Word: deduction
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...nature of an attractive afterthought, President Swope included in his plan "a provision ... to place domestic corporations of the sort described on a parity with foreign competition." Companies exporting might deduct from their Federal income tax the equivalent of X percent of its export sales, "this X percent deemed to be the equivalent in selling price of the various provisions for the benefit of employes which the company must make under this plan and from which some foreign companies which the domestic companies have to meet in competition are free...
Congress was last week asked to pass a measure allowing corporations to deduct from their income tax all sums which they give for charitable, social-welfare or unemployment-relief purposes. Individuals already have this exemption. Corporations heretofore have been forbidden it. They pay a flat 12% income tax, whereas individuals pay up to 25%. If Congress passes the bill, a likely thing, it will be the greatest boost organized charity has received for a long time. For, although Chairman Hawley of the House Ways & Means Committee introduced the resolution to Congress, the push to enactment really began with James Herbert...
...bets on horse-races and elections. Often he loses. His efforts this year to win the House of Representatives for his party is a man-sized political gamble on which wagers will be made. Last week the U. S. Board of Tax Appeals revealed Democrat Shouse's efforts to deduct his betting losses from his back income tax returns...
...finance this gargantuan program a Special Funding Bank was created last week in Bucharest, with power to deduct payments on the instalment plan for "model homes" from the salaries of Government employes fortunate enough to get them-village postmasters, workers on the State Railways, policemen and the like...
...each 15? package of 20 cigarets is gummed a blue Internal Revenue stamp with De Witt Clinton's face upon it. That stamp costs the purchaser 6?. From the other 9? the retailer, the wholesaler and the manufacturer deduct their profits. For the actual tobacco in the 20 cigarets the grower receives between...