Congress should move quickly to repeal what’s left of the federal...
Congress should move quickly to repeal what’s left of the federal phone excise tax, based on revised estimates from the Congressional Budget Office (CBO), USTelecom said Thurs. CBO says fully repealing the excise tax would save taxpayers about $1.5…
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billion over 10 years. That contrasts with a 2006 figure from the Joint Committee on Taxation of $4.5 billion. The committee follows the CBO baseline in making estimates for tax legislation. “While the IRS has already taken action to end the tax on long distance service, the remaining tax irrationally penalizes customers who still subscribe to standalone service,” USTelecom Pres. Walter McCormick said in a written statement.