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The article reports on the debate over the implementation of graduated income tax system to replace flat income tax rate in Illinois which becomes he campaign issue for the state's governor's election. Topics include the concerns on the risk of exposing the state with poor track of budget management to volatility, the views of several gubernaturial candidates J.B. Pritzker and incumbent Bruce Rauner on the issue, and the discussion over the revenue associated with the tax rate implementation.

This article focuses on the impact of a flat tax on the U.S. mortgage industry. Some industry executives and lobbyists believe that the mortgage interest deduction enjoyed by millions of tax-paying citizens could become a bargaining chip, under the new tax. Under a flat tax all citizens would pay 20% of their income to the federal government — no matter how much they earn — but write-offs such as mortgage interest payments and charitable donations would be eliminated. The flat tax idea has been floated before, most notably by presidential hopeful Steve Forbes, but has never gained much traction except among conservatives.

The author offers recommendations from the National Society of Accountants (NSA) for year-end taxation care of consultancy company Wolters Kluwer CCH. Topics include U.S. income tax rates and tax treatment of capital gains and dividends for 2015, limitations on itemized deductions and personal exemption phase out, and the traditional year-end tax planning. Other topics include the impact of life changes, tax-free gifts, and the new net investment income (NII) tax under the Affordable Care Act.

The author proposes the imposition of levy on managed wealth in the form of an assets under management (AUM) tax in order to make financial available to all families in the U.S. He emphasizes that a flat-tax equivalent to 1 cent per 10,000 dollars in AUM would generate 43.8 million annually. He explains how the proposal could work, using the state of Georgia as an example.

Comments on the attitude of U.S. citizens toward tax reform. Purpose of some states for imposing state and local taxes that are higher than the rest of the country; Proposals for a national flat tax; Importance of involving tax practitioners in examining tax proposals.

The article is an excerpt from the website Financial-Planning.com about U.S. Republican presidential candidate Herman Cain's 9-9-9 flat-rate income tax plan and economic adviser Rich Lowrie.

Provides information on several alternative tax reform proposals in the U.S. as of June 20, 2005. Value-added tax by Yale Law School professor Michael J. Graetz; Dual-rate tax by Chris Edwards, director of tax policy for the Cato Institute; Flat tax by former U.S. House majority leader Dick Armey; National retail sales tax by Thomas A. Wright, executive director of Americans for Fair Taxation.

Discloses the statement made by Washington State Treasurer Michael Murphy that he will not consider issuing any of the $1.9 billion of state highway bonds approved by voters in 1998 if Initiative 695, a tax limitation measure, wins at the polls in December 1999. Initiative's repeal of the state's motor vehicle excise tax replacing it with a $30 flat tax.

The article reports on the decline of personal consumption expenditures in April 2010 in the U.S.

The article reports that lawmakers in Utah agreed on the proposal by Governor Jon Huntsman Jr. regarding the inclusion of a flat-tax option in reform plan. The proposed system allows taxpayers to choose a flat-tax option when paying their income taxes. Moreover, the new system will have lower flat rates and does not offer deductions nor tax credits.

The article reports on the proposal of Senator Sam Brownback to test an optional flat tax system for federally taxed income in the District of Columbia. According to Brownback, the flat tax plan would be a voluntary alternative to the federal tax structure for district residents. Meanwhile, district leaders are divided on the proposal.

The article reports on the discussion of a proposal by a state Tax Reform Task Force to create a flat-rate income tax by the Utah Legislature. Proponents of the tax including Governor Huntsman Jr. said lower tax is needed to make the state competitive in attracting businesses. The flat tax would simplify the tax code stabilize year-to-year revenues and broaden the state's tax base.

The article reports that two slate legislators last week presented a bipartisan alternative to a Republican proposal to replace Utah's current tax system with a flat lax, as a panel of lawmakers seeks to devise a new tax structure to fund government operations. The Legislative Tax Reform Task Force will report in coming weeks to the full legislature with a recommendation for a new system. Republicans on the task force are promoting a 4% flat tax on federal adjusted gross income. Taxpayers would be given no credits, exemptions, or deductions. The proposal floated by Representative Pat Jones and Steve Mascaro, would phase out state income tax exemptions beyond two per household, expand tax brackets and index them for inflation.

Emphasizes the need for accountants to assume the role of public advocate in advising the public about flat tax concerns. Need to consider the impact of flat tax on the working class and the very poor; Problems with the business flat tax; Need to educate the clients on the impact of taxation reforms.

Reports on a survey of the national concerns of builders conducted during the National Association of Home Builders' 1996 convention. Concerns over flat taxation and the possible repeal of the mortgage interest deduction; Projected rise in the average American homeowners' taxes; Comments from convention attendees.

Focuses on a study which examined the impact of the passage of a flat tax that eliminates the deductibility of mortgage interest on the mortgage-backed securities market. Increase in foreclosures and mortgage losses; Citizens for a Sound Economy's disputing of the study's claims.

Opinion. Comments on the possible effect of the proposal seeking to eliminate the tax deduction for mortgage interests. Opposition to flat tax proposal; Incentive to home ownership; Shift toward investment incentives.

Presents a statement from the US Department of Housing and Urban Development (HUD) about the detrimental effects of a proposed flat tax on income. Opinion of Nicolas P. Retsinas, assistant secretary for housing at HUD; Possible decline in homeownership rates; Expected increase in defaults due to the substantial decline in market prices.

Cites a study which shows the financial consequences of a flat tax that does away with mortgage interest and property tax deductions for homeowners in the United States. National Association of Realtors' announcement of study results on June 28, 1995.

Comments on the Treasury Department's opposition to Representative Dick Armey's proposal to phase in a flat tax rate for individuals and corporations. Public support for the bill; Advantages.

Reports on the status of legislative bills affecting Washington, D.C. Proposal to revitalize the district's finances; Federal government's takeover the district's unfunded pension liability and court system operation; Introduction of a flat 15 percent tax on wages and investment income.