Word: deductable
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...sure, Treasury II, also known as President I, is still a sweeping attempt to close a slew of loopholes. Even the infamous three-martini lunch is threatened; businessmen would be able to deduct only $15 per person for lunch, and entertainment expenses like box seats at sporting events would no longer be deductible at all. By eliminating enough deductions, the Treasury can afford to reduce overall tax rates. The top federal income tax bracket would drop from 50% to 35%, with brackets of 25% and 15% for those making less...
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