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January 31, 2005

Tax Panel Wants to Raise $400 Billion in Extra Tax

Tax News is reporting that the Congressional Joint Committee on Taxation has recommended tightening up of several tax areas in order to increase revenue by up to $400 Billion over the next ten years.

According to the report, some of the revenue will come from tackling non compliance, but more than half of the total will come from changes in treatment of certain types of income and expenses to close off loopholes. Some of the main recommendations include: changes to employment taxes, dependent care assistance, transportation and other employee fringe benefits which could yield an additional $164 Billion in the 10 years.

Other changes include changing the taxation of income earned overseas by US companies, repealing the deduction for interest on home equity loans, expanding telecommunication taxes to all voice and data communications. and tougher rules to prevent taxpayers from inflating their deductions by overvaluing charitable donations.

Posted by Gerry Torres at 08:48 AM in Taxation | Permalink


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