Word: deductibility
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Dates: during 1970-1979
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...fiery speeches like he'd seen out in California. He picked his favorite target, the other Chicano on the floor--a rich kid from L.A. whose father owned a big factory that built tanks and had put him on the company's board of directors so he could deduct his flights back home. One time Paco heard the rich kid had gotten into a special seminar on the working class in America, which was more than a bit funny because Paco had always said the rich kid thought Manual Labor was one of his cousins from Baja California. So Paco...
...practice has been to defeat the union, pay the fine later, and deduct it from its taxes as a business expense. Violating the law is cheaper than signing a contract with the union...
...HOME OFFICE is apparently knocked out as a source of deductions for many teachers, salespeople, freelance writers, photographers and artists. No longer can, say, a teacher who grades tests and homework at home deduct part of his expenses for maintaining the dwelling. By and large, such deductions are now available only if the home office is a room that is used exclusively as an office-not just a desk or drafting table in the den-and is the taxpayer's "principal place of business." Loss to taxpayers: $207 million...
Taxpayers will have many more -though generally more pleasant-changes to cope with next year under the new law. Divorced people filing returns now can deduct alimony payments only if they itemize deductions; next year they will be able to deduct alimony from gross income and then take the standard deduction...
Workers who relocate this year will be allowed to deduct up to $3,000 in expenses that they pay themselves-like the cost of finding a home in a new city-v. $2,500 on those returns being filed now. Even these changes will not be the last, or the loudest, word on tax reform: President Carter has promised far more fundamental proposals by this September...