Word: deductability
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Carter's criticism of the GOP proposal stems from his projection that adoption of the original 10-per-cent, across-the-board individual tax cut plan (businesses would be allowed to deduct new investment on income taxes more quickly) would lead to an eventual three-year 30-per-cent total reduction--a measure supported by many Republicans in the house. The more drastic slash would also adjust rates for inflation annually. Carter himself has said he would review possible tax cut legislation after election heat has subsided, vowing that he would not be tempted by the potential vote-getting power...
...plan called for a straight 10% reduction on individual returns. For a family of four with a median annual income of about $20,000, this would mean a tax saving of $227 next year. Reagan also called for faster tax write-offs for business investments, allowing a company to deduct from its taxes the cost of new buildings over ten years, new equipment over five years, and new light trucks and cars over three years. The Democratic leadership is considering a rebate on next year's scheduled increase of $17 billion in Social Security taxes and speeding...
...reflect. The prizes go mostly these days to citizens of nations that do not extract excessive taxes from the wealthy: Switzerland, France, West Germany, Japan and the Arab countries. Americans remain very much in the market, however, thanks in part to U.S. tax laws that permit a collector to deduct contributions from his taxable estate if he has willed his treasures to a museum. The museums of America, Western Europe and Japan have at their disposal millions of dollars for acquisitions. The biggest spenders: France's Pompidou Center, Washington's National Gallery, New York's Metropolitan...
...AMOUNT OF FINESSE in style, however, could mask the coarseness and presumption of Chysler's plea. The goal was an unprecedented tax credit, carved out just for Chrysler, that would have let the company count its losses as profits--allowing it to deduct the cost of capital improvements from its federal taxes, something only profitable companies are normally allowed to do. If Chrysler failed to turn a profit again, its losses would become the government's losses, a neat trick by anyone's standards. Chrysler's strategy for achieving this goal was a mixture of guilt-tripping and blackmailing...
...Chamber of Commerce, the National Association of Manufacturers and the Business Roundtable (made up of the chief executive officers of nearly 200 Fortune 500 corporations) are among the most influential of the business lobbies. In addition, more than 500 corporations maintain lobbying staffs in Washington. These corporations can deduct, as business expenses on their tax returns, the costs of direct lobbying legislators. In addition, trade associations can finance their lobbying activities through the tax deductible dues of member businesses. Individual citizens, on the other hand, enjoy no such tax privileges when petitioning their elected representatives...