Punitive interest
Fairness is basic to a successful and equitable tax system. The proposed tax-reform bill seeks to address many of the inequities in our Tax Code. However, there is a basic inequity that is so oppressive to taxpayers which is not yet incorporated in any proposed bill—the simultaneous or overlap in the imposition of the 20-percent deficiency interest and 20-percent delinquency interest, or a total interest of 40-percent per annum.
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