Word: deduction
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...absence granted by the New York City Board of Education, the University of Michigan and other employers) now mean that some wives no longer have the sole responsibility for the care of their newborn babies. At the same time, an Internal Revenue Service ruling that permits parents to deduct child-care expenses has enabled more housewives to take on a moderate workload, hobbies and other activities. Those who do volunteer work in social agencies find that there is a strong push to urge industry to consider voluntarism as "experience" on job applications-should the housewife some day opt to work...
Almost every producer believes some form of government help is necessary. Papp and Producer David Merrick opt for straight subsidies. Gerald Schoenfeld, co-executive director of Shubert, thinks that angels should be allowed to deduct investments from their taxes and that the taxes paid by the Broadway area should be pumped back into it. Subsidies from public and private sources already support the flourishing nonprofit theaters that now feed Broadway. The most promising young playwrights have come from them too. Terrence McNally (Bad Habits, The Ritz) got his start at the Manhattan Theater Club. So did Mark Medoff (The Wager...
CHILD CARE. Taxpayers who must pay for day care for dependent children in order to hold a job are now allowed to deduct up to $4,800 a year for the cost of such care if they earn $18,000 or less. The tax bill permits the full allowance to be claimed on an income of up to $35,000, beginning with 1975 taxes. It also permits scaled-down allowances on an income of up to $44,600. The cost to the Government: $100 million...
...people too poor to pay taxes, through the $80-perperson cash grants. State and local governments would get $2 billion of extra revenue-sharing money to help pay their higher fuel costs. Homeowners who invest in insulation, storm windows and doors, and other fuel-saving equipment could deduct 15% of the cost from their tax bills up to a maximum of $150; the total tax saving would be $500 million. That still leaves $3 billion, which the Government will "reserve" to pay its own higher fuel and electric costs...
Ford specifically endorsed a part of the tax-reform bill that would lower capital gains taxes on stocks, real estate and other assets held for long periods of time. He also proposed allowing companies to deduct as business expenses the dividends they pay on preferred stocks issued for cash. The proposed change, which would cost about $100 million in lost revenue, would cut nearly in half the cost of raising money through this type of preferred stock (because making the dividends deductible would reduce the companies' taxes by 480 for every dollar paid...