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WSJ Your Money Briefing

Could Income Taxes Become Easier to Understand?

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.81.6K Ratings

🗓️ 20 March 2024

⏱️ 7 minutes

🧾️ Download transcript

Summary

Congress is considering several proposals that could simplify income tax rules. Wall Street Journal reporter Laura Saunders joins host J.R. Whalen to discuss how they would impact taxpayers. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

The less your business spends the more margin you keep.

0:03.5

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0:09.5

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0:12.0

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0:17.9

So head to Net Suite.com slash Wall Street right now. Here's your money briefing for Wednesday March 20th. I'm J.R. Wayland for the Wall Street Journal.

0:29.3

It's tax season and for many of us that means waiting through a blizzard of

0:36.8

numbers and paperwork. It also means renewed calls in Washington to make tax

0:42.0

rules easier to understand.

0:44.0

And if we had more simplification, we'd have less complexity and less money to pay tax professionals to help us.

0:52.0

And we wouldn't have to spend time complying with the law we would just obey it.

0:55.8

We'll talk to Wall Street Journal Tax reporter Laura Saunders after the break. And the The less your business spends the more margin you keep. Net Suite by

1:19.9

Oracle brings accounting, finance, inventory, and HR into one proven platform, helping you reduce

1:26.4

costs everywhere.

1:28.2

Now through April 15, Net Suite is offering a one-of-a-kind flexible financing program, so head to Net Suite. Simplifying federal income taxes in the U.S. could make it a lot easier to understand and potentially avoid paying more than you owe.

1:51.0

Wall Street Journal Tax Reporter Laura Saunders joins me.

1:54.2

Laura calls for simplifying the tax codes seem like there is as old as time.

1:58.3

Why is this chatter happening now?

2:00.6

Well, it's happening now because at the end of 2025 many of the tax features of the 2017

2:09.2

tax overhaul evaporate. They expire. they go away. The ones that affect individuals, the

2:15.6

tax rates we have now, the brackets we have now, the standard deduction that

2:20.0

was nearly doubled and many other things of section one ninety nine business

2:23.8

deduction they all expire and so Congress has to do something and so everybody's

...

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