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Topic: Tax Reform Act

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	Student Homepage
		Since the 1940s, the tax code has grown very complicated as tax deductions, tax exemptions, and tax credits were implemented.
		The Act also offered tax cuts that lowered the tax rates for individuals and increased tax exemptions for the lower-income groups.
		Activity 1: Tax Reforms of 1969 and 1986-Complete a cause and effect chart for the Tax Reform Acts of 1969 and 1986.
	www.irs.gov /app/understandingTaxes/servlet/IWT2L6ol (420 words)

	Prentice Hall Documents Library: Tax Reform Act (1986)
		The Tax Reform Act of 1986 was one of the major accomplishments initiated by the Reagan Administration, passed by a Democratic House and Republican Senate.
		Tax reductions were said by some critics to underly the massive mushrooming of the federal deficit during the Reagan administration.
		The Tax Reform Act of 1986 allowed this practice to continue for banks with $400 million or less in total assets but larger banks were restricted to deducting only actual loan-loss charges during a given year.
	cwx.prenhall.com /bookbind/pubbooks/dye4/medialib/docs/tax1986.htm (495 words)

	The Tax Foundation - S-Corporations and the 1986 Tax Reform Act
		The lesson from the Tax Reform Act of 1986 (TRA 1986)—the last major tax reform enacted in the U.S.—is that differential rates will cause business owners to arbitrage the rates to minimize their tax burdens.
		TRA lowered the top individual rate from 50 percent to 28 percent and the top corporate rate from 46 percent to 34 percent (this rate was hiked to 35 percent in 1993).
		The Tax Policy Blog is the official weblog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937.
	www.taxfoundation.org /blog/show/970.html (426 words)

	MacroWeb - A Project from Dave Tufte's Macroeconomics for Business Decisions Class (Site not responding. Last check: 2007-10-09)
		Although the ripple effects of the 1986 Tax Reform Act set in force by the Reagan Administration are too widespread and complicated to fully conceive, time has hinted at a few of the consequences.
		Marginal tax rates were consolidated, as with individuals that had $30,000 and under of un-sheltered taxable income, who all fell into the 15% marginal rate.
		Republicans claim the act to be an exceptional piece of tax legislation and a significant achievement of the Reagan Administration.
	www.suu.edu /faculty/tufte/MacroWeb/1986_Tax_Reform.html (433 words)

	Tax Reform Act of 1969 (Site not responding. Last check: 2007-10-09)
		The omnibus tax reform bill provided for future tax reductions for individuals (a net reduction in taxes of nearly $17 billion a year, allowing for phasing out of the surtax and other cuts), and tax increases for business (nearly $2 billion in all).
		Additional major aspects of the bill were a requirement that high-income persons had to pay at least some tax, an end to the 7 per cent credit for business investments, changes in deduction rules for charitable donations, and tighter capital gains rules for investors.
		Discarded tax proposals included significant plans for a tax credit for college expenses, reduced tax rates for all individuals, a one-year holding period for all capital gains, and full deductions of medical expenses for persons age 65 and over.
	www.worldbook.com /features/taxes/html/1969.htm (438 words)

	Tax Reform
		Finally, the reform act called for the removal of the ITC and a revision of the accelerated depreciation schedules.
		Secondly, the incidence of the tax is widely spread, which makes it difficult of a singe firm to shift the burden of the tax to one group or another.
		Third, the tax is not readily apparent to the consumer, because it has been included in the price before the purchase is made.
	www.socialstudieshelp.com /Eco_Tax_Reform.htm (728 words)

	Tax Reform Act of 1986 -- Facts, Info, and Encyclopedia article (Site not responding. Last check: 2007-10-09)
		The (The legislature of the United States government) U.S. Congress passed the Tax Reform Act (TRA) of 1986 to simplify the (A personal tax levied on annual income) income tax code, broaden the tax base and eliminate many tax shelters and other preferences.
		In addition, (The amount by which the selling price of an asset exceeds the purchase price; the gain is realized when the asset is sold) capital gains faced the same tax rate as ordinary income.
		The (Click link for more info and facts about Low-Income Housing Tax Credit) Low-Income Housing Tax Credit was hastily added to TRA86 to provide some balance and encourage investment in multifamily housing for the poor.
	www.absoluteastronomy.com /encyclopedia/t/ta/tax_reform_act_of_1986.htm (255 words)

