Yes. we all know that the Tax Reform Act of 1986 is the most recent example of comprehensive tax reform. And yes, it compressed 14 tax brackets into two (15%, 28%) with a third that has been called the phantom…
Creating perverse tax incentives, tax section 280E stops legal marijuana businesses from taking deductions because it is a federally controlled substance.
With the House requiring dynamic scoring of tax legislation from the CBO, the bigger tax debate resurfaces on how much redistribution and spending.
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