Saturday, January 16, 2010


The law can be an instrument of equalization only as it takes from some persons and gives to other persons. When the law does this, it is an instrument of plunder.

~ The Law, by
Frederic Bastiat

Below is a sampling of new or revised tax proposals since the Fall of 2009:

  • Reinstate 36 and 39.6 percent rates for high-income taxpayers
  • Reinstate personal exemption phaseout and limitation on itemized deductions for high-income taxpayers
  • Impose 20 percent rate on capital gains and dividends for high-income taxpayers
  • Limit value of itemized deductions to 28%
  • Reduce the tax gap and make reforms
  • Tax carried interest as ordinary income
  • Codify “economic substance” doctrine
  • Reform U.S. international tax system
  • Repeal first-in-first-out (FIFO)
  • .15% Tax on banking profits to repay TARP
  • Climate revenues (i.e. Cap and Trade)
Information on most of these tax proposals can be found here.

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