Word: deducted
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...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...
...Commission has allowed interstate pipeline companies to borrow money, raise rates to consumers to pay interest and other fund-raising costs, then relend the cash to gas producers at no interest as an inducement to develop new supplies. But under that system, the pipeline company at least gets to deduct the interest expense when computing its tax bill...
...unworkable and would cripple the capitalist system-the jugular vein of which is the free movement of money. Moreover, they contend that the real need is for more investment. Among their proposals: lowering the capital gains tax and allowing companies to depreciate their plant and equipment faster and deduct dividends as an expense -thereby releasing more corporate funds for investment...
...hide the payments. One was to fill out vouchers for goods that were never received. Monroe said Exxon executives were persuaded to keep the payments secret by Cazzaniga, who reported that that was the custom in Italy. Pointing out that camouflaging the payments also enabled the company to deduct them from its Italian income taxes, Subcommittee Chairman Frank Church of Idaho charged that Exxon was practicing "a fraud on the Italian government." Moreover, subcommittee experts reckon that the favorable legislation resulting from the payments was worth 20 times more to Exxon in Italy than the amount of its contributions...