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This document outlines key guiding principles for compliance with model tax laws and federal regulations. It emphasizes the importance of consistency in tax application regardless of entity type and suggests strategies to reduce taxes and encourage economic growth. Additionally, it advocates for simplifying tax deductions and credits to lower compliance costs, ensuring a fair and efficient tax system that benefits all stakeholders.
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5 GUIDING PRINCIPLES • Follow Model Tax Law Guidelines • Conform to Federal Tax Law to the fullest extent possible • Apply Laws Consistently without regard to Entity Type • Reduce Taxes to Encourage Economic Growth • Simplify Tax Deductions and Credits to Reduce Compliance Costs.