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Assignment 2: Tax Research on Itemized Deductions - Essay Example
Finance & Accounting
Pages 6 (1506 words)
Tax Research on Itemized Deductions Name Institution Tax Research on Itemized Deductions The current form of the United States’ taxation code is a complicated task code reform, that is usually common, that is usually common among politicians. President Ronald Regan and the Congress reformed that taxation code twice during his two-term nature in the office…
Apparently, all the united states presidents before and after him have initiated tax reform codes. Nonetheless, his tax reform has stood to a historic tax cut. In the 1990’s, Bill Clinton lowered the middle class taxes that was followed by the year 2001’s George W. Bush massive tax cut across all incomes (Fishman, Home business.., 2012). The aim ideals behind tax reforms often aim at tax reductions; however, they do not usually simplify the tax code drastically thereby making the issue a political concern especially among politicians. Working on income tax may be a complicated issue; however, it provides people with tax deductions and tax breaks with some being unusual. The main aim of tax reduction is to reduce the taxable income in order to increase tax refund. Taxation may be carried out on either standard deduction or itemized deduction (Fishman, Home business.., 2012). The main purpose of standard reduction is the presetting income to allow a deduction on the annual taxable income. The amount deductible often varies according to an individual’s filling tax status and the annual inflation. ...
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