Summary of Testimony on Administration Tax Proposals Before the Committee on Ways and Means
U.S. Government Printing Office, 1981 - Taxation - 77 pages
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accelerated ACRS additional Administration proposal Administration's proposed adoption allowing American amount assets Believes benefit bill bracket budget buildings Business taa capital cost recovery capital gains Chairman changes Committee Company consideration construction Contends contributions Corporation Council depreciation Director dividend reinvestment economic effect elimination employees encourage Endorses energy equipment exclusion Executive exemption expenditures expenses Favors Federal Finance foreign Government higher housing incentives income tax increase Indicates Individual taa industry inflation Institute interest investment credit Investment taa IRAs James limitation Maintains Manufacturers Member of Congress ment National Association operating Opposes participant percent permit plans present President's productivity Professor Public qualified Recommends recovery period reduction—capital cost recovery refundable reinvestment plans relating repeal retirement Robert rules savings Senior small business spending Suggests Supports tax credit tax cuts tax rates tax reduction taxation taxpayers tion United University Urges utilities Vice President
Page 66 - ... within 5 years after acquisition. If the land is held for a longer period, the amount recaptured is reduced by 20 percent for each year over 5 years that the property is held. Thus, if the land is held more than 10 years, no recapture is required on a sale of farmland. The holding period for long-term capital gain treatment of cattle and horses held for draft, breeding, dairy, or sporting purposes (such as horse racing) is 24 months (sec. 1231 (b) (3) ). The minimum holding period for other livestock...
Page 32 - ... to encourage member institutions to increase their support for affordable housing. AHP subsidies must be used to finance the purchase, construction, and/or rehabilitation of owner-occupied housing for households whose income does not exceed 80 percent of the area's median income or rental housing, in which at least 20 percent of the units are occupied by and affordable to very-low-income households — earning 50 percent or less of the area's median income — for the remaining useful life of...
Page 14 - Deductibility of nonbusiness state and local taxes other than on owner-occupied homes Tax credit for corporations receiving income from doing business in US possessions...
Page 73 - ... expected to further important and desirable national policies in at least six areas : 1. It would provide substantial, direct and immediate help in the formation of new capital — a highly desirable national objective — and in most capital-intensive companies where it is urgently needed. 2. It would eliminate, in whole or in part, the double tax on corporate dividends at the stockholder level. Dividends reinvested in the corporation can lead to additional taxable earnings at the corporate...
Page 47 - I1) 1.1 1.1 1996 (') 1.2 1.2 1997 (') 1.2 1.2 restrictive limits than contributions to other qualified employee benefit plans. An employer may deduct dividends paid on stock held by an ESOP if the dividends are paid to plan participants or if the dividends are used to repay a loan that was used to buy the stock. The deduction for dividends used to repay a loan is limited to dividends paid on stock acquired with that loan.
Page 14 - Also, would support adjusting the zero bracket amount, personal exemptions, and the earned income credit for inflation. Business tax reduction — capital cost recovery Opposes "10-5-3" and the President's depreciation proposal.
Page 3 - Predicts that the effect of the President's program will not be to cut the present inflation rate more than in half.