Word: deductionism
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Dates: during 1990-1999
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Should it pass, Massachusetts would be the first state to offer a tax deduction on student-loan interest, a deduction that would benefit current students and recent graduates.
"With the tax deduction, it allows young people who've just graduated to purchase cars...[to] have more purchasing potential, which in turn helps the state economy," Bench says.
The legislation phases in an income tax deduction of $2,500 a year for the first 60 months of payments. The deduction is phased out for individuals with annual incomes above $50,000.
"We were very much in favor of the student loan interest deduction and the loan forgiveness provision," she said. In the past, when private institutions forgave student loans, the money was treated as taxable income for the individual.
IRAs When IRAs were first created, savers could take a deduction of up to $2,000 on money put into an account that paid tax-deferred interest. Since then, changes in the law denied single people with incomes above $40,000 ($50,000 for couples) a deduction on the principal...