	Tax Reform Act of 1986
		This is an archival or historical document and may not reflect current policies or procedures
		President Reagan signed into law the Tax Reform Act of 1986.
		Among its provisions, the law required that every dependent age 5 or older listed on a tax return had to have their own Social Security number.
	www.ssa.gov /history/ssn/reagantax.html (63 words)

	Tax Reform for Another Day - New York Times (Site not responding. Last check: 2007-10-09)
		Nearly 30 years ago, in the waning days of the Ford administration, a compendium of tax-reform proposals entitled "Blueprints for Basic Tax Reform" was pronounced dead on arrival in government offices throughout Washington.
		Bush directed the panel to assume that the temporary tax cuts passed during his first term - which mainly benefit the wealthy - would be made permanent, rather than expiring as scheduled in the next two to four years.
		The president also told the panel that a reformed tax code should raise the same amount of revenue that would be raised by a tax system in which his tax cuts had been made permanent.
	www.nytimes.com /2005/10/27/opinion/27thur2.html?ex=1131076800&en=8c627b51ee76452b&ei=5040&partner=MOREOVERFEATURES (519 words)

	Tax Reform Act of 1986 (Site not responding. Last check: 2007-10-09)
		The year's foremost accomplishment was the enactment of the landmark Tax Reform Act of 1986, which had been given up for dead several times during its two-year journey through Congress.
		An early version of the Tax Reform Act barely got through the House in 1985 and, for a time, seemed doomed in the Senate.
		A transitional system of five tax rates, ranging from 11 per cent to 38.5 per cent, will be in effect in 1987.
	www.worldbook.com /features/taxes/html/1986.htm (325 words)

	Tax panel omission - Commentary - The Washington Times, America's Newspaper (Site not responding. Last check: 2007-10-09)
		The bipartisan Tax Reform Act of 1986 cut the top individual rate from 50 to 28 percent and the top corporate rate from 46 to 34 percent.
		The panel rejected the principle that people should be treated equally under the law with a single tax rate, and it endorsed the highly skewed distribution of the current tax burden.
		He is calling for the tax reform baseline to exclude rising AMT revenues.
	www.washtimes.com /commentary/20051026-095053-4580r.htm (755 words)

	Taxpayer Responses to the Tax Reform Act of 1986
		This paper examines the effects of the Tax Reform Act of 1986 on the reporting decisions of taxpayers, using microlevel information from the 1984 and 1989 Statistics of Income.
		Our general conclusion is that tax reform clearly mattered in the reporting decisions of most individuals; that is, taxes matter in individual behavior.
		However, our results also indicate that taxes matter in different ways for individuals with different income levels, in ways that differ by the types of incomes received by taxpayers, in ways that are sensitive to the estimation approach, and in ways that depend upon data adjustment methods.
	www.aysps.gsu.edu /publications/2002/020901_1986taxreformresponse.htm (237 words)

	Time for tax reform - Los Angeles Times (Site not responding. Last check: 2007-10-09)
		Twenty years after the Tax Reform Act, the law is as muddled as ever.
		More than five dozen tax breaks passed in President Bush's first term are set to expire over the next four years, while the number of filers subject to the dreaded alternative minimum tax will mushroom from 4 million in 2006 to 22 million in 2007.
		Tax simplification was one of the signal accomplishments of Reagan's second term; if Bush throws himself behind tax reform now, he may be able to say the same for himself.
	www.latimes.com /news/opinion/editorials/la-ed-tax20nov20,0,3732401.story?coll=la-news-comment-editorials (614 words)

	S1556
		The depreciable basis of the single account shall be reduced by the adjusted federal tax basis of assets sold, retired, or otherwise disposed of during any year on which gain or loss is recognized for federal income tax purposes as described in subparagraph (B) of this paragraph.
		For the privilege period in which the final year of the recovery period of the property affected by the depreciation rules provided by Pub.L.107-147 ends, or for the privilege period in which the earlier disposition of that property occurs, the amount previously added back to entire net income shall be deducted from entire net income.
		(e) The tax assessed to any taxpayer pursuant to this section shall not be less than $25 in the case of a domestic corporation, $50 in the case of a foreign corporation, or $250 in the case of an investment company or regulated investment company.
	www.njleg.state.nj.us /2002/Bills/S2000/1556_I1.HTM (4898 words)

