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Tax Revisions Would Eliminate Exemptions Used by Wealthy
Treasury officials draft a plan to curb wealthy taxpayers by limiting tax exempt income. The proposed LPt rule would cap tax preference at half of annual income, combining taxable and exempt earnings for tax calculations. Plan targets high exempt income from bonds, charity, oil and mining gains, with April testimony planned before the House Ways and Means Committee. In a separate note, a Sacramento bank branch was robbed of about $2,500 by a gunman.
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Ways and Means
Treasury Department
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