Congressional Research Service Reports - 302 Matching Results

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Flat-Rate Tax Proposals

Description: In recent months there has been a growing congressional interest in the advantages and disadvantages of revamping our current tax system for a flat-rate tax method. Supporters of the new proposal argue that such a plan would promote productivity, simplify present IRS tax forms, save the public billions of dollars that presently go to tax-preparation professionals, and enhance Federal revenue by closing numerous tax loopholes and special deductions that are now enjoyed by relatively few. Opponents believe, however, that the tax burden under a flat-rate plan might fall more heavily upon the middle class and, unless exceptions were made, would hurt educational institutions and charities. Problems with popular tax deductions, such as home mortgage interest, would have to be addressed. This packet provides background materials which discuss the practical and theoretical issues that surround a flat-rate tax, including the probable redistribution of the tax burden under various rates and income bases.
Date: June 21, 1982
Creator: Esenwein, Gregg A.
Partner: UNT Libraries Government Documents Department

Individual Retirement Accounts (IRAs): Tax Incentives for Retirement Savings

Description: This report discusses Individual Retirement Arrangements (IRA) and their tax incentives. Many workers covered by employer-sponsored retirement plans do not work long enough with one employer to be entitled to a pension. Others may be covered by a profit-sharing plan to which the employer may have little or no profits to contribute. Since these individuals were "covered" by a retirement plan, they were ineligible to make tax-deductible contributions to a tax-sheltered Individual Retirement Arrangement (IRA). Many observers considered this a tax inequity and felt that all employees should be eligible to establish their own IRAs or make tax-deductible contributions to their employer's plan. Congress responded to this situation by approving retirement savings incentives for all workers as part of the tax cut bill (H.R. 4242). All workers, whether or not covered by an employer pension plan, are now permitted tax deductible contributions to IRAs up to $2,000 a year.
Date: November 22, 1982
Creator: Schmitt, Ray
Partner: UNT Libraries Government Documents Department

Individual Retirement Accounts (IRAs)

Description: Recent changes in the Nation's tax laws have made Individual Retirement Accounts available to many people previously excluded. This report provides general information on IRAs including material explaining these recent changes and their consequences.
Date: June 28, 1983
Creator: Library of Congress. Congressional Research Service.
Partner: UNT Libraries Government Documents Department

Aviation Taxes and the Airport and Airway Trust Fund

Description: This report discusses the reauthorization of excise tax revenues for the airport and airway trust fund, which has been a contentious issue for the last two years. Most of the concern during this period was about future funding needs for the Federal Aviation Administration (FAA). The issue, somewhat unexpectedly, became an element of the tax plans embedded in House and Senate FY1998 budget reconciliation proposals. The House proposed a major structural change in how aviation taxes would be imposed.
Date: August 12, 1997
Creator: Fischer, John W.
Partner: UNT Libraries Government Documents Department

Tax Issues: National Public Opinion

Description: This report provides a sample of public opinion questions concerning the current tax system, the Internal Revenue Service, and proposals for tax reform. It will be updated as new poll results become available. The report is for the use of Members as they consider legislation currently before the 105 Congress.
Date: May 28, 1998
Creator: Coleman, Kevin
Partner: UNT Libraries Government Documents Department

IRS Reform: Innocent Spouse Rule

Description: Married couples filing joint tax returns are liable individually and as a couple for all taxes due on the return with a limited exemption for innocent spouses. This report discusses joint and several liability, which has been the subject of much criticism and calls for reform or elimination.
Date: July 2, 1998
Creator: Ripy, Thomas B.
Partner: UNT Libraries Government Documents Department

IRS Reform: Innocent Spouse Rule

Description: Married couples filing joint tax returns are liable individually and as a couple for all taxes due on the return with a limited exemption for innocent spouses. This report discusses joint and several liability, which has been the subject of much criticism and calls for reform or elimination.
Date: July 2, 1998
Creator: Ripy, Thomas B
Partner: UNT Libraries Government Documents Department

Tax Code Termination Act: A Fact Sheet

Description: This report discusses the Tax Code Termination Act, which would “sunset” (repeal) the Internal Revenue Code of 1986 on December 31, 2002 and would require that any new federal tax system that is adopted be approved not later than July 4, 2002.
Date: August 12, 1998
Creator: Bickley, James M.
Partner: UNT Libraries Government Documents Department

Internet Tax Bills in the 105th Congress

Description: This report tracks the evolution and content of the Internet tax freedom bills. In general, the bills would impose a federal moratorium on the ability of state and local governments to impose taxes on certain aspects of the Internet and would establish a temporary federal commission to study selected issues and make policy recommendations.
Date: August 21, 1998
Creator: Noto, Nonna A.
Partner: UNT Libraries Government Documents Department

