| The Hidden Entitlements | |
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| Tweet Topic Started: Mar 3 2012, 09:55 AM (204 Views) | |
| kbp | Mar 3 2012, 09:55 AM Post #1 |
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The Hidden Entitlements By Robert S. McIntyre Director, Citizens for Tax Justice May 1996 Table of Contents PART I An Overview of Tax Expenditures Summary Tables PART II Tax Expenditures for Business & Investment 1. Accelerated depreciation 2. Capital Gains Details on existing capital gains tax breaks 28% maximum rate Indefinite deferral of tax on unrealized capital gains Capital gains tax breaks for gifts and inheritances Special additional industry specific capital gains tax breaks Other special capital gains breaks Recently proposed capital gains tax changes 3. Tax Breaks for multinational corporations 4. Taxexempt bonds 5. Business meals and entertainment 6. Mergers and acquisitions 7. Insurance companies and products Interest on life insurance savings Small property and casualty insurance companies Deduction of unpaid property loss reserves of property and casualty companies Special treatment of life insurance company reserves Insurance companies owned by taxexempt organizations Blue Cross and Blue Shield 8. Oil, gas and energy tax breaks Exploration and development costs Percentage depletion Oil and gas exception to passive loss limitation Alternative fuel production credit Alcohol fuel credit New technology credits Credit and deduction for cleanfuel vehicles and property Exclusion of utility conservation subsidies 9. Timber, agriculture, minerals Exploration and development costs Percentage depletion Mining reclamation reserves Expending multiperiod timber growing costs Credit and sevenyear amortization for reforestation Expending certain capital outlays Expending multiperiod livestock and crop production costs Loans forgiven solvent farmers 10. Financial institutions (non-insurance) 11. Other business and investment tax breaks Lowincome housing credit Employer Stock Ownership Plan (ESOP) provisions Real property installment sales Empowerment zones Reduced corporate income tax rates for smaller corporations Treatment of "Alaskan Native Corporations" losses Cancellation of indebtedness Exceptions to imputed interest rules Exemptions of certain mutuals' and cooperatives' income U.S. savings bonds 12. Pensions, IRAs, etc. PART III Personal Tax Expenditures 1. Itemized deductions Mortgage interest on owneroccupied homes State and local taxes Charitable contributions Medical expenses Casualty losses 2. Fringe benefits Employerowned medical insurance and expenses Other employerprovided insurance benefits Exclusion of employee parking expenses & employerprovided transit passes Other fringe benefits 3. Earnedincome tax credit 4. Other personal tax breaks Taxfree Social Security benefits for retired workers Other support of the aged and the blind Capital gains on home sales Workmen's compensation, public assistance & disabled coal miner benefits Benefits to soldiers and veterans Child and dependent care expenses Scholarship and fellowship income Selfemployed health insurance deduction U.S. savings bonds for education Dependent students age 19 or older Foster care payments PART IV Conclusion APPENDIX: DETAILED TABLES (spreadsheet downloads) |
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| kbp | Mar 3 2012, 10:00 AM Post #2 |
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This is a very interesting source of information, though aged some. The data on things like "loopholes" is interesting. A problem here is that the one which wrote it, and the group he represents, seems to come across as complaining about anything not surrendered to the federal government as taxes is then always classified as dollars not collected as a tax, which it "SPENDING" in their mind. The imbalance addressed as I see it is that we enact some tax and then make a SELECT few of those subject to it 'more equal' ....the loophole applies to ONLY their income. I sense the partisan nature of these "loopholes" indicate passage whenever a certain party was in control of Congress, so both sides are guilty! Anyway, the page linked provides links directly to whatever portion of the Table of Contents that may interest the reader. Though some of the tax structure is dated, most I read about seemed to still be applicable to todays tax structure. |
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| Baldo | Mar 3 2012, 10:11 AM Post #3 |
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'No man's life, liberty, or property is safe, while Congress is in session.' Mark Twain |
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| abb | Mar 3 2012, 03:49 PM Post #4 |
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One man's "loophole" is another man's "incentive." |
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