Tax Reform Hearings: Statements of Public Witnesses on the Subjects of Income Earned Abroad (U.S. Possession Corporations), Tax Simplication (sick Pay Exclusion, Retirement Income Credit, Military Moving Expenses, Disability Income), and Income Earned Abroad (individuals) |
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Page 3
... earnings tax - free . The Committee felt that these basic changes would " provide for a more efficient system for exemption of possessions corporations " . Id . st . 170. For the convenience of the Committee , we attach a copy of the ...
... earnings tax - free . The Committee felt that these basic changes would " provide for a more efficient system for exemption of possessions corporations " . Id . st . 170. For the convenience of the Committee , we attach a copy of the ...
Page 10
... earning below the minimum wage , but also the higher rated jobs since the latter must be paid proportionately more . In addition , fringe benefits for plants covered by the current ILGWU contract are now approximately 25 percent of ...
... earning below the minimum wage , but also the higher rated jobs since the latter must be paid proportionately more . In addition , fringe benefits for plants covered by the current ILGWU contract are now approximately 25 percent of ...
Page 16
... earnings from businesses conducted in a possession , but also avoid U.S. tax on the income ob- tained from reinvesting their business earnings abroad . 40 Your committee after studying the problem concluded that it is in- appropriate to ...
... earnings from businesses conducted in a possession , but also avoid U.S. tax on the income ob- tained from reinvesting their business earnings abroad . 40 Your committee after studying the problem concluded that it is in- appropriate to ...
Page 17
... earnings only upon the liquidation of the possessions corporation , while taxing the foreign source investment derived from the accumu- lated earnings , would lessen to a significant extent the tax incentive of making the initial ...
... earnings only upon the liquidation of the possessions corporation , while taxing the foreign source investment derived from the accumu- lated earnings , would lessen to a significant extent the tax incentive of making the initial ...
Page 19
... earnings ( sec . 531 of the Code ) , taxes relating to recoveries of foreign ex- propriation losses ( sec . 1351 of the Code ) , or the personal holding company tax ( sec . 541 of the Code ) . In computing the amount of U.S. tax paid by ...
... earnings ( sec . 531 of the Code ) , taxes relating to recoveries of foreign ex- propriation losses ( sec . 1351 of the Code ) , or the personal holding company tax ( sec . 541 of the Code ) . In computing the amount of U.S. tax paid by ...
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Common terms and phrases
39 weeks active duty allowance American amount annuity benefits career Chairman Committee Commonwealth of Puerto Congress consolidated return cost of living deduction disability pay disability retired pay domestic corporation Dominican Republic earnings economy election eligible employees employment excluded from gross EXHIBIT federal income tax fiscal Fleet Reserve Association Foreign Service funds gross income Honduras increase inequities inflation injuries or sickness Internal Revenue Code Internal Revenue Service manufacturing miles military disability retired military member military personnel military retired pay military retirees million moving expenses National overseas payments percent disability possessions corporation present law programs Puerto Rico receive reimbursements repeal retiree's retirement age retirement income credit Rico's Section 104 section 936 credit sick pay exclusion tax exemption tax laws Tax Reform title 26 trade or business U.S. Armed Forces U.S. tax Uniformed Services United States Code Veterans Administration voluntary agencies wage withholding tax
Popular passages
Page 28 - Section 223 (d) (1) (2) (3) defines disability as the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.
Page 27 - Gross income does not include amounts referred to in subsection (a) if such amounts constitute wages or payments in lieu of wages for a period during which the employee is absent from work on account of personal injuries or sickness; but this subsection shall not apply to the extent that such amounts exceed a weekly rate of $100.
Page 35 - ... amounts received as a pension, annuity, or similar allowance for personal injuries or sickness resulting from active service in the armed forces of any country or in the Coast and Geodetic Survey or the Public Health Service.
Page 15 - Indies, and which satisfies the following conditions : (1) if 95 percent or more of the gross income of such domestic corporation for the 3-year period immediately preceding the close of the taxable year (or for such part of such period...
Page 15 - ... possession of the United States; and ***** (3) If, in the case of such citizen, 50 per centum or more of his gross income (computed without the benefit of this section) for such period or such part thereof was derived from the active conduct of a trade or business within a possession of the United States either on his own account or as an employee or agent of another.
Page 43 - ... (4) amounts received as a pension, annuity, or similar allowance for personal injuries or sickness resulting from active service in the armed forces of any country...
Page 32 - To uphold and maintain the Constitution and the laws of the United States, to realize the true American ideals and aims for which those eligible to membership fought; to advance the interests and work for the betterment of all wounded, injured, and disabled American veterans; to cooperate with the United States Veterans...
Page 27 - Injuries or sickness, and amounts received as a pension, annuity, or similar allowance for personal Injuries or sickness resulting from active service In the armed forces of any country; (6) Ministers.
Page 29 - The ratings shall be based, as far as practicable, upon the average impairments of earning capacity resulting from such injuries in civil occupations...
Page 70 - Congress has power to raise and support armies; to provide and maintain a navy; to make rules for the government and regulation of the land and naval forces...