There are two main tax codes introduced in the article‚ the mortgage interest deduction and the annual tax credit proposed by Bowles Simpson Commission. The former one allows home owners to lower tax bills by deducting interest on home mortgages from their taxable income‚ while the latter makes the mortgage interest a refundable tax credit. It has been a controversial topic whether the mortgage interest deduction should be replaced by tax credit‚ whereas it seems the drawbacks of tax deduction have outweighed
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Difference between Proportional Tax and Progressive Tax November 5th‚ 2010 | Adam | Posted in Economics | 569 views | No Comment 0Share [pic][pic][pic][pic][pic]In one liner Progress tax is the tax with the increasing tax rate on different slabs and Proportional tax is of fixes rate tax to all slabs. If the tax rate increases with gradual increase on income it is progressive tax. There are different slabs of incomes and proportional tax rates are defined by tax authorities. It works as there
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Flat Tax A flat tax is a system that applies the same tax rate to every taxpayer regardless of income bracket. Typically‚ a flat tax applies the same tax rate to all taxpayers‚ with no deductions or exemptions allowed‚ but some politicians such as Ted Cruz and Rand Paul have proposed flat tax systems that keep certain deductions in place. Most flat tax systems or proposals do not tax income from dividends‚ distributions‚ capital gains and other investments. Supporters of a flat tax system propose
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African Revenue Service Lehae la SARS‚ 299 Bronkhorst Street‚ Muckleneuk‚ 0181 Private Bag X932‚ Pretoria‚ 0001‚ South Africa Tel.: +27 422 4000‚ Fax.: +27 422 5181 Dear Vendor IMPROVED VALUE-ADDED TAX PROCESSES AND PROCEDURES Since April 2011 SARS has been introducing changes to Value-Added Tax (VAT) that are aimed at improving its systems‚ simplifying processes and enabling compliance. The first changes to VAT were implemented in April 2011 and included the following: • The introduction of
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Tax Law and Accounting Sue Abraham University of Phoenix Tax Law and Accounting The word "tax" did not become a household name until the late 1800 ’s when congress created the nation ’s first income tax law. Prior to this law the government used tariff ’s and imported goods to help support the economy. However‚ in order to bring in more revenue to help cover the costs of the civil war the government had to make necessary reforms and re-establish tax law. The Revenue Act of 1862 (July 1‚
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Accounting for Income Tax Under IFRS‚ Income Tax is taxes based on taxable profits‚ and taxes that are payable by a subsidiary‚ associate or joint venture on distribution to investors. U.S GAAP defines income tax as all domestic federal‚ state and local taxes based on income‚ including foreign income taxes from an entity’s operations that are consolidated‚ combined or accounted for under the equity method‚ both foreign and domestic. In IFRS‚ the guidance about accounting for income taxes
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David C. Albarillo MM21 MCIT(minimum corporate income tax) Under the CTRP‚ an MCIT equivalent to two percent (2%) of gross income is imposed beginning the fourth (4th) taxable year immediately following the taxable year in which such corporation started its business operations. The MCIT is imposed whenever such corporation has zero or negative taxable income or whenever the amount of the MCIT is greater than the regular corporate income tax due from such corporation. An MCIT equivalent to two
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The Illusion of the Capital Gains Tax Increase Policymakers and researchers have long been interested in how potential changes to the capital gains tax system affects the health of the overall economy. A capital gain is the increase in the value of a capital asset realized over its cost basis (Saxton). The lower tax rate for capital gains is the policy that the United States has followed from the inception of the income tax‚ a policy followed by almost every other advanced economy on earth. As numerous
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people who own a home based business or work from home have a home office. You can take advantage of numerous tax deductions due to having that designated space. Your home office must be use strictly for business. It must also be the place that you primarily do business from. In other words you cannot have an office outside of your home that is used for your home based business and still take tax deductions for your home office. When you are figuring the amount of
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community tax that is paid annually at the Barangay Hall. It is often rated at 5% of income. Value Added Taxes (VAT) In the Philippines‚ the rate of VAT is at 12%. With some additional VAT:[1] Cockpits and Cabarets: 18% Jai-Jalai and racetracks: 30% And with some exceptions:[1] Small Businesses: 10% Not VAT-registered businesses: 3-5% Excise taxes Alcoholic beverages‚ tobacco products‚ jewelry‚ petroleum products‚ mining and petroleum taxes‚ residence taxes‚ a head tax on immigrants
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