The Revenue Reconciliation Act of 1993: who wins and who loses?

On August 10, 1993, President Clinton signed the Revenue Reconciliation Act of 1993 into law. Now, tax practitioners, financial planners, businesses, and the US public have the task of sorting out the numerous tax changes contained in the package. To the surprise of many, the Act increased tax rates...

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Veröffentlicht in:The CPA journal (1975) 1993-10, Vol.63 (10), p.18
1. Verfasser: Johnson, Janice M
Format: Artikel
Sprache:eng
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Zusammenfassung:On August 10, 1993, President Clinton signed the Revenue Reconciliation Act of 1993 into law. Now, tax practitioners, financial planners, businesses, and the US public have the task of sorting out the numerous tax changes contained in the package. To the surprise of many, the Act increased tax rates retroactively to the beginning of 1993. The limitation on certain itemized deductions for taxpayers with adjusted gross income in excess of $100,000 ($50,000 for those who are married filing separately), which was set to expire after 1995, has been made permanent. Beginning January 1, 1994, the business deduction for meal and entertainment expenses is reduced from 80% to 50%. Noncorporate investors who hold qualified small business stock issued after August 10, 1993, will be permitted to exclude 50% of certain gains realized on the disposition of their stock. The luxury excise tax on jewelry, furs, boats and aircraft was repealed effective January 1, 1993. Numerous tax accounting provisions are also in the Act.
ISSN:0732-8435