Word: deduction
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...were elected he would close $22 billion dollars worth of tax loopholes which now exist. In his rhetoric, McGovern also tries to portray himself as a friend of the little man. In speech after speech McGovern says that "there is no reason why a Wall Street banker can deduct his $20 martini luncheon and the average working guy in this country can't deduct the cost of his bologna sandwich...
...property taxes for the elderly only. Administration officials hint that they have in mind some other tax reforms that would encourage investment; these changes look like the opposite of McGovern's. Commerce Secretary Peter Peterson talks of cutting capital gains taxes. The idea is to allow investors to deduct certain sums representing the extent to which the real value of the gain has been reduced by inflation...
Other countries are even more generous. In the Philippines, a taxpayer can deduct not only his immediate family but unemployed brothers, sisters and even in-laws. Wealthy Filipinos frequently incorporate themselves-and claim business exemptions for rent, transportation, servants and even their nightclubbing and casino losses, counted as public relations expenses. No one has ever been convicted of tax evasion in the Philippines...
...steeply progressive as Everest. On a salary of $10,000 a Swede pays 43% of his income in national, local and old-age pension taxes. On $20,000 he pays 53%, and on $40,000 his combined levy is a brutal 63%. Loopholes are almost nonexistent, and deductions are rare. Corporate income taxes, which average 53%, are less severe because, unlike individuals, companies can deduct from their national tax the amount they pay in local taxes. Even so, Sweden's leading business magazine, Veckans Affärer, has warned that if taxes continue to rise at the present rate...
...Last week Allende announced that Chile will deduct $774 million in "excess profits" from the compensation due to Anaconda and Kennecott (Cerro's mine began production only last year). In effect, that means that the two companies will receive not a penny for their properties. The $774 million figure was arrived at through a complex formula. The Allende administration estimated each company's average worldwide copper profits over the past 15 years as a percentage of its book value and came up with a figure of 10%. Any profits from the company's Chilean operation that exceeded...