Word: deducting
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Dates: during 1960-1969
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Under the new plan, tax rules would be relaxed in a couple of areas. The 30% limit on the amount of charitable contributions an individual can deduct from his income in most circumstances would go up to 50%. Tax deductions for moving at the behest of an employer would be substantially liberalized, permitting such costs as house hunting, temporary lodging or breaking a lease to be written off up to a limit of $2,500 per move...
Shifting Depreciation. An increasingly popular stratagem is for companies to reduce the rate at which they write off -that is, deduct from their taxable income-the cost of new facilities. The results can be astonishing. U.S. Steel raised last year's reported profits 59% above what they otherwise would have been, from $159 million to $253 million, largely by switching from rapid to straight-line depreciation of its huge investment in mills and other properties. The change reduced the amount that the company set aside on its books to reflect the degree by which its plant and equipment wore...
...businessmen, high rates distort decisions about how to invest, how to organize a company, how to reward employees. Companies in need of capital get a richer federal tax break when they issue bonds instead of stocks; they can deduct the interest on bonds from their taxable income, but dividends on stocks must be paid out of after-tax profits. This fact has stimulated the growth of conglomerate mergers, which the Government is now vigorously attacking (see following story). It is fairly cheap and easy for one company to finance the takeover of another by issuing interest-bearing securities of dubious...
...would be much better if Congress would clear the slate, start over again and retain only a few basic deductions, probably including: 1) personal exemp tions for individuals, boosting the amount somewhat above the outdated $600 level enacted 21 years ago; 2) charitable contributions, without the appreciated-property loophole; 3) state and local sales and income taxes but not state gasoline taxes; and 4) business expenses, but with tighter controls against abuses. The current law covers a rather liberal range of activities. Last week, for example, Topless Dancer Marlene Sherman of San Francisco proudly announced that the IRS had agreed...
What one University source called "super-donors" would be hardest hit by the third proposal. At present, deductions for charitable purposes are limited to 30 per cent of annual income--unless an individual gives 90 per cent of his income to charity for nine years. After that, he can deduct all his charitable contributions, if they continue to be more than 90 per cent of his income...