HOME





Technical And Miscellaneous Revenue Act Of 1988
The Technical and Miscellaneous Revenue Act of 1988 (TAMRA) () 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 parent's top marginal rate, unless the tax at the child's marginal rate would be higher. TAMRA allowed parents to elect to include the unearned income of their children under 14 on their own returns. Subtitle J of the act is named the ''Omnibus Taxpayer Bill of Rights''. This was updated in the 1996 Taxpayer Bill of Rights 2, and the 1998 Taxpayer Bill of Rights III The Internal Revenue Service Restructuring and Reform Act of 1998, also known as Taxpayer Bill of Rights III (), resulted from hearings held by the United States Congress in 1996 and 1997. The Act included numerous amendments to the Internal Reve .... United States federal taxation legislation 1988 in American law {{US-fed-statute-stub ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]  


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]  


Dan Rostenkowski
Daniel David Rostenkowski (January 2, 1928 – August 11, 2010) was a United States Representative from Chicago, serving for 36 years, from 1959 to 1995. He became one of the most powerful legislators in Congress, especially in matters of taxation. He was imprisoned in 1996. A Democrat and son of a Chicago alderman, Rostenkowski was for many years Democratic Committeeman of Chicago's 32nd Ward, retaining this position while also serving in Congress. In national politics, he rose by virtue of seniority to the rank of Chairman of the House Ways and Means Committee in 1981. As Chairman of the Ways and Means Committee, he played a critical role in formulating tax policy during the Republican administration of Ronald Reagan, including the Economic Recovery Tax Act of 1981, which cut the top federal bracket to 50%, and the Tax Reform Act of 1986, which further lowered it to 28% and reduced the number of brackets to only two. He was also involved in trade policy, as well as r ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]  


picture info

Democratic Party (United States)
The Democratic Party is a Centre-left politics, center-left political parties in the United States, political party in the United States. One of the Major party, major parties of the U.S., it was founded in 1828, making it the world's oldest active political party. Its main rival since the 1850s has been the Republican Party (United States), Republican Party, and the two have since dominated American politics. The Democratic Party was founded in 1828 from remnants of the Democratic-Republican Party. Senator Martin Van Buren played the central role in building the coalition of state organizations which formed the new party as a vehicle to help elect Andrew Jackson as president that year. It initially supported Jacksonian democracy, agrarianism, and Manifest destiny, geographical expansionism, while opposing Bank War, a national bank and high Tariff, tariffs. Democrats won six of the eight presidential elections from 1828 to 1856, losing twice to the Whig Party (United States) ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]  


picture info

Illinois
Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. It borders on Lake Michigan to its northeast, the Mississippi River to its west, and the Wabash River, Wabash and Ohio River, Ohio rivers to its south. Of the fifty U.S. states, Illinois has the List of U.S. states and territories by GDP, fifth-largest gross domestic product (GDP), the List of U.S. states and territories by population, sixth-largest population, and the List of U.S. states and territories by area, 25th-most land area. Its capital city is Springfield, Illinois, Springfield in the center of the state, and the state's largest city is Chicago in the northeast. Present-day Illinois was inhabited by Indigenous peoples of the Americas#History, Indigenous cultures for thousands of years. The French were the first Europeans to arrive, settling near the Mississippi and Illinois River, Illinois rivers in the 17th century Illinois Country, as part of their sprawling colony of ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]  


picture info

United States House Committee On Ways And Means
The Committee on Ways and Means is the chief tax-writing committee of the United States House of Representatives. The committee has jurisdiction over all taxation, tariffs, and other revenue-raising measures, as well as a number of other programs including Social Security, unemployment benefits, Medicare, the enforcement of child support laws, Temporary Assistance for Needy Families, foster care, and adoption programs. Members of the Ways and Means Committee are not allowed to serve on any other House Committee unless they are granted a waiver from their party's congressional leadership. It has long been regarded as the most prestigious committee of the House of Representatives. The United States Constitution requires that all bills regarding taxation must originate in the U.S. House of Representatives, and House rules dictate that all bills regarding taxation must pass through Ways and Means. This system imparts upon the committee and its members a significant degree of ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]  


picture info

Ronald Reagan
Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was an American politician and actor who served as the 40th president of the United States from 1981 to 1989. He was a member of the Republican Party (United States), Republican Party and became an important figure in the American conservative movement. Presidency of Ronald Reagan, His presidency is known as the Reagan era. Born in Illinois, Reagan graduated from Eureka College in 1932 and was hired the next year as a sports broadcaster in Iowa. In 1937, he moved to California where he became a well-known film actor. During his acting career, Reagan was president of the Screen Actors Guild twice from 1947 to 1952 and from 1959 to 1960. In the 1950s, he hosted ''General Electric Theater'' and worked as a motivational speaker for General Electric. During the 1964 United States presidential election, 1964 presidential election, Reagan's "A Time for Choosing" speech launched his rise as a leading conservative figure. After b ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]  


