Word: deducting
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President Clinton today pledged to sign legislation that combines tax deductions for the self-employed with a huge tax break for media mogulRupert Murdoch. TIME Washington correspondent John Dickerson says such there are thousands of similar exemptions in the tax code, creating the complicated tax structure that Republicans say they want to dismantle. The bill, approved by Congress, eventually would let an estimated 3.2 million self-employed people deduct 30 percent of theirhealth insurance premiums. It also would eliminate tax breaks for companies that sell TV stations to minorities, while retaining the benefit for Murdoch's contract to sell...
...doing business with Cuba. Among its provisos: Americans whose property was expropriated by Cuba could sue any foreign companies that now own it; company officers and shareholders would be denied visas to enter the U.S.; American banks would be barred from making loans to these companies. Another provision would deduct from U.S. aid to Russia the amount paid to Cuba by Russia--about $200 million--to operate its electronic listening post at Cienfuegos, which it claims is crucial to monitoring arms-control treaties...
...available until 1998. His proposal to let parents withdraw money, tax free, from new IRA-like instruments to pay for education, medical care, first homes or elderly care would apply to parents earning up to $80,000; couples earning up to $100,000 would get a smaller deduction. And he would allow couples earning $100,000 or less to deduct as much as $10,000 a year for college tuition; the deduction for couples earning up to $120,000 would be smaller...
...nationally-televised speech at the midpoint of his presidency, President Clinton tonight set out to woo disenchanted swing voters with a hastily-assembled, $60 billion package of tax cuts and deductions aimed primarily at middle-income families with young children and education bills to pay. Clinton proposed a four-point "Middle Class Bill of Rights" for "hurt, frustrated" people strained by wages that haven't kept up with economic expansion. Under the plans first proposal, families earning up to $100,000 a year could deduct up to $10,000 a year in college and post-graduate tuition from their taxes...
...fact, if students wish to get refunds from past years, this is possible too. One need only deduct the appropriate amount from the term bill and include a brief explanation with the bill. For example, a junior who has never claimed his refunds could have deducted $60 this fall, including $40 for the past two years and $20 for this year...