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Balance Budget Act 1997


Never Underestimate the Value of A CPA

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Summer 1997

Editor: Scott Gottlieb, CPA
Assistant editor: Susan A. Maffetone, CPA

Government is trying to settle the budget deficit problems

Currently, our Government is trying to settle the budget deficit problems. Congress and President Clinton are in the process on writing a budget which will wipe out the countries deficit by the year 2002.

Some of the proposals currently under consideration are:

A tax credit for children of up to $500 for children under thirteen. The proposal will phase out the credit as adjusted gross income exceeds $60,000.

A capital gains tax cut would in effect cut the capital gains rate from the current high of 28% to a range of 14% to 19%. In addition, the government has proposed a $500,000 capital gain exclusion from the sale of the primary residence, currently, there is no exclusion for capital gains on the sale of the primary residence, except for taxpayers who are older than 55. These taxpayers are currently allowed a one time exclusion of $125,000 from the profit on the sale of the primary residence.

There is a proposal to increase the amount that can be contributed to an IRA on behalf of a non-working spouse. The proposal would increase the amount that can be contributed from $250 to $2000.

The President plans to cut some of the many corporate tax loopholes to pay the cost of the tax credits.

Further information relating to proposed tax cuts will be coming in the next couple of months.


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