Word: deductionism
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Microsoft wanted--and got--what record and movie companies already had: the right to ship master tapes or films overseas, make copies there and funnel the resulting income back through an FSC to generate a tax subsidy. The IRS allows the deduction, even though the manufacturing actually takes place abroad...
While corporate welfare has attracted critics from both the left and the right, there is no uniform definition. By TIME's definition, it is this: any action by local, state or federal government that gives a corporation or an entire industry a benefit not offered to others. It can be...
Alexander said his plan would also encourage giving by doubling the deduction for charitable contributions and creating individual savings accounts for retirement planning.
Celebrities who issue bonds are essentially borrowing money and paying it back through future royalties. So the loan--the up-front money--is free of income tax and in fact can generate a tax deduction: forfeiting royalties is partly an interest expense, deductible if the loan is used for investment...
That excuse may not be around much longer though. There's strong support among members of both parties in Congress to at least reduce the marriage penalty. The likely outcome will be a half step: a bigger standard deduction for married couples. That might eliminate the marriage penalty for couples...