Word: deduction
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Copy cards would change all that. Instead of eating coins, the machines could deduct credit from your copy card. And deducting 7 or 8 cents from a copy card is just as easy as deducting 10 cents. Even if installing a copy card system would raise the cost of each copy by a penny, at 8 or 9 cents everyone is still better...
...should people be able to deduct the interest on their second-home mortgage but not the interest on the loan used to purchase their first car? How many members of Congress have two homes...
Eliminating deductions for IRA contributions. Individual taxpayers would no longer be able to deduct up to $2,000 in annual contributions, though they would still be allowed to defer taxes on the interest they earn on their accounts. The committee decided to wipe out much of the IRA benefit because the accounts are expected to cost the Government some $13 billion this year, and it has never been proved that they prompt consumers to save more. But banks and mutual funds, which together hold a large chunk of the $250 billion in IRA accounts, want to shoot down this part...
Curbing the deductibility of business entertainment. Though few business executives still drink three martinis at lunch in these days of white wine and Perrier, they continue to run up huge bills. The committee's plan would allow businesses to deduct only 80% of entertainment expenses, instead of the full tab. The restaurant industry warns that the tax-reform proposal could eventually cost the jobs of some 1.3 million waiters, busboys and other workers. But business analysts think that any cutbacks in corporate let's-do-lunching would be largely short-lived...
Eradicating tax shelters. The committee put enough restrictions on tax shelters to make them all but extinct. Example: individuals will no longer be able to deduct investment losses on real property from other income. That provision, among others, has sparked an angry reaction from many parts of the real estate industry. The committee's bill would largely eliminate the tax- shelter partnerships that often finance shopping centers, apartment complexes and office buildings. As a result, the National Association of Home Builders warns of a sharp decline in housing starts, and the National Apartment Association predicts that rents would have...