Internet Transactions and the Sales Tax

Description: This report is an introduction to the economics of electronic commerce and its potential impact on sales and use tax collections. Presently, 45 states (and the District of Columbia) require that retail outlets add a fixed percentage to the sales price of all taxable items (inclusive of federally imposed excise taxes).
Date: December 12, 2000
Creator: Maguire, Steven
Partner: UNT Libraries Government Documents Department

Individual Retirement Accounts: A Fact Sheet

Description: This report discusses general information about individual retirement accounts (IRAs), established by the Employee Retirement Income Security Act of 1974 (P.L. 93-406) to promote retirement saving; the accounts were limited at first to workers (and spouses) who lacked employer pension coverage.
Date: February 22, 2001
Creator: Graney, Paul J.
Partner: UNT Libraries Government Documents Department

Federal Estate, Gift, And Generation-Skipping Taxes: A Description Of Current Law

Description: This report contains an explanation of the major provisions of the Federal estate, gift, and generation-skipping transfer taxes. The discussion divides the Federal estate tax into three components: the gross estate, deductions from the gross estate, and computation of the tax, including allowable tax credits.
Date: January 15, 2002
Creator: Luckey, John R.
Partner: UNT Libraries Government Documents Department

Federal Estate, Gift, and Generation-Skipping Taxes: A Description of Current Law

Description: This report contains an explanation of the major provisions of the Federal estate, gift, and generation-skipping transfer taxes. The discussion divides the Federal estate tax into three components: the gross estate, deductions from the gross estate, and computation of the tax, including allowable tax credits.
Date: January 15, 2002
Creator: Luckey, John R.
Partner: UNT Libraries Government Documents Department

Internet Commerce and State Sales and Use Taxes

Description: State governments rely on sales and use taxes for approximately one-third (32.3%) of their total tax revenue – or approximately $174 billion in FY2000. Local governments derived 16.4% of their tax revenue or $51.6 billion from local sales and use taxes in FY1999. Both state and local sales taxes are collected by vendors at the time of transaction and are levied at a percentage of a product’s retail price. Alternatively, use taxes are not collected by vendors if they do not have nexus (loosely defined as a physical presence) in the consumer’s state. Consumers are required to remit use taxes to their taxing jurisdiction. However, compliance with this requirement is quite low. Because of the low compliance, many observers suggest that the expansion of the internet as a means of transacting business across state lines, both from business to consumer (B to C) and from business to business (B to B), threatens to diminish the ability of state and local governments to collect sales and use taxes. Congress has a role in this issue because commerce between parties in different states conducted over the Internet falls under the Commerce Clause of the Constitution. Congress can either take an active or passive role in the “Internet tax” debate. This report intends to clarify important issues in the Internet tax debate.
Date: January 18, 2002
Creator: Maguire, Steven
Partner: UNT Libraries Government Documents Department

Internet Commerce and State Sales and Use Taxes

Description: State governments rely on sales and use taxes for approximately one-third (32.3%) of their total tax revenue – or approximately $174 billion in FY2000. Local governments derived 16.4% of their tax revenue or $51.6 billion from local sales and use taxes in FY1999. Both state and local sales taxes are collected by vendors at the time of transaction and are levied at a percentage of a product’s retail price. Alternatively, use taxes are not collected by vendors if they do not have nexus (loosely defined as a physical presence) in the consumer’s state. Consumers are required to remit use taxes to their taxing jurisdiction. However, compliance with this requirement is quite low. Because of the low compliance, many observers suggest that the expansion of the internet as a means of transacting business across state lines, both from business to consumer (B to C) and from business to business (B to B), threatens to diminish the ability of state and local governments to collect sales and use taxes. Congress has a role in this issue because commerce between parties in different states conducted over the Internet falls under the Commerce Clause of the Constitution. Congress can either take an active or passive role in the “Internet tax” debate. This report intends to clarify important issues in the Internet tax debate.
Date: January 18, 2002
Creator: Maguire, Steven
Partner: UNT Libraries Government Documents Department

Passthrough Organizations Not Taxed As Corporations

Description: This report describes the various forms of tax conduit organizations found in the Internal Revenue Code (IRC), or the Internal Revenue Services (IRS) regulations and discusses how the form of organization affects the tax situation of the owners. It is organized according to the major types of conduit organization.
Date: August 20, 2002
Creator: Taylor, Jack H.
Partner: UNT Libraries Government Documents Department