Word: deductionism
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The problems only begin there, though. Tax experts such as Tom Ochsenschlager, a partner at the accounting firm Grant Thornton, say it would be improper if the Clintons took a deduction in 1980 for any reimbursement of interest paid by McDougal in an earlier year.
But a follow-up study that was published in theJournal four years later, in April of 1990, failedto reproduce Fossel's results. Indeed the study,which was conducted by a team of scientists inNorway, reached exactly the opposite deduction.
Some groups will find no change whatsoever in their income-tax liability. Under current law, an individual earning a total of $44,000 will end up with a taxable income of $37,950 after using the personal exemption and standard deduction. At that level, the IRS will insist on receiving...
The University is watching the budget reconciliation bill as well with the hopes of making favorable changes to the proposed tax deduction for gifts of appreciated property.
In the end, the deductibility debate will not be decided by facts and revenues, for at its core are the more peppery issues of politics and fairness that have long made the "three-martini lunch" a hot topic. "A businessman often needs a congenial atmosphere away from the office in...