Word: deductable
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Dates: during 1980-1989
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While Reagan had not approved all details by the end of last week, the outlines of Treasury II are beginning to emerge. As in the earlier version, the top tax rate will be 35% (rather than the current 50%). People will still be allowed to deduct the mortgage interest on their primary home, but the White House is considering limits on tax breaks for vacation houses. In another controversial move, Reagan is expected to call for the elimination of deductions for state and local taxes, including the property tax. Treasury I had proposed that workers must consider as taxable income...
...long the assets had been held. At present, only 40% of such capital gains on assets owned for six months or more is subject to tax. Also, the Treasury promises an all-out attack on tax shelters, which allow investors in many oil, real estate and agricultural ventures to deduct accounting "losses" from other income...
...half of the 5 million families who are owed support payments ever receive the full amount; a quarter never see a dime. Now deadbeats will have a portion of their salaries withheld or their property attached. Child-support debts will be reported to credit agencies, and the IRS will deduct past-due payments from tax refunds...
Meanwhile, an internal Sears committee is looking into all sorts of new financial ventures. One plan would turn the company's credit card into a debit card that would automatically deduct the price of purchases from a savings account. Speculates Stuart Greenbaum, a professor of finance at Northwestern: "The Sears credit
Corporations would also pay a 19% rate, rather than their current maximum of 46%. They could deduct the cost of new equipment immediately instead of writing it off over several years. But companies would actually pay more than they do now because they would lose many tax breaks, including the deduction of interest expense. Hall and Rabushka estimate that their plan would lift the Government's annual revenues by about $100 billion and close half the budget deficit...