The top Republican tax-writer in Congress proposed restructuring the U.S. tax code to eliminate dozens of breaks to pay for reductions in the corporate and individual rates. The 979-page plan from Representative Dave Camp would mark the biggest changes to the U.S. tax system since 1986, affecting every part of the U.S. economy. The proposal includes new limits on breaks for health insurance, retirement savings and mortgage interest. The plan would repeal breaks for student loan interest, moving expenses, accelerated depreciation, and state and local taxes. [Bloomberg]
Presuming that Janet Yellen, our current secretary of the Treasury, lives in California, her marginal tax rate might be as high as 13.3%. That’s a little scary for those of us living here in Maryland. Good thing she knows how to handle finances. For that kind of tax rate she might easily be persuaded to […]
Did ya hear? There’s a global pandemic going on. And although we’ve had more than a year to figure things out, obviously there are still some areas where the “idk, just kick that can down the road and we’ll deal with it later” mentality is about all TPTB can muster. For example, the IRS announced […]
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