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This highly-acclaimed text explains the conceptual basis of federal
income taxation. It is designed to help students quickly pull
together the entire subject for end-of-semester review and provide
perspective about where a topic fits within the federal income tax
scheme. While focusing on the present income tax, the text provides
an explanation of the often-discussed consumption tax and contrasts
the two taxes in a note at the end of the volume. The new edition
reflects developments since the fourteenth edition, including the
promulgation of regulations interpreting major provisions of the
Tax Cuts and Jobs Act of 2017. It also features new or expanded
discussions of several topics, including: possible legislative
reconsideration of the realization requirement (in the context of
"billionaires' tax" proposals); the long-term shift from deductions
to credits in the design of nonbusiness tax expenditures, and the
new and used electric car credits introduced by the Inflation
Reduction Act of 2022.
Figuring Out the Tax recounts the forgotten early development of
the federal income tax in the US, resulting from the interplay
between Congress and the Treasury Department in the decades
following the enactment of the tax in 1913. It covers a wide range
of topics including the income tax treatments of marriage, capital
losses, charitable contributions and homeownership, as well as the
rise, demise and resurrection of income tax withholding. Lawrence
Zelenak deftly illustrates how the income tax achieved its current
form through a range of stories which are new to tax history
scholarship and involve some remarkable personalities and
surprising plot twists. Although of particular interest to tax
academics and professionals, this book will also serve as a useful
introduction to the development of income tax for undergraduate
students and law students.
No one likes paying taxes, much less the process of filing tax
returns. For years, would-be reformers have advocated replacing the
return-based mass income tax with a flat tax, federal sales tax, or
some combination thereof. Congress itself has commissioned studies
on the feasibility of a system of exact withholding. But might the
much-maligned return-based taxation method serve an important civic
purpose? In "Learning to Love Form 1040", Lawrence Zelenak argues
that filing taxes can strengthen fiscal citizenship by prompting
taxpayers to reflect on the contract they have with their
government and the value - or perceived lack of value - they
receive in exchange for their money. Zelenak traces the mass income
tax to its origins as a means for raising revenue during World War
II. Even then, debates raged over the merits of consumption versus
income taxation, as well as whether taxes should be withheld from
payroll or paid at the time of filing. The result is the income tax
system we have today - one whose maddening complexity, intended to
accommodate citizens in widely different circumstances, threatens
to outweigh any civic benefits. Zelenak clears up many common
misconceptions and explains how the current system could be
simplified to better serve its civic purpose.
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