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1. If a progressive tax rate system is used, as a taxpayer's taxable income decreases, a progressively higher rate of tax is applied.
2. Using retroactive dates for changes in the tax law violates the objective of certainty as identified in Adam Smith's "canons of taxation."
3. Partnerships, S corporations and trusts are all taxpaying entities.
4. If offered a $400 credit or a $1,000 deduction, a taxpayer with a 30% marginal tax rate should take the deduction.
5. All taxpayers are allowed the full standard deduction ($12,200 for single taxpayers, for example) when filing a tax return.
6. Although the interest from municipal bonds is not taxable any gain on the sale of such bonds is taxable
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