What did the 2008–10 tax stimulus acts do? Q.What did the 2008–10 tax stimulus acts do? A.The 2008 and 2009 tax acts provided large temporary tax cuts to most households, with the goal of helping the economy recover from the Great Recession. The 2010 tax act extended specific provisions of the 2009 act through 2012, along with most of the 2001 and 2003 income tax cuts enacted during the second Bush administration. It also replaced the Making Work Pay credit with a 2-percentage point reduction in the 2011 payroll tax rate for workers. Read more about What did the 2008–10 tax stimulus acts do?
What is a broad-based income tax? Q.What is a broad-based income tax? A.One that minimizes tax preferences with the goal of increasing revenue at a given rate of taxation. Read more about What is a broad-based income tax?
What would and would not be taxed under a broad-based income tax? Q.What would and would not be taxed under a broad-based income tax? A.Generally, all forms of income, but there are as many options as there are proposals. Read more about What would and would not be taxed under a broad-based income tax?