Word: deduction
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...obtain it, while leaving the basic structure of the health-care system intact. Working families who earn less than $14,300 annually would receive vouchers worth as much as $3,750 to pay health-insurance premiums. Middle-class families with earnings of up to $80,000 a year could deduct premiums of as much as $3,750 from their federal tax returns. To cut the cost of policies, Bush urges small businesses to band together in "health-insurance networks" that could bargain for lower rates...
...other direction -- Europe -- to form new strategic alliances. "And that," vows Ross, "is exactly what's going to happen." The company could sell an additional 7 1/2% stake in Time Warner Entertainment and still retain an 80% interest -- the minimum level of ownership that would permit it to deduct any losses from the partnership from Time Warner's own taxes...
...Texas Democrat Lloyd Bentsen, who chairs the Senate Finance Committee, stirred the most talk by proposing a $72.5 billion tax cut aimed squarely at the middle class. It would grant families a $300 tax credit for each child under the age of 19 and would permit all taxpayers to deduct as much as $2,000 a year invested in Individual Retirement Accounts. Bentsen would pay for the cuts by reducing defense spending. That would throw open last year's budget agreement for renegotiation, because the accord forbids Congress to shift funds from defense to other programs...
...recent years the court has been divided on the proper scope of government aid -- direct or indirect -- to sectarian schools. In 1983, by a 5-to-4 vote, it let stand a Minnesota law that permits parents to deduct parochial school tuition from their state income taxes. Many experts believe there is a good chance the court would uphold a voucher plan like the one the Administration proposes. "It is exceedingly unlikely that this will be seen as a forbidden form of establishment," says Harvard law professor Laurence Tribe, a leading constitutional scholar. "Given the existing doctrine about the separation...
...that country. In France, as well as in Belgium, Italy and Denmark, at least 75% of children ages 3 to 5 are in some form of state-funded preschool programs. In Japan both the government and most companies offer monthly subsidies to parents with children. In Germany parents may deduct the cost of child care from their taxes. "Under our tax laws," observes Congresswoman Pat Schroeder of Colorado, "a businesswoman can deduct a new Persian rug for her office but can't deduct most of her costs for child care. The deduction for a Thoroughbred horse is greater than that...