An Overview of Tax Provisions Expiring in 2012
Автор:
Margot L. Crandall-Hollick, 36 стр., ISBN:
1481041517
A number of tax provisions either expired in 2011 or are scheduled to expire at the end of 2012. These include the following: The Bush tax cuts, which reduced income taxes by reducing tax rates, reducing the marriage penalty, repealing limitations on personal exemptions and itemized deductions (PEP and Pease, respectively), expanding refundable credits, and modifying education tax incentives. The Bush tax cuts also reduced estate tax liabilities by increasing the amount of an estate exempt from taxation and by lowering the tax rate; The alternative minimum tax (AMT) patch, which, by increasing the amount of income that is exempt from the AMT and allowing certain personal credits against the AMT, prevents an estimated 26 million additional taxpayers from owing the AMT; The payroll tax cut, which reduced an employeea??s share of Social Security taxes by two percentage points; A variety of previously extended temporary tax provisions, commonly referred to as a??tax extenders,a??...
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