| McCain campaign releases Sarah Palin & First Dude's tax returns. Documents show, er, not much interesting (johnmccain.com) | 79 |
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| SchlingFocker
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2008-10-03 05:58:08 PM |
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| Father_Jack | 2008-10-03 06:28:40 PM |
Responding to Hurricane Katrina, Washington exempted charitable contributions between Aug. 27, 2005, and Jan. 1, 2006, from the overall limit on itemized tax deductions and the 50% of adjusted gross income limit for such giving. The one-time change wasn't limited to hurricane-related contributions.
"There was no excuse for not restricting it to the affected area," said Joann Weiner, a former Treasury Department employee who analyzed the changes in her current job as a contributing editor at Tax Analysts, a non-profit publisher of tax information and data.
Under the American Jobs Creation Act of 2004, Washington also allowed taxpayers to eliminate up to 100% of their alternative minimum tax liability by using credits for any foreign taxes paid. Before tax year 2005, those credits could only eliminate 90% of federal income taxes.
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