Word: deductable
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Dates: during 1970-1979
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John W. Gardner, the founding chairman of Common Cause and formerly Secretary of Health, Education and Welfare, sees danger in certain proposals that have come forth lately from various tax reformers to eliminate or reduce the charitable contributions that Americans can deduct from taxable income. He stated his case recently at a United Way conference in a speech on which this essay is based...
Carter's hastily worked-out measure was designed to counter the popularity of the two rival aid proposals now before Congress. One plan, introduced in the Senate last fall by Oregon Republican Robert Packwood and New York Democrat Daniel Patrick Moynihan, would allow a taxpayer to deduct up to 50% of the money paid for his children's tuition fees at private elementary and secondary schools and at colleges and universities, up to a limit of $500 per child. In comparison, the College Tuition Tax Relief Act proposed by Delaware's Republican Senator William Roth is, like...
...Says Republican Congressman Barber Conable of New York, a collector of Indian tomahawks who sounds as if he would like to swing one at Carter's reform proposals: "The President isn't going to win on either DISC or deferral." The President's proposal to limit deductions for business lunches to 50% of cost stirs little enthusiasm among Congressmen. One counterproposal being discussed by members of the Ways and Means Committee is to put a ceiling -say $25 per person-on the amount that businessmen can deduct for meals. Committee members agree that some tightening...
...preacher in Carter spoke up for economic and social equity at every budget turn. To tax business lunches and first-class air travel was not worth the political battle and probable defeat, Carter was advised. So what, he answered. It is not right that businessmen can deduct their martinis if workmen cannot deduct their sandwiches. And, said Carter, he had campaigned all over the country for two years riding in tourist seats, and he found room in which to do his work...
Under a bill sponsored by Sen. William V. Roth Jr. (R-Del.), taxpayers will be able to deduct up to $250 per student from their federal income taxes...