Word: deductibility
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Dates: during 1980-1989
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...plan called for a straight 10% reduction on individual returns. For a family of four with a median annual income of about $20,000, this would mean a tax saving of $227 next year. Reagan also called for faster tax write-offs for business investments, allowing a company to deduct from its taxes the cost of new buildings over ten years, new equipment over five years, and new light trucks and cars over three years. The Democratic leadership is considering a rebate on next year's scheduled increase of $17 billion in Social Security taxes and speeding...