Marginal Tax Rate Reductions: Hearing Before the Committee on Finance, United States Senate, One Hundred Seventh Congress, First Session, March 7, 2001, Volume 4

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U.S. Government Printing Office, 2001 - 83 pages

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Page 61 - Unlike private trust funds that can set aside money for the future by investing in financial assets, the Medicare Hospital Insurance (HI) Trust Fund— which pays for inpatient hospital stays, skilled nursing care, hospice, and certain home health services— is essentially an accounting device. It allows the government to track the extent to which earmarked payroll taxes cover Medicare's HI outlays. In serving the tracking purpose...
Page 66 - ... and a residence test. First, the qualifying child must be the taxpayer's child, stepchild, adopted child, grandchild, or foster child. Second, the child must be under age 19 (or under age 24 if a full-time student) or permanently disabled regardless of age.
Page 63 - Generally, disability is defined as the inability to engage in "substantial gainful activity" by reason of a physical or mental impairment. The impairment must be medically determinable and expected to last for not less than 12 months, or to result in death. Applicants...
Page 66 - ... your natural children, stepchildren, adopted children (including those placed for adoption), and eligible foster children (those placed with you by an authorized adoption agency or court). A qualifying child also includes grandchildren and brothers and sisters (including stepsiblings). The child must be under age 19, under age 24 and a full-time student, or permanently disabled (any age). Your child must live in your household for more than half the year.
Page 61 - Medicare Medicare, authorized under title XVIII of the Social Security Act, is a nationwide health insurance program for the aged and certain disabled persons. It consists of two parts: the hospital insurance (part A) program and the supplementary medical insurance (part B) program. ELIGIBILITY Most Americans age 65 or older are automatically entitled to protection under part A. Persons age 65 or older who are not "fully insured...
Page 64 - Federal Trust and Other Earmarked Funds: Answers to Frequently Asked Questions (GAO-01-199SP).
Page 49 - The views set forth here are solely those of the author and do not necessarily represent the opinions of the trustees, officers, or other staff members of the Brookings Institution.
Page 81 - This is a perfect example of giving with one hand and taking away with the other.
Page 66 - The person with the lower modified AGI cannot use that child to claim the EITC even if the other person does not claim the EITC. This rule does not apply if the other person is the taxpayer's spouse and they file a joint return. • Misreporting of filing status — these errors involved married...
Page 35 - I would be happy to take questions. The CHAIRMAN. Thank you, Mr. Chairman.

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