Word: deductionism
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The White House found itself in a familiar place today: on the defensive, denying that Clinton intends to support tax hikes or cuts in entitlement benefits -- as Republicans interpreted an Administration memo leaked Sunday to the Washington Post. The memo, prepared by OMB Director Alice Rivlin, listed revenue-raising options...
Lost in the health-care shuffle was a tax break that about 12 million self-employed Americans have relied on. Their 25 percent deduction for health-insurance expenses, which had expired in 1993, washed away today along with health care reform -- even though key figures in both parties were going...
Maybe you didn't buy a racehorse last year. You were worried about what it would do to the lawn, or perhaps you just didn't realize that the IRS regards racehorses as a tax-deductible part of the "farming business," along with cattle and pigs. But that's all...
"If you are married filing separately and your spouse files Form 1040 and itemizes deductions, see page 36 and check here. Enter the standard deduction shown below for your filing staus. But if you checked any box on line 18a or b, go to page 36 to find your standard...
But now, following a hint first dropped by Hillary Rodham Clinton in an interview with TIME, White House sources are beginning to acknowledge that, well, er, maybe there were some errors. Mrs. Clinton told columnist Mary McGrory that she and her husband may have taken at least one deduction that...