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The article mentions Bill Thomas (R-Calif.), chairman of the House Ways and Means Committee, and discusses the benefits of a value-added tax (VAT). Thomas says it's going to be exceedingly difficult to reform Social Security and taxes separately. The President wants to establish personal retirement accounts so that younger workers will have ownership and control of some of their benefits. On the tax side, there is a pressing need to reform the alternative minimum tax (AMT) and improve the competitiveness of American businesses. Thomas, who's all for private accounts in principle, is wary about using Social Security money to fund them. As Thomas suggested on Meet the Press, we might use a value-added tax, or VAT. An enticing feature of the VAT is that it's rebated on exports and applies to the full price of imports, so foreigners pay for part of it. This mechanism arguably gives countries with a VAT a competitive advantage over those without one, such as the U.S., which is now the only major country on earth without such a tax. Enacting a VAT would also help address the nation's competitiveness problem if it is used to offset some or all of the corporate income tax, which cannot be rebated on exports under world trade law. Past efforts to enact a VAT have failed mainly because it's regressive, that is, it takes more from the poor than the wealthy in percentage terms. But rebating some of the tax into the personal accounts of poor people could redress this problem.

The California Franchise Tax Board erroneously issued notices that overpayments from 2020 income tax returns that taxpayers elected to apply to estimated tax would be refunded. The NQSOs and RSUs were compensation for services provided in California, so the income from them was California-source income taxable in California. Keywords: business; rental income; California source; individual income tax return; executor; estate; federal income taxes; infrastructure deal; plug-in vehicle credit list; levy; advanced child tax credit; payments; joint tax court petition; french resident taxpayer; California tax; ex-spouse; franchise tax board; 2020 overpayments; 2021 estimated tax EN business rental income California source individual income tax return executor estate federal income taxes infrastructure deal plug-in vehicle credit list levy advanced child tax credit payments joint tax court petition french resident taxpayer California tax ex-spouse franchise tax board 2020 overpayments 2021 estimated tax N.PAG N.PAG 1 09/23/21 20210805 NES 210805 PHOTO (COLOR): Janet and me on our wedding day and from a recent visit to the Cathedral Room at Lake Shasta Caverns Janet and I celebrate our 50th wedding anniversary. [Extracted from the article]

The article focuses on implications of change in estate tax policy which was scrapped in 2001 by President George W. Bush's administration. The U.S. Congress signed a fiscal cliff deal and indexed the alternative minimum tax (AMT) to inflation to allow tax payers to deduct state income taxes from federal returns. Earned income tax credit (EITC) is also introduced as a refundable tax credit. States including California and Wisconsin have used this deal to balance their budgets for 2012-2013.

The article reports on the move of San Francisco International Airport to market its alternative minimum tax (AMT) as tax-exempt in San Francisco, California. It states that the airport has remarketed four of its variable-rate demand obligations (VRDOs) with a total amount of $266.7 million as tax-exempt. Kevin Kone, assistant deputy airport director, states that moving from AMT to non-AMT opens up the buyer base for these types of securities.

An interview with Kevin Kone, assistant deputy airport director for finance at San Francisco International Airport, California, is presented. When asked about his priorities, he replies that he would try to save 50 basis points in interest costs between alternative minimum tax (AMT) and non-AMT. He states that the stimulus' grant provisions will help the airport to reduce the borrowing needs. He says that they are trying to convert variable rate demand bonds from AMT to non-AMT.

Focuses on the general airport revenue bond deal to be offered by the San Francisco Airports Commission of California on April 1, 1998. Value of the deal; Sale of the revenue bonds subject to the alternative minimum tax (AMT) and non-AMT debt; Commission's use of a portion of the deal to contribute to an extension of the Bay Area Rapid Transit District rail service to the airport.