	Thompson Dunavant PLC - Summary of Tennessee Tax Reform Act of 2002 (Site not responding. Last check: 2007-10-09)
		The state sales tax rate was increased from 6.0% to 7.0%, except for "food and food ingredients" which remain taxable at 6.0% plus the applicable local tax rate.
		The tax increased 10 percent from $4 per gallon of spirits and $1.10 per gallon of wine to $4.40 per gallon and $1.21, respectively.
		The tax per cigarette was increased from 6.5 mills per cigarette by increasing it to 10 mills per cigarette.
	www.thompsondunavant.com /bmc856.htm (1072 words)

	United States Investment Tax Site: Capital Gains Holding Requirements
		The tax treatment of losses to forestry assets resulting from Acts of God such as hurricanes and fire is generally considered one of the less satisfactory aspects of US forestry taxation.
		The 1997 act reintroduced the concept of preferential treatment for long-term capital gains that had been eliminated by the Tax Reform Act of 1986.
		As a result of the interaction between the two acts, for timber sold after May 6, 1997, the tax rate on long-term capital gains declined from 28% to 20% - or from 15% to 10% for amounts in the lowest bracket.
	www.usa-investment-tax.com /capital_gains.asp (1104 words)

	The Tax Prophet -Highlights of The Tax Reform Act of 2003 aka The Jobs and Grow Tax Relief Reconciliation Act of 2003
		President Bush signed into law the Jobs and Growth Tax Relief and Reconciliation Act of 2003, a combination of cuts in the capital gains tax rate, a new 15% tax rate on dividends and a lowering of tax brackets, all designed to stimulate the lagging economy.
		Both the 15% tax bracket and the standard deduction are increased to twice the amount allowed for a single taxpayer, thus ending the marriage penalty (a married couple is treated the same as two unmarried individuals).
		For tax year 2003, the 15% tax bracket for single filers is $28,400, thus, the 15% bracket would apply to taxable income between $14,000 and $56,800, and the standard deduction would increase to approximately $9,400 (based on the 2002 standard deduction of $4,700 for a single filer).
	www.taxprophet.com /hot_topic/2003_tax_reform_act_0306.shtml (742 words)

	Tax Incentive Reform Act of 1992 (Site not responding. Last check: 2007-10-09)
		The legislature recognizing the importance of industrial development to this state passed Act (92-599) in the 1992 Session.
		This act grants an abatement of Ad Valorem taxes other than those imposed for public school purposes and for capital improvements for public education for a period not to exceed ten years.
		Act (92-599) applies to both real and personal property.
	www.tallapoosacountyal.com /tax_incentive_reform.htm (77 words)

	Bruce Bartlett on Tax Reform, Dems & Gephardt on NRO Financial
		The Bradley-Gephardt plan was important because, historically, Democrats had used the idea of "tax reform" as nothing but a code word for soaking the rich.
		In the tax-reform acts of 1969 and 1976, Democrats were only interested in taking away supposed "tax loopholes" used by the "rich." There was no quid pro quo.
		The 1993 tax increase might well have put the top rate back to 70 percent, where it was when Reagan took office, rather than the 40 percent level Clinton imposed.
	www.nationalreview.com /nrof_bartlett/bartlett112002.asp (927 words)

	Tax Reform Act of 2005
		--The application of any payment made under this subsection to the assessed tax or other amounts imposed under this title with respect to such tax may be specified by the taxpayer.
		For purposes of the preceding sentence, any period during which any tax liability which is the subject of such offer-in-compromise is in dispute in any judicial proceeding shall not be taken in to account in determining the expiration of the 24-month period (or 12-month period, if applicable).".
		Presented by Alvin Brown and Associates, tax attorney, formerly with the Office of the Chief Counsel of the IRS.
	www.irstaxattorney.com /legislation/tax_reform_act_2005.html (561 words)

	1986 Tax Reform Act Changes Available
		These and other statistical data regarding individual income tax returns and the effect of the 1986 Tax Reform Act are published in the Statistics of Income--1987, Individual Income Tax Returns annual report.
		Major changes in income and tax distribution occurred from 1986 to 1987 as a result of the Tax Reform Act of 1986.
		Publication 1304, Statistics of Income--1987, Individual Income Tax Returns annual report, as well as other Statistics of Income publications are for sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402.
	www.unclefed.com /Tax-News/1990/Nr90-138.html (252 words)

