Word: deductables
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Dates: during 1960-1969
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...drug companies volunteered handsomely, and were assured by the Justice Department that their gifts would be considered charitable contributions-at their sales price, rather than at their production cost. Each firm was permitted to deduct such contributions up to 5% of its annual income-and each received a speedy ruling from the Internal Revenue Service on whether it approved the specific deductions requested...
...asked, "Have you a mother?" "She's dead," stammered the artist. Replied Nikita: "She would die a second time if she saw your self-portrait." He spotted another objectionable work. "How much was paid for it?" inquired the Premier. Told the price was 3,000 rubles, he cried: "Deduct it from the salaries of those who approved the purchase...
...Common Market Commission wants all members to do it the French way. The French system does away with double and triple taxation by permitting manufacturer to deduct from his tax bill those taxes already levied on the materials he buys. Each finished product is effectively taxed only on its final value at rates ranging from 6% to 25%. If every body followed this system, there would be less excuse for fat export subsidies...
...most notable feature of the new tax bill that President Kennedy signed into law last week was a provision that permits corporations to deduct from their taxes 7% of their investment in new plant and equipment. This "modernization credit" was designed to encourage capital spending and thus spur the nation's lagging rate of economic growth. But in its October newsletter, Manhattan's First National City Bank forcefully argues that a far more sweeping tax reform will be required to get the U.S. economy really moving again...
Dirksen, who was in the thick of nearly every fight on the bill, almost killed the entire package with his insistence on an amendment to permit self-employed persons to deduct up to $1,750 of gross income a year for payments to their own retirement pension plans-a proposal Kennedy hinted might bring a veto of the whole bill. To arguments that his provision should be treated separately, Dirksen replied: "If an egg is good, it is good whether it is served up alone or with a dozen other eggs; the measure is a good . egg." His amendment...