Word: deductable
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Dates: during 1980-1989
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Moreover, the tax-reform plans that Congress is considering would put limits on the amount of interest that people can deduct on their income-tax returns. At present, the tax system certainly eases the accumulation of debt by allowing taxpayers to subtract all interest from their income. Says Black: "I got into debt partly because the interest payments were the only tax deduction I had. I felt that if I saved money, I'd be losing money...
Lobbyists said Rostenkowski promised key Congressmen a tradeoff: in return for backing the bond cap--whose effects would be felt especially hard in the East, which has a lot of private universities--he would back other proposals to allow taxpayers to deduct state and city taxes from federal tax bills...
...does not want to pay is almost impossible--just ask any single mother who has tried hounding a tightfisted ex. But a set of federal laws that took effect last week should put more pressure on feckless fathers. Called the Child Support Enforcement Amendments, they require states to deduct support obligations from a delinquent's paycheck or lose out on some federal welfare funds (22 states already have similar programs...
...walked, or wobbled along, a fine line, with public assistance to religious schools sometimes rejected, sometimes approved. In certain circumstances, as Burger noted, a state may lend textbooks to parochial students, and it may pay their bus fare. In 1983 the court upheld a Minnesota law permitting parents to deduct private school tuition from their state income taxes. The court's increasing tolerance toward state-church collaboration in general seemed even clearer when the Minnesota ruling was followed by two decisions allowing a publicly paid legislative chaplain in Nebraska and a publicly sponsored creche in Rhode Island...
...theory that income owed in taxes to state and local authorities should not be taxed again, Washington has traditionally allowed taxpayers to deduct those funds from their federal total. For those who itemize their deductions, especially if they live in a state with high taxes, the largest single write- off on their federal return is often the combined total of state and local taxes on income, real estate and retail sales. Residents of New York State who took the deduction in 1982, for example, saved an average of nearly $1,300 on their federal tax bill. Not coincidentally, the Empire...