Word: deductability
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...Says Republican Congressman Barber Conable of New York, a collector of Indian tomahawks who sounds as if he would like to swing one at Carter's reform proposals: "The President isn't going to win on either DISC or deferral." The President's proposal to limit deductions for business lunches to 50% of cost stirs little enthusiasm among Congressmen. One counterproposal being discussed by members of the Ways and Means Committee is to put a ceiling -say $25 per person-on the amount that businessmen can deduct for meals. Committee members agree that some tightening...
Under a bill sponsored by Sen. William V. Roth Jr. (R-Del.), taxpayers will be able to deduct up to $250 per student from their federal income taxes...
...make capital-gains taxes more acceptable, the Treasury would liberalize the law on capital losses. At present, taxpayers are allowed to write off only half of all capital losses in any one year, up to $3,000. As the Carter package now stands, capital losses could be deducted in full from ordinary income, with one exception: only $10,000 of net losses on marketable securities (primarily stocks and bonds) could be deducted from ordinary income in one year. Assume, for example, that an investor sold some stocks at a loss of $50,000 but realized a profit...
...When a business executive can charge off a $55 luncheon on a tax return and a truck driver cannot deduct his $1.50 sandwich, then we need basic tax reform...
...working." If a welfare mother refuses to take a job, she will forfeit her personal benefit of $1,900 a year. But payments would be continued to her children: $ 1,100 for the first child, $600 for each additional one. While the mother works, she will be allowed to deduct from her taxes up to 20% of her earned income for child care expenses...