Word: deductability
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...Bone apparently failed to take into account that many States do not allow taxpayers to deduct Federal taxes in figuring their State income tax. Bone, Nye & Co. proposed such wartime tax rates that many top-bracket taxpayers would find their total taxes all but swallowing their net income (but not exceeding it, as newspapers reported last week). In New York, for example (which has a State tax graduated up to 7% plus a 1% emergency tax), a $500,000-a-year man in a war year would have to pay Federal and State income taxes totaling...
...John Jacob Astor, a fat young man with a fat income and no job, was entitled to deduct $5,163 for "business expenses" on his income-tax return was something the Government did not understand. His explanation: "The collection of income is the business conducted by the petitioner . . . and the expenses of such trade or business are proper deductions from the petitioner's income." The Government's answer...
From gross income you may exclude alimony, damages collected for breach of promise, alienation of affections, libel or slander. You may deduct money spent to get a job, automobile expenses (including fines for negligent driving), the cost of dental work to replace teeth knocked out in pursuit of duty, money spent on unsuccessful inventions...
...deduct National Guard fees, graft money, expenses of lobbying for legalized horse racing, contributions to birth-control or anti-saloon leagues; nor can you deduct money spent in preparation of your income tax return...
...Security" you state, "instead of upping the present tax rates of 1% on employer and 1% on employe . . . the Council advised calling a halt for 'further study' after they have been upped to 1½% January 1." Is TIME Inc. going to start January 1, 1939 to deduct 1½% from its employes' payroll checks...