Estimates of Federal Tax Expenditures, Committee On Ways And Means Jcs-3-88
The book Estimates of Federal Tax Expenditures, Committee On Ways And Means Jcs-3-88 was written by author United States. Congress. Joint Committee On Taxation Here you can read free online of Estimates of Federal Tax Expenditures, Committee On Ways And Means Jcs-3-88 book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Estimates of Federal Tax Expenditures, Committee On Ways And Means Jcs-3-88 a good or bad book?
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^Individual Income Tax P The staff does not include as tax expenditures either the stand- Wd deduction or the personal exemption for the taxpayer and de- ^pendents (except for dependents who are students and age 19 or 'more) because Congress believes these amounts approximate the ^ level of income below which it would be difficult for an individual or a family to obtain minimal amounts of food, clothing, and shel- Jter. Thus, itemized deductions are classified as tax expenditures i only to the ...extent they exceed the standard deduction. f Deductions for costs incurred in producing income are considered 5 part of the normal tax structure and, therefore, are not listed as J tax expenditures. These deductions, some of which are subject to f limitations, include job-related moving expenses, employee business f; expenses, investment expenses, and business-related travel ex- ^penses. In addition, certain deductible interest expenses, which in- I elude such items as interest paid or accrued on indebtedness in- 1 curred or continued in connection with a trade or business, invest- { ment interest to the extent of investment income, or interest pay- j able on any unpaid portion of tax due on an estate when an exten- i' sion of time for payment is in effect, are not tax expenditure items.
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