Word: deduction
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...past there has been some debate about what form any tax relief should take. Dodd proposed an outright exemption of $1200, but Sen. Hubert Humphrey (D-Minn.) has been favoring a tax credit, which permits the parent to deduct a specified amount from his, tax bill. It is argued that credit will be of more assistance to persons of low income than the exemption...
...pointed out that many people in middle income brackets can deduct ten per cent of their income automatically without enumerating the deductions. The implication that this group would give substantialy less than others does not hold in fact, he said...
...sized communications devices will keep everyone in instant touch, and physical ailments will be diagnosed by computer and cured in many cases by replacing worn-out parts with factory-made ones. Money may be eliminated; customers will merely present their thumbs to an electronic scanner that will automatical ly deduct the purchase price from their distant bank accounts...
Coupled with the reductions are a spate of revenue-increasing provisions. Taxpayers, under the Ways and Means version of the bill, will no longer be allowed to deduct state and local gas, cigarette and liquor taxes. Although stockholders will be allowed to exclude the first $100 of dividend income from taxable income instead of the first $50-a break for small stockholders-the rule allowing them to subtract 4% of the remaining income was repealed. Tax exemptions will not be permitted for the first 30 days of sick pay or the first $100 of casualty losses. The executive with stock...
Though interpretations will vary with individual tax examiners, and Congress may jiggle the rules later, it looks as if almost any businessman with a sharp pencil, a touch of imagination and the patience to keep detailed records can deduct fairly freely. But few businessmen who cater to the expense-account trade seemed to be overjoyed. "It certainly doesn't do anything for me," grumped Broadway Producer David Merrick. The consensus was that the earlier, tougher proposals for cutbacks on deductions have frightened off many prospective spenders and have given companies an excuse to trim their entertainment budgets. "The major...