Word: deduction
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...Treasury made no proposals at all as to lumber. As far as mines (and oil wells) are concerned, the Treasury has never suggested that they should not be allowed to deduct the actual depletion sustained on the cost of the properties. The Treasury has sought to eliminate the present unsound, unfair and insidious allowance for depletion on the basis of a percentage of the gross income...
...reviving the idea of a $25,000-a-year ceiling, first proposed last April, Franklin Roosevelt seemed to be inviting administrative headaches. Observers guessed that it could be enforced only by refusing to let companies deduct very large salaries as costs on their own tax returns...
...Paul proposed: that relief from taxes due on 1941 incomes be granted only on low-income taxes, leaving high bracketeers with the excellent possibility of owing two years' taxes to be paid from one year's income. If the House still wants a withholding tax, whereby employers deduct tax payments before the pay checks go out, the Ruml plan will make that easier too: there will then be no problem of anyone paying two years' taxes on one year's income...
...House upped the rate on so-called normal profits from last year's 31% to a new high of 40%. In England business pays only 5% on its normal profits, and even that 5% can be deducted from any excess-profits levy the corporation may have to pay. (The British also withhold at the source the minimum 50% personal income tax, but this is not a tax on business. Stockholders can deduct the full amount from their individual income-tax payments, can even claim a refund if they are tax-exempt...
...hopes to interest the members of the large American colony there in authorizing their home companies in the U.S. to deduct regularly from their salaries for the systematic purchase of war bonds...