Incomplete gift nongrantor trusts: Personal Income Tax Law.
Net investment income tax expanded to apply to all trade or business income that is exempt from self-employment taxes.
Extends certain federal income tax advantages of individual health savings accounts to individual taxpayers under the New Jersey gross income tax.
Revenue and taxation; income tax; taxable income; business entities; computation; effective date.
A bill for an act relating to the elimination of the individual income tax and alternate income tax by creating the taxpayer relief trust fund and income tax elimination board and fund, and making appropriations.
Expands eligibility for pension and retirement income exclusion to taxpayers with incomes exceeding $150,000, and increases amount of exclusion that qualifying taxpayers may claim.
Expands eligibility for pension and retirement income exclusion to taxpayers with incomes exceeding $150,000, and increases amount of exclusion that qualifying taxpayers may claim.
Allows exclusion of certain small business income from taxation under gross income tax and corporation business tax.
FairTax Act of 2023 This bill imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2025, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property; for property or services purchased for business, export, or investment purposes; and for state government functions. Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines. The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury. Tax revenues are to be allocated among (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund. No funding is authorized for the operations of the Internal Revenue Service after FY2027. Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this bill.
Amends the alternative tax table benefit recapture; increases the rate of supplemental tax for high income taxpayers.