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Politics : Did Slick Boink Monica?

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To: DMaA who wrote (17067)	7/22/1998 8:38:00 AM
From: DMaA	Read Replies (1) of 20981

Speaking of surreptitious tax increases - WSJ: BACKDOOR TAX INCREASES hit many more people. Politicians often resort to subtle ways of raising taxes without raising tax rates. Among these are limits on the amount of itemized deductions that people above certain income levels may take. The IRS's latest "Statistics of Income Bulletin" shows about 4.1 million individual returns for 1996 were affected by this limit, up 10% from 3.7 million in 1995. Because of this provision, those taxpayers weren't allowed to deduct a total of $18.9 billion of itemized deductions. That represents a 26% increase in lost deductions over 1995, says IRS economist Therese Cruciano. As a result of this and other similar provisions, many people effectively pay higher tax rates than they realize, says Thomas P. Ochsenschlager of Grant Thornton in Washington. But don't expect Congress to eliminate these "stealth" tax provisions anytime soon, he says. These hidden increases "are perfect politically," Mr. Ochsenschlager says. "They raise a lot of revenue without most people realizing it."

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