The Independent Community Bankers of America, in cooperation with Grant Thornton, has released a comprehensive study outlining a menu of federal tax relief and simplification measures to improve the country's economy.
The 50-page study, "Community Bank Tax Relief and Simplification Options," was developed by the community banking sector to suggest policies that should be enacted to assist small businesses and individuals, and increase the viability of community banks to serve these customers.
The Top Ten Tax Fixes, according to the study, include:
- Allow new Universal FREEDOM Savings Account
- Improve Current Retirement and Education Provisions
- Provide Individual Interest and Dividend Exclusion
- Permanently Repeal Estate Tax and Increase Fair Market Value Basis
- Allow Long-Term Deposits Capital Gains Tax Treatment
- Liberalize Punitive S Corporation Rules
- Increase Small Business Expensing
- Boost Small Business Lending Opportunities
- Create National Limited Liability Company (LLC) Bank Charter
- Boost Cost-effective Local Government Funding Options
Full details of each of these recommendations can be found on the Community Banker's Web site.
Douglas L. McClure, chairman of ICBA's Tax Committee, and the chairman of Rocky Mountain Bank & Trust in Colorado Springs, Colo., said, "Simply stated, this ICBA study provides a broad menu of tax policy options where consumers and small businesses of all kinds can be spared onerous tax burden compliance costs with a few simple tax code changes. Adopting these recommendations will help preserve the financial underpinning of millions of consumers, family owned businesses, family farms, local merchants and small manufacturers throughout America."