Word: deductability
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...this plan is the Hope Scholarship, modeled after Georgia's successful lottery-funded program, which would give a tax credit of $1,500 to families in each of the first two years their child attends college, earns at least a B average and stays off drugs. Alternatively, families could deduct up to $10,000 from their taxable income. Both tax breaks would be calculated on a sliding scale that would phase out families making between $50,000 and $100,000 a year...
Republicans, however, have not proposed any major higher education assistance programs. A smaller tax incentive being considered by Republicans would allow college graduates to deduct the interest they pay on their student loans...
...next time Hillary dropped in, McDougal asked her about it, and she told him that both she and Blair had been quite successful and that she was looking for some kind of tax shelter. Hillary pressed Jim to see how much in interest payments from Whitewater she could deduct from their taxes, arguing that she and Bill were entitled to a full half of the interest payments. But it was McDougal who was making a disproportionate share of the interest payments and was thus entitled to the deduction. Jim finally burst out, "Goddamn it, Hillary, didn't they teach...
...principal reason, according to the University of Michigan's Slemrod, that Forbes' plan could ultimately weigh down the middle class is his intent not to permit companies to deduct interest or the cost of employee fringe benefits. "Somebody will bear the burden of these increased business taxes, probably in higher prices, maybe also in lower wages," says Slemrod. Without the ability to write off the cost of employee health insurance, companies might pay such benefits in the form of salary, which could conceivably increase a worker's tax bill...
Senate Budget Committee Chairman Pete Domenici (R-N.M.) and Sen. Sam Nunn (D-Ga.) -- two of Washington's most steadfast deficit hawks -- today proposed legislation to permit Americans to deduct every dollar they save and invest. The plan, asimplification of the tax codealong the lines of the Individual Retirement Account, arrives just as federal income tax reform is shaping up as a major issue in the1996 presidential election. GOP senators and White House hopefulsRichard Lugar of IndianaandArlen Specter of Pennsylvaniahave already embraced a "flat tax," andBob Doleis thinking it over...