Word: deductability
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Dirksen, who was in the thick of nearly every fight on the bill, almost killed the entire package with his insistence on an amendment to permit self-employed persons to deduct up to $1,750 of gross income a year for payments to their own retirement pension plans-a proposal Kennedy hinted might bring a veto of the whole bill. To arguments that his provision should be treated separately, Dirksen replied: "If an egg is good, it is good whether it is served up alone or with a dozen other eggs; the measure is a good . egg." His amendment...
...bill proposes that corporations deduct part of their technical improvement costs from taxes, that they withhold twenty per cent of all dividends and interest, and that savings and loan associations pay increased taxes on earnings. The associations claim that the with-holding proposal involves new taxes, would take money unjustly from honest taxpayers, hurt elderly widows and orphans, and create red tape...
...depreciation write-offs does not require congressional approval. By early summer, Treasury tax men expect to finish the monumental job of revising their rulings on the useful life of each of the myriad varieties of machinery used by U.S. industry. The shorter useful-life rulings will allow businessmen to deduct the purchase price of machinery from their income tax in larger chunks-and hence leave them with more after-tax cash to buy still more machinery. Though other industries are unlikely to get the whopping 40% depreciation speedup already accorded the hard-pressed textile industry (TIME...
Consultants feel that most taxpayers do not deduct enough for medical expenses, and that they seldom make an attempt to document losses due to floods, storms or fire. Still others forget to deduct for insurance payments, excise, taxes, sales taxes...
Even the man who wants to throw out furniture can turn it into a tax benefit. By donating furniture or clothes to a thrift shop run by a charity (there are 36 such shops in New York City alone) he can deduct the fair market value...