William H. Frist said "According to Mr. Domm, current tax law permits taxation of this unearned trust income in excess of $1,600 at the child's tax rate upon the child's 14th birthday. Up until the age of 14, the income was taxed at the parent's rate of taxation. This year, Mr. Domm's daughter will turn 14 and will no longer be subject to a tax rate higher than her income level. Unfortunately, however, a proposed change in S. 1637 would call for taxing any unearned income in excess of $1,600 at the parent's income tax rate until the age of 18 instead of 14." @ PoliticalQuotes.com

On the recordMay 11, 2004

According to Mr. Domm, current tax law permits taxation of this unearned trust income in excess of $1,600 at the child's tax rate upon the child's 14th birthday. Up until the age of 14, the income was taxed at the parent's rate of taxation. This year, Mr. Domm's daughter will turn 14 and will no longer be subject to a tax rate higher than her income level. Unfortunately, however, a proposed change in S. 1637 would call for taxing any unearned income in excess of $1,600 at the parent's income tax rate until the age of 18 instead of 14.

Said by

William H. Frist

Tennessee

Source

govinfo.gov

Editor's note · Context

Discussing proposed changes to tax law affecting unearned income for children.

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