Word: deductibility
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Dates: during 1970-1979
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...make capital-gains taxes more acceptable, the Treasury would liberalize the law on capital losses. At present, taxpayers are allowed to write off only half of all capital losses in any one year, up to $3,000. As the Carter package now stands, capital losses could be deducted in full from ordinary income, with one exception: only $10,000 of net losses on marketable securities (primarily stocks and bonds) could be deducted from ordinary income in one year. Assume, for example, that an investor sold some stocks at a loss of $50,000 but realized a profit...
...When a business executive can charge off a $55 luncheon on a tax return and a truck driver cannot deduct his $1.50 sandwich, then we need basic tax reform...
...working." If a welfare mother refuses to take a job, she will forfeit her personal benefit of $1,900 a year. But payments would be continued to her children: $ 1,100 for the first child, $600 for each additional one. While the mother works, she will be allowed to deduct from her taxes up to 20% of her earned income for child care expenses...
...Limiting deductions that individual taxpayers may take for interest. Carter has dropped any idea of ending the popular deduction for interest on home mortgage loans. But he is considering placing a ceiling on the total amount of interest-on mortgage loans, car-purchase loans, department-store charge accounts-that a taxpayer can deduct...
...Cabinet Room is almost untouched from the days of Richard Nixon, his huge mahogany table-which he tried unsuccessfully to deduct from his income taxes-still the arena of crucial Executive debate. The room is a public forum. There is little that is personal there...