Word: deductibility
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
CHILD CARE. Taxpayers who must pay for day care for dependent children in order to hold a job are now allowed to deduct up to $4,800 a year for the cost of such care if they earn $18,000 or less. The tax bill permits the full allowance to be claimed on an income of up to $35,000, beginning with 1975 taxes. It also permits scaled-down allowances on an income of up to $44,600. The cost to the Government: $100 million...
...people too poor to pay taxes, through the $80-perperson cash grants. State and local governments would get $2 billion of extra revenue-sharing money to help pay their higher fuel costs. Homeowners who invest in insulation, storm windows and doors, and other fuel-saving equipment could deduct 15% of the cost from their tax bills up to a maximum of $150; the total tax saving would be $500 million. That still leaves $3 billion, which the Government will "reserve" to pay its own higher fuel and electric costs...
Ford specifically endorsed a part of the tax-reform bill that would lower capital gains taxes on stocks, real estate and other assets held for long periods of time. He also proposed allowing companies to deduct as business expenses the dividends they pay on preferred stocks issued for cash. The proposed change, which would cost about $100 million in lost revenue, would cut nearly in half the cost of raising money through this type of preferred stock (because making the dividends deductible would reduce the companies' taxes by 480 for every dollar paid...
Timely Tips. One recent article offered some timely tips for income tax-conscious academics (to deduct professional travel, get a supervisor's approval and keep a diary). Another followed up the responses of eight Boston universities involved in last year's term-paper scandal, in which hundreds of students bought papers from "term-paper factories"; the Chronicle reported that five schools (Boston College, Harvard, M.I.T., the University of Massachusetts and Northeastern University) took no action at all against the students involved. Last week the paper printed a thorough compendium of faculty salaries at more than 1,500 colleges...
...provide their employees with an insurance plan that would include hospitalization, major medical protection and coverage for "catastrophic" or long-term disabling illnesses. The bill would also require employers to pay 75% of the costs of this program; employees would pay the remaining 25% and would be able to deduct part of their payments on their federal income tax returns...