1985 Miscellaneous Tax Bills: Hearing Before the Subcommittee on Taxation and Debt and Management of the Committee on Finance, United States Senate, Ninety-ninth Congress, First Session ...

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Page 53 - CREATION OF TRUST FUND. - There is established in the Treasury of the United States a trust fund to be known as the 'Deep Seabed Revenue Sharing Trust Fund...
Page 7 - An election to make an allocation to the fund neither increases nor decreases the taxpayer's liability, but merely determines whether the allocated amount will be used by the Federal Government for campaign funding. No other provisions of Federal tax law permit taxpayers to designate for what purpose the amount of tax owed is to be used by the Government. Present law does not permit taxpayers to make contributions for charitable or other purposes through their Federal income tax return. The Commissioner...
Page 86 - The present tax system benefits the rich and is unfair to the ordinary working man and woman.
Page 71 - AS WE BATTLE HEADLONG TO REDUCE OUR UNCONTROLLABLE BUDGET DEFICIT, DEBATING OVER WHETHER TO CUT ESSENTIAL PROGRAMS OR IMPOSE UNWANTED TAXES ON OUR CITIZENS, WE SHOULD TAKE ADVANTAGE OF THE BENEFITS THAT A TAX AMNESTY PROGRAM YIELDS. THIS HEARING IS THE FIRST STEP IN WHAT I HOPE WILL BE A SERIOUS REVIEW OF THE DESIRABILITY OF TAX AMNESTY AT THE FEDERAL LEVEL. I LOOK FORWARD TO WORKING WITH YOU, MR. CHAIRMAN, AND THE REST OF MY COLLEAGUES IN CONGRESS TO SEE THAT THE AMNESTY IDEA GETS THE KIND OF CAREFUL,...
Page 21 - Section 6611 (relating to interest on overpayments) is amended by striking out subsection (h) (relating to overpayments of interest equalization tax) and by redesignating subsection (i) as subsection (h).
Page 52 - Code of 1954, such taxpayer may elect to have— (1) any portion of any overpayment of such tax for such taxable year...
Page 69 - It would include amnesty from criminal and civil penalties and from 50% of any interest penalty owed. It would, however, apply only to legal-source income. Taxes due on income resulting from criminal activity would not be covered by the amnesty. All federal taxes would be included under the amnesty, not just the income tax. The amnesty provisions are generous and provide a substantial incentive for taxpayers to take advantage of the amnesty period.
Page 64 - Thank you, Mr. Chairman. Mr. Chairman, let me begin by expressing my thanks...
Page 8 - ... returns. The bill would provide that taxpayers could designate on their tax returns all or a portion of their tax refunds (or could make contributions with their returns) to a new trust fund that would defray the cost of necessary organ transplants. The designation of contributions to the trust fund would be effective for returns filed for taxable years ending after the date of enactment. 5. S. 2484 — Senators Danforth, Baucus, Wallop, Kerry, Heinz, Durenberger, Chafee, Mitchell, Boren, McCain,...
Page 109 - We realize the difficulty of applying our state experiences to an agency like the IRS, with a different history, so many times our size, spread over the entire nation. All state tax administrators are indebted to the IRS for the leadership and assistance it has provided for many years.