	Tax Reform Act (Site not responding. Last check: 2007-10-09)
		The Business Tax Reform Act will have a significant impact on many New Jersey taxpayers (including individuals) and is effective for years beginning on January 1, 2002 unless otherwise specified in this memo.
		The minimum tax for corporations that are members of affiliated or controlled groups with total payrolls of $5 million or more is $2,000.
		The NOL deduction is suspended for the 2002 and 2003 tax periods.
	njawbo.org /morris/newsletter/newsletter11-02/html/tax_reform_act.html (1494 words)

	Tax Reform Act of 1986 Hurt U.S.Competitive Position
		But TRA 86 overhauled the tax treatment of dividends received from international joint ventures where an American company owned 10 to 50 percent of the enterprise.
		The tax law placed new limits on the worldwide averaging of foreign tax credits by requiring companies to segregate income from joint ventures owned 50 percent or less by an American firm into distinct "baskets." This change in the tax law increased the cost of U.S. joint venture activity, especially for ventures in low-tax countries.
		By raising the cost of dividends received from joint ventures in low tax countries, the "basket" provisions also encouraged American firms to prefer higher debt/asset ratios in their affiliates and to substitute royalty payments for dividends from joint venture partners.
	www.nber.org /digest/may97/w5755.html (510 words)

	P.L.2002, c.040 (A2501 1R)
		And such franchise tax shall be in lieu of all other State, county or local taxation upon or measured by intangible personal property used in business by corporations liable to taxation under this act.
		The tax imposed by this act shall be due and payable annually hereafter, commencing with the calendar year 1959, in the manner provided under subsection (a), (b) or (c) of this section, whichever shall be applicable.
		Such tax shall be computed as herein provided, for each and every fiscal or calendar accounting year or part thereof begun not earlier than July 2, 1957 and ending not later than December 31, 1959 on the basis of which a franchise tax has not accrued under this act prior to January 1, 1959.
	www.njleg.state.nj.us /2002/Bills/PL02/40_.htm (6879 words)

	Economic Impacts of the Tax Reform Act of 1986: Short-Run and Long-Run Perspectives
		The paper's estimates of the effects of tax reform over the period 1986-1988 are computed using three small short-run econometric models developed by the author.
		Because these are simultaneous models, the results show not only the direct effects of tax reform on each sector, but also interactions among sectors, and multiplier effects.
		Although there are several aspects to the long- run economic improvements promised by the act, among the most important is its effect in making the tax code more "neutral" with respect to different types of capital--that is, subjecting different types to effective tax rates that are more nearly equal than under the previous law.
	www.cbo.gov /showdoc.cfm?index=6244&sequence=0 (1148 words)

	SENATE BILL 669 P.N. 1970 (Site not responding. Last check: 2007-10-09)
		The initiative 21 petition as submitted to the election officials, along with a 22 list of signatories, shall be open to inspection in the office 23 of the election officials.
		21 (c) Election.--The election shall be conducted in accordance 22 with the act of June 3, 1937 (P.L.1333, No.320), known as the 23 Pennsylvania Election Code, except that the time limits for 24 advertisement of notice of the election may be waived as to the 25 question.
		Section 409(a) of the act of July 12, 1972 8 (P.L.781, No.185), known as the Local Government Unit Debt Act, 9 as amended October 16, 1996 (P.L.710, No.125), is repealed.
	www.legis.state.pa.us /WU01/LI/BI/BT/1997/0/SB0669P1970.HTM (3445 words)

	HB2536 - 422R - I Ver - Title: 1996 property tax reform act
		The excess of the reduction in property taxes for a parcel of property resulting from the reduction in the property tax rate pursuant to this subsection over five hundred dollars shall be deducted from the amount of additional state aid for education.
		Prior to the levying of taxes for school purposes the board of supervisors shall determine whether the total primary property taxes to be levied for all taxing jurisdictions on each parcel of residential property in lieu of the provisions of this subsection, violate article IX, section 18, Constitution of Arizona.
		The assessed value used for determining the reduction in taxes for the property is equal to the total assessed value of the property times the ratio of the number of owner occupied housing units to the total number of housing units on the property.
	www.azleg.state.az.us /legtext/42leg/2r/bills/hb2536p.htm (10480 words)

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