Word: deductable
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Dates: during 1970-1979
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...principal reform in the final bill limits the use of tax shelters. These are investments-in farming, real estate, equipment leasing and the purchase of sports franchises, among many other things-that allow a taxpayer to run up "paper" losses. He can then deduct these losses from his other income and thus shield a large part of that income from taxes. For example, under present law the interest paid on a loan while a building is under construction, and taxes too, can be deducted as a current expense. Since the building produces no income until it is finished, the owner...
...serve jail sentences." When he announced his presidential candidacy in December 1974, Carter inveighed against Government that is run from "an ivory tower," against "gross tax inequities," against "a business executive who can charge off a $50 luncheon on a tax return and a truck driver who cannot deduct his $1.50 sandwich...
...several years hence, the fund's income theoretically will be taxable at the same rate that applies to single individuals: 70% on nonsalary income exceeding $100,000 a year. Actually, the fund probably will still be free of taxes, past or present. Any benefits payments it makes are deductible, and they tend to be greater than the fund's investment income. Ironically, the real losers will be either employers who contribute to the fund or rank-and-file union members. Employers, who pay $22 per week into the fund for each of more than 420,000 Teamsters...
...raise Social Security taxes on the grounds that it is "regressive," meaning that proportionately the increase would hit low-income earners more severely than the well paid. The liberals also fault the President for wanting to eliminate the "earned income credit" that allowed low-income families with children to deduct as much as $400 from their income taxes...
...investor puts up $25,000 in cash, his share of the loan will be about $75,000, and the total cost of the movie to him will be figured for tax purposes at $100,000. He gets three tax breaks: 1) he can deduct interest on his $75,000 share of the loan; 2) in the first year, he can take two-thirds of the 10% investment tax credit on his $100,000 share of the movie's cost; 3) most important, he can take a depreciation write-off on the whole...