Tax Research Memorandum To: Lauren Smith From: Date: May 18, 2012 Re: Tax Treatment of MBA education expenses Facts You incurred $15,000 in educational expenses in the course of earning a MBA. You want to deduct these expenses as an employee business expense in your tax return since your employer does not have an education expense reimbursement program. Issue The issue is (1) whether the education was required to keep your present salary, status or job and/or the education maintains
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following is an example of fiscal policy? A) Increasing government expenditures to build highways B) Increasing the money supply to increase income C) Decreasing the discount rate to lower unemployment and inflation D) Decreasing the federal funds rate to stimulate investment E) Decreasing the reserve ratio to increase bank 2. (#8 2010) Aggregate demand may be measured by adding (A) Consumption, investment, savings and imports (B) savings, government spending, and
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214 Massachusetts Avenue, NE • Washington DC 20002 • (202) 546-4400 • heritage.org CONGRESSIONAL TESTIMONY ________________________________________________________________________ Pursuing Universal Retirement Security Through Automatic IRAS and Account Simplification Testimony before The Committee on Ways and Means United States House of Representatives April 17, 2012 David C. John Senior Research Fellow The Heritage Foundation I am David C. John, the Senior Research Fellow for Retirement
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retirement incomes and reduce reliance on the age pension (which is provided by the government). Tax concessions have existed for superannuation since 1914.1 Until the 1980s, interest and capital gains on superannuation funds were not taxed. However, the extent of tax concessions has since been reduced. In 1986 compulsory superannuation was introduced in Australia. The system initially applied to employees on Federal awards, with 3 per cent of their earnings saved in superannuation funds in lieu of wage rises
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year taxes. This is just the start of tax implications that will be put into effect this upcoming year. Obama care gives benefits to many U.S. Citizens, but those benefits aren’t free. Different tax implications such as tax hikes, limits to deductions, tax credits, tax breaks, and other changes will be made to cover the cost of these benefits. One of the most controversial Obama care tax implications is the Medical Device Tax. The medical device tax is a tax for firms making medical equipment such
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retirement saving plans, the 401(k) plan. The 401(k) is a qualified retirement saving plan which allows the employer to place a part of the employee’s wages into a determined saving account under the plan. These contributions are deducted from the federal
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Estate and Gift Tax Outline Repetti Fall 2013 Boston College Law School Casebook: Federal Wealth Transfer Taxation, 6th Edition Table of Contents Filing Returns 3 Gift Tax: 3 Estate Tax: 3 Generation-Skipping Tax: 3 Statutes of Limitations, Interest, Penalties: 3 Computation of the Estate and Gift Tax 3 General Description of Gift Tax: 4 General Description of the Estate Tax: 4 Role of State Law 4 Scope of the Estate Tax 5 Beneficial Ownership and § 2033: 5 Interests Arising
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The debt crisis of Nigeria and Greece Introduction National debt is a problem that can inflict any country including the developed countries. Almost all countries go into budget deficit one way or the other and end up borrowing money. The most direct effect of the government debt is to place a burden on future generations of taxpayers. When these debts and accumulated interest come due, future taxpayers will face a difficult choice. Inheriting such a large debt cannot help but lower the living standard
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While other countries fell into the global recession, Australia maintained strong economic growth, low government debt and a triple-A credit rating. With this record, you might expect the federal election to be focused on how to convert the strength of today's economy into resilience for the future. But instead the political spotlight has fallen on the perceived problem of government debt, with alarming proposals to bring austerity ''down under''. For an American, Australia's anxiety about deficit
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shift in prioritization of targets that are short-term like travel and purchasing of houses over planning for retirement among the young working population is also a cause for the pension crisis. Fourthly, the mounting pressure on governments for tax reduction and the competing demands for government expenditures reduce the available funds to sustain the pensions. Lastly, over optimistic returns forecasts by the managers of pensions and the declining performance of stock markets reduce the returns
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