Word: deductability
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Multer's proposal, on the other hand, would cut deeply into Treasury revenue by allowing parents to deduct from taxable income the total college expenses of their children. The bill also would discourage the very industry that last year's law promotes. Few middleclass students would strain to help pay for college if their efforts only resulted in a smaller deduction for their parents. Not only would the bill make a student question the worth of working a few extra weeks in the summer; it would also encourage extravagance while attending college. Room rents, for example, are certainly a legitimate...
...second consecutive year a tax bill has been introduced in the House of Representatives which would allow parents to deduct the entire cost of their children's college education. Last year's bill did pass Congress, but only in a modified form...
...enable customers to answer both questions themselves, more and more U.S. galleries rent pictures out, at $1 to $80 a month. The galleries have discovered that more than 15% of all customers decide to buy what they have rented (galleries deduct the paid rental from the purchase price). Result: the art rental idea has taken hold both of commercial galleries and of museums interested in helping local artists, and is now sweeping the country. New York City, Buffalo, Minneapolis, Houston, Dallas, San Francisco, Los Angeles and Santa Barbara all boast rental services, and they are by no means all. Last...
SALESMEN who do their selling outside the employer's place of business may deduct from taxable income the expenses they incur in making or seeking sales-and they can do so even if they take the standard deduction on their tax returns...
HEALTH & CHARITY. Taxpayers may deduct medical expenses in excess of 3% of gross income. The old figure was 5%. A new limitation imposed by the bill is that expenditures for medicines and drugs may be counted as medical expense only to the extent that they exceed 1% of gross income. The tax bill also raises the maximum medical deduction to $2,500 per person and the maximum for any single tax return to $10,000 for married taxpayers or heads of households and $5,000 for single taxpayers or spouses filing separately. The old maximums were $1,250 a person...