GITP

AcronymDefinition
GITPGiant in the Playground
GITPGeospatial Intelligence Training Program (US Geospatial Intelligence Foundation)
GITPGrowth and Investment Tax Plan
GITPGood Information Technology Practice
GITPGrounded Into Triple Play (baseball)
GITPGreening the Ivory Towers Project (Canada)
References in periodicals archive ?
(39.) The President's Advisory Panel, supra note 27, at 163-64 (describing the treatment of the cost of long-lived business assets under the GITP).
(46.) Actually, the GITP would retain a sort of residual tax on investment returns--a fifteen percent tax rate applicable to dividends, capital gains, and interest.
(20.) In its discussion of wage tax treatment of employer-sponsored retirement savings under the GITP, the Report mentions the budget window difference between wage taxation and cash flow taxation, but it does not offer that difference as a reason for favoring wage tax treatment.
The Panel's other proposal, the GITP, exhibits even greater enthusiasm for wage tax treatment; it would replace cash flow taxation of employer-sponsored savings with wage taxation (pp.
The Exhibit lists the major provisions of the SITP and the GITP that apply to individuals.
Case Studies of the Effects of the SITP and the GITP
The data in the cases described below have been applied to the current (2006) tax provisions and to the proposed SITP and GITP.
The cases are accompanied by an explanation of the reasons for the different results between current tax law (2006) and the proposed SITP and GITP. The case studies show the likely "winners" (those who would pay less tax under the proposals) and the likely "losers" (those who would pay more).
Under both the SITP and the GITP, the income tax before credits is $6,291 because the standard deduction and the deduction for personal and dependency exemptions have been replaced by a Family Credit.
Under the SITP and the GITP, the Family Credit of $9,300 ($3,300 credit for the married couple, and an additional $1,500 for each dependent) also exceeds the income tax due.
Nevertheless, the SITP and the GITP are more beneficial to taxpayers with ordinary income up to $60,000, as the proposed Family Credit covers the income tax on a greater amount of taxable income than the Child Tax Credit, and is available on all dependent children, without an age cap.