Revenue Act Of 1987
The Omnibus Budget Reconciliation Act of 1987 (or OBRA-87.) was a federal law that was enacted by the 100th United States Congress and signed into law by President Ronald Reagan. It includes (among other things) the Nursing Home Reform Act. Specifics Title I: Agriculture and Related Programs *Subtitle A: Adjustments to Agricultural Commodity Programs *Subtitle B: Optional Acreage Diversion *Subtitle C: Farm Program Payments *Subtitle D: Rural Electrification Administration Programs *Subtitle E: Miscellaneous Title II: National Economic Commission Title III: Education Programs *Subtitle A: Guaranteed Student Loan Program Savings *Subtitle B: Sale of College Facilities and Housing Loans Title IV: Medicare, Medicaid, and Other Health-Related Programs *Subtitle A: Medicare *Subtitle B: Medicaid *Subtitle C: Nursing Home Reform *Subtitle D: Vaccine Compensation *Subtitle E: Rural Health Title V:Energy and Environment Programs *Subtitle A: Nuclear Waste Amendments *Subtitle B: Fe ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]  




Unearned Income
Unearned income is a term coined by Henry George to refer to income gained through ownership of land and other monopoly. Today the term often refers to income received by virtue of owning property (known as property income), inheritance, pensions and payments received from public welfare. The three major forms of unearned income based on property ownership are rent, received from the ownership of natural resources; interest, received by virtue of owning financial assets; and profit, received from the ownership of capital equipment. As such, unearned income is often categorized as " passive income". Unearned income can be discussed from either an economic or accounting perspective, but is more commonly used in economics. Economics 'Unearned income' is a term coined by Henry George to popularize the economic concept of land rent and 'rent' generally. George modified John Stuart Mill's term ' unearned increment of land' to broaden the concept to include all land rent, not jus ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]  


Taxpayer Bill Of Rights 2
The Taxpayer Bill of Rights 2 () is an Act of Congress. Among other things, it created the Office of the Taxpayer Advocate. The Office of the Taxpayer Advocate was run by the Taxpayer Advocate. The function of the advocate was to do the following: * Assist taxpayers in resolving problems with the Internal Revenue Service * Identify areas in which taxpayers have problems in dealings with the Internal Revenue Service * To the extent possible, propose changes in the administrative practices of the Internal Revenue Service to mitigate problems identified under the clause above * Identify potential legislative changes which may be appropriate to mitigate such problems. The Taxpayer Advocate also had to do yearly reports no later than December 31 every year after 1995 which included identifying what the Advocate did to improve services. See also * Taxpayer Bill of Rights * Taxpayer Bill of Rights III The Internal Revenue Service Restructuring and Reform Act of 1998, also known as ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]  


Internal Revenue Service Restructuring And Reform Act Of 1998
The Internal Revenue Service Restructuring and Reform Act of 1998, also known as Taxpayer Bill of Rights III (), resulted from hearings held by the United States Congress in 1996 and 1997. The Act included numerous amendments to the Internal Revenue Code of 1986. The bill was passed in the Senate unanimously, and was seen as a major reform of the Internal Revenue Service. Provisions Individuals The Act provides that individuals who fail to provide their taxpayer identification numbers are not allowed to take the earned income credit for the year in which the failure occurs. Individuals are allowed to deduct interest expense paid on certain student loans. The exclusion, from income, of gain on the sale of a principal residence (up to $250,000 for individuals or $500,000 on a joint return) is pro-rated for certain taxpayers. The use of a continuous levy—a levy attaching to both property held on the date of levy and to property acquired after that date—must be specifically a ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]  


United States Federal Taxation Legislation
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film * ''The United'' (film), an unreleased Arabic-language film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe * "United (Who We Are)", a song by XO-IQ, featured in the television ser ...
[...More Info...]      
[...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]