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Politics : A US National Health Care System? -- Ignore unavailable to you. Want to Upgrade?

To: John Koligman who wrote (7271)	6/30/2009 12:38:59 PM
From: i-node	Read Replies (1) \| Respond to of 42652

>> Top rates went from the 70's to the 20's You have your numbers screwed up, but the big point is that all the so-called "loopholes" for wealthy individuals were closed. For example, section 469 relating to passive activity losses eliminated writeoffs relating to real estate and eliminated the gaps left in section 465 relating to At-Risk limitations. Oil & Gas interests were suddenly highly limited on their ability to deduct Intangible Drilling and Development Costs. Even the deduction of auto mileage was heavily restricted. Abuses in EITC were curtailed, the Investment Tax Credit was heavily restricted, the use of accelerated depreciation eliminated in most circumstances (replace with section 179 which was limited to $5,000 on certain property). Major limitations affected pass-through entities to prevent their use as tax shelters. Tax shelters that did remain were required to register. Oh, and did I mention capital gains? A person who just looks at tax rates WRT TRA86 doesn't even get half the picture.