Word: deduction
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Dates: during 1970-1979
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...reflect. The prizes go mostly these days to citizens of nations that do not extract excessive taxes from the wealthy: Switzerland, France, West Germany, Japan and the Arab countries. Americans remain very much in the market, however, thanks in part to U.S. tax laws that permit a collector to deduct contributions from his taxable estate if he has willed his treasures to a museum. The museums of America, Western Europe and Japan have at their disposal millions of dollars for acquisitions. The biggest spenders: France's Pompidou Center, Washington's National Gallery, New York's Metropolitan...
...AMOUNT OF FINESSE in style, however, could mask the coarseness and presumption of Chysler's plea. The goal was an unprecedented tax credit, carved out just for Chrysler, that would have let the company count its losses as profits--allowing it to deduct the cost of capital improvements from its federal taxes, something only profitable companies are normally allowed to do. If Chrysler failed to turn a profit again, its losses would become the government's losses, a neat trick by anyone's standards. Chrysler's strategy for achieving this goal was a mixture of guilt-tripping and blackmailing...
...Chamber of Commerce, the National Association of Manufacturers and the Business Roundtable (made up of the chief executive officers of nearly 200 Fortune 500 corporations) are among the most influential of the business lobbies. In addition, more than 500 corporations maintain lobbying staffs in Washington. These corporations can deduct, as business expenses on their tax returns, the costs of direct lobbying legislators. In addition, trade associations can finance their lobbying activities through the tax deductible dues of member businesses. Individual citizens, on the other hand, enjoy no such tax privileges when petitioning their elected representatives...
SAFER: We must stop allowing some oil companies to deduct from their U.S. income taxes the royalties they pay to OPEC. The companies would then have greater incentive to explore for oil in non-OPEC nations. We should emulate Japan and Germany and set up a program partially funded by the Government to finance the search for new oil finds. Finally, we should impose an import quota on OPEC oil and create a North American free trade zone for energy to encourage deliveries from Mexico and Canada...
Both condo and co-op owners enjoy the same attractive tax advantages as homeowners in being able to deduct interest and property taxes. But condos in many areas are appreciating faster in today's churning market because buyers can get mortgage financing at cheaper rates than co-op buyers, who must take out higher interest personal loans because they own nonmortgageable shares instead of property. Co-ops are more restrictive than condos; the building's board of directors must approve a potential buyer before he can acquire shares, whereas a condo can be sold to whomever the owner...