedite the passage of certain budgetary legislation in the United States Senate. The procedure overrides the filibuster rules in the Senate, which may otherwise require a 60-vote supermajority for passage by the Senate. Bills described as reconciliation bills can pass the Senate by a simple majority of 51 votes or 50 votes plus the Vice President's as the tie-breaker. The reconciliation procedure also applies to the House of Representatives, but it has minor significance there, as the rules of the House of Representatives do not have a ''de facto'' supermajority requirement. Due to greater polarization, gridlock, and filibustering in the Senate in recent years, budget reconciliation has come to play an important role in how the United States Congress legislates. Budget reconciliation bills can deal with spending, revenue, and the federal debt limit, and the Senate can pass one ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Filibuster
A filibuster is a political procedure in which one or more members of a legislative body prolong debate on proposed legislation so as to delay or entirely prevent decision. It is sometimes referred to as "talking a bill to death" or "talking out a bill", and is characterized as a form of obstruction in a legislature or other decision-making body. Etymology The term "filibuster" ultimately derives from the Dutch ("freebooter", a pillaging and plundering adventurer), but the precise history of the word's borrowing into English is obscure.''Oxford English Dictionary'', "filibuster", pp. F:212–213. The ''Oxford English Dictionary'' finds its only known use in early modern English in a 1587 book describing "flibutors" who robbed supply convoys. In the late 18th century, the term was re-borrowed into English from its French form , a form that was used until the mid-19th century. The modern English form "filibuster" was borrowed in the early 1850s from the Spanish (lawless plund ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baseline (budgeting)
Baseline budgeting is an accounting method the United States Federal Government uses to develop a budget for future years. Baseline budgeting uses current spending levels as the "baseline" for establishing future funding requirements and assumes future budgets will equal the current budget times the inflation rate times the population growth rate. Twice a year—generally in January and August—CBO prepares baseline projections of federal revenues, outlays, and the surplus or deficit. Those projections are designed to show what would happen if current budgetary policies were continued as is—that is, they serve as a benchmark for assessing possible changes in policy. They are not forecasts of actual budget outcomes, since the Congress will undoubtedly enact legislation that will change revenues and outlays. Similarly, they are not intended to represent the appropriate or desirable levels of federal taxes and spending.See Statement of Paul N. Van de Water cited above Baseline Acco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Laffer Curve
In economics, the Laffer curve illustrates a theoretical relationship between rates of taxation and the resulting levels of the government's tax revenue. The Laffer curve assumes that no tax revenue is raised at the extreme tax rates of 0% and 100%, meaning that there is a tax rate between 0% and 100% that maximizes government tax revenue. The shape of the curve is a function of taxable income elasticity – i.e., taxable income changes in response to changes in the rate of taxation. As popularized by supply-side economist Arthur Laffer, the curve is typically represented as a graph that starts at 0% tax with zero revenue, rises to a maximum rate of revenue at an intermediate rate of taxation, and then falls again to zero revenue at a 100% tax rate. However, the shape of the curve is uncertain and disputed among economists. One implication of the Laffer curve is that increasing tax rates beyond a certain point is counter-productive for raising further tax revenue. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Debt Of The United States
The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury securities that have been issued by the Treasury and other federal agencies. The terms "national deficit" and "national surplus" usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. In a deficit year the national debt increases as the government needs to borrow funds to finance the deficit, while in a surplus year the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back some Treasury securities. In general, government debt increases as a result of government spending and decreases from tax or other receipts, both of which fluctuate during the course of a fiscal year. There are two components of gross national debt: * "Deb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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