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The review of personal taxation is due to be carried out in 2013, with the results to be presented to the States at the end of the year.
BBC: Guernsey mortgage interest relief to remain unchanged
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In its place we can then simplify personal taxation: just treat all investment income (yes, dividends and capital gains) the same as we treat any other form of income, to be taxed at whatever is the appropriate marginal rate for the total income of the recipient.
FORBES: Yes, Let's Design A New International Corporate Tax System. Let's Not Tax Corporations At All
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The IRS eventually reversed course and proposed more specific rules for the taxation of personal use of cell phones.
FORBES: IRS, Employers Finally Connect on Cell Phone Issues
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That act also doubled the personal exemption, shielding more income from taxation for everybody.
FORBES: How Obama Misled Joe The Plumber
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Nearly every venture capitalist still actively investing today has decried legislation wending its way through the various halls of Congress that would raise the rate of taxation they face to the personal rate of 40% from the capital gains rate of 15 percent.
FORBES: Apple, Intel Investor Says Carried Interest Tax O.K.
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He currently serves as a Director of the Washington, DC Estate Planning Council, as Vice-Chair of the Fiduciary Income Tax Committee of the American Bar Association Section of Taxation, and as Co-Chair of the Personal Financial Planning Club of the University Club of Washington DC.
FORBES: FATCA: Giving More Tools to the IRS
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Over the years, tax competition among governments has led to lower tax rates on personal and corporate income, as well as reductions in the double taxation of income that is saved and invested.
FORBES: Should International Bureaucracies Get Taxing Powers or Direct Funding?
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Ninety-five percent of all business entities declare business profits on their owners' personal tax returns, according to an August 2012 report from Congress's Joint Committee on Taxation.
WSJ: Small Businesses Puzzle Over Tax Strategy