NIMBY Taxes For All

photoNIMBY—“not in my back yard”—pejoratively describes the opposition people feel when some laudable project is a little too close to home.  It would be great, they say expansively, but not near me.  They are sometimes called Nimbies, a term coined in 1980 by Emilie Travel Livezey, and was popularized by British politician , then  .It is used in a similar way on our side of the pond.  It seems to fit perfectly with our current notion of tax equity, especially given the rising “tax the rich” chorus echoing across America. …

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Republican candidates’ tax plans may fall flat

photoWASHINGTON (Reuters) – A proposed overhaul of the U.S. tax system is catching fire among some Republican presidential candidates who see its potential to win over voters with its sheer simplicity, but there is skepticism among experts that a flat tax will prove a winning strategy.

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Special Report: 25 Years After Tax Reform, What Comes Next?

photo On Oct. 22, 1986, President Ronald Reagan signed into law a widely praised and sweeping bipartisan tax reform. It curbed special deductions, exclusions and breaks (tax expenditures, in tax speak) and chopped the top individual income tax rate from 50% to 28% and the top corporate rate from 46% to 34%.  Twenty-five years later, the country is in a deep fiscal hole, the tax code has suffered through years of tax “deform” and a ticking time bomb left in the 1986 Act (the alternative minimum tax) has yet to be defused. So there’s wide agreement that another overhaul is in order. …

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Reagan’s Law Redux?

photoIn , President Reagan revolutionized our federal income tax system by cutting rates and expanding the tax base, freeing up capital.  Having embarked on my tax lawyer career in 1979, it was my first major post-law school tax bill.  There would be many others.  Most notably, in , Mr. Reagan and Congress did it again with even more sweeping changes, ones we now see as pivotal 25 years later.  See .Of the myriad changes made in 1986, most were good.  Some were not.  The changes seemed fundamental when passed in 1986 and even more so today.  The top tax rate was lowered from 50% to 28%. …

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