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Word: deductability (lookup in dictionary) (lookup stats)
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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...

Author: /time Magazine | Title: TAXATION: Profiteers Beware | 4/3/1939 | See Source »

...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...

Author: /time Magazine | Title: People, Mar. 13, 1939 | 3/13/1939 | See Source »

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...

Author: /time Magazine | Title: Books: Bugaboos Laid | 2/20/1939 | See Source »

...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...

Author: /time Magazine | Title: Books: Bugaboos Laid | 2/20/1939 | See Source »

...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...

Author: /time Magazine | Title: Letters, Jan. 16, 1939 | 1/16/1939 | See Source »

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