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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated
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To: Les H who wrote (20794)5/9/2011 1:06:00 PM
From: Les H4 Recommendations  Read Replies (1) of 119362
 
Under the Wyden-Coats proposal, most Americans could file individual income taxes by completing a one-page form in less than an hour, its sponsors say.

The bill would reduce the number of individual tax brackets to three: 15 percent, 25 percent and 35 percent. It would nearly triple the standard tax deduction, eliminate numerous tax breaks and repeal the alternative minimum tax.

An analysis by the Tax Policy Center, a conservative-leaning nonprofit research organization, determined that most families earning up to $200,000 a year would pay the same or less in taxes under Wyden-Coats than they do today.

The proposal also would overhaul corporate tax rates, establishing a single flat rate of 24 percent instead of the current six rates with eight brackets.

Small businesses -- those with gross annual receipts of up to $1 million -- would be allowed to expense equipment and inventory costs in a single year.

scrippsnews.com

Federal debt-limit deal framework in place

According to The Wall Street Journal, the outlines of a deal to raise the debt ceiling are on the table. It would include strict deficit targets and enough spending cuts to mollify the Republicans.

The deal would set mandatory spending limits on government programs that must be approved yearly and spending limits on multiyear programs, like farm subsidies, food stamps, students loans, housing subsidies.

scrippsnews.com
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