Word: deductability
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...proposals would reduce in various ways the amount of charitable contributions that an individual could deduct from his taxable income. The proposals...
...change a section of the tax laws that permits a taxpayer, under certain circumstances, to deduct as charitable contributions, amounts above the usual ceiling of 30 per cent of annual income...
What one University source called "super-donors" would be hardest hit by the third proposal. At present, deductions for charitable purposes are limited to 30 per cent of annual income--unless an individual gives 90 per cent of his income to charity for nine years. After that, he can deduct all his charitable contributions, if they continue to be more than 90 per cent of his income...
Kahn has two sons at Harvard. He says jokingly that he will try next year to deduct their college tuition as a business expense, and "on the theory that the Internal Revenue Service always compromises, maybe I'll get one of them." It is the kind of joke one might expect to see next year in the introduction to the newest book on Harvard...
...rank third in the world in G.N.P., after the U.S. and the U.S.S.R., but 20th in per-capita income. One of the secrets of Japan's 11.4% average annual growth rate, compared with the U.S.'s 4.3% during the 1960s, is that Japan permits its businessmen to deduct from their taxes nearly twice as much depreciation as does...