Word: deduction
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...belong to a pension plan where they worked. But the flow of money into the accounts became a torrent in 1982, after Congress extended the program to virtually everyone. Under the current rules, working taxpayers may put as much as $2,000 a year into an IRA and deduct the contribution from gross income when filing their federal tax return. For those in the 50% bracket, it means an immediate saving of $1,000 in taxes for their $2,000 contribution. Savers must eventually pay taxes on the investment, but by the time they reach retirement age, their income...
Moreover, the tax-reform plans that Congress is considering would put limits on the amount of interest that people can deduct on their income-tax returns. At present, the tax system certainly eases the accumulation of debt by allowing taxpayers to subtract all interest from their income. Says Black: "I got into debt partly because the interest payments were the only tax deduction I had. I felt that if I saved money, I'd be losing money...
Lobbyists said Rostenkowski promised key Congressmen a tradeoff: in return for backing the bond cap--whose effects would be felt especially hard in the East, which has a lot of private universities--he would back other proposals to allow taxpayers to deduct state and city taxes from federal tax bills...
...does not want to pay is almost impossible--just ask any single mother who has tried hounding a tightfisted ex. But a set of federal laws that took effect last week should put more pressure on feckless fathers. Called the Child Support Enforcement Amendments, they require states to deduct support obligations from a delinquent's paycheck or lose out on some federal welfare funds (22 states already have similar programs...
...walked, or wobbled along, a fine line, with public assistance to religious schools sometimes rejected, sometimes approved. In certain circumstances, as Burger noted, a state may lend textbooks to parochial students, and it may pay their bus fare. In 1983 the court upheld a Minnesota law permitting parents to deduct private school tuition from their state income taxes. The court's increasing tolerance toward state-church collaboration in general seemed even clearer when the Minnesota ruling was followed by two decisions allowing a publicly paid legislative chaplain in Nebraska and a publicly sponsored creche in Rhode Island...