Word: deductable
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Dates: during 1950-1959
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...need, foundations pay back their founders in many ways. A foundation not only gives its donor an outlet for generosity but saves him much of the annoyance of being solicited by a multitude of charities. It also helps him slide into a lower tax bracket. An individual may deduct up to 20% of his taxable income for payments into a foundation; a corporation may deduct 5%. In some cases, the saving in taxes almost equals the cost of philanthropy. A foundation can also be used, as was the Ford Foundation, to help a family retain control of a company...
...often scared off by too much risk for too little take-home profits. For example, if a shareholder lends the company money, it may be taxed as dividends when it is repaid. New York Lawyer Edwin S. Cohen suggested that the Government help small businessmen by permitting investors to deduct losses against ordinary income...
...with the eagerness of a revenue officer: now glorious in a joyous sunburst at the words "United States," now pinched at the mention of old age, now prattling giddily about estimated taxes and exemptions. A quintet reached heights of eloquence as it dwelt antiphonally on the words: "You can deduct your mother-in-law," only to be interrupted by the full chorus in a biting "But!", which led into more fine print, misterioso...
Under the plan, a corporation is allowed to deduct the expense of a new unit from its income at a faster-than-normal rate, thus reducing the firm's tax payments in the early years of the new plant's operations. Last week a House Government Operations subcommittee took a sharp look at the program to see 1) how it is working, and 2) whether it should be continued. (Between June 30 and July 13, shortly before the investigation began, 40 new grants were issued, covering $47,768,434 worth of new plants.) The committee was not impressed...
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...