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Economist Jack Mintz wants family income splitting, but with a twist

OTTAWA - A controversial federal policy that would allow families to split their incomes for tax purposes would make a lot of sense, as long as it is accompanied by other measures so that the benefits would be shared by all kinds of families, says University of Calgary economist Jack Mintz. In a research paper, Mintz and doctoral student Matt Krzepkowski argue that the current tax system is unfair because it penalizes single-earner families.

tax breaks-overhaul

SEJONG, March 26 (Yonhap) -- South Korea seeks to secure 15 trillion won (US$13.5 billion) over the next five years by streamlining its tax exemptions and reduction programs, the finance ministry said Tuesday. The move comes as policymakers are reviewing diverse ways to raise money to finance expanded welfare programs sought by the new government, which started its five-year-term in February. "In order to satisfy the growing fiscal demand, we need to raise 15 trillion won over the next five years by streamlining tax exemption and reduction systems," the ministry said.

ANALYSIS-'Fiscal cliff' deal sours U.S. tax reform outlook

* Hopes dim for 'grand bargain' on taxes, spending * Democrats want more revenue from tax code revamp * Republicans say "cliff" deal means tax debate over * Gridlock may mean corporate tax reform hopes dashed By Kim Dixon and Kevin Drawbaugh
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