Word: deductionism
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Dierdre's only grandchild Paul earns $16,000 a year working at a lumberyard in Portland, Ore. His wife Karen brings in an additional $6,000 as a part-time secretary. Since they cannot afford a house, they rent a two-bedroom apartment for $500 a month, where they raise...
Instead of demanding a candidate with a vision, we might more sensibly appreciate some of the candidates under our noses who merely have plain old vision and who see clearly that no comprehensive view of America is likely to encompass its most troubling issues: the uses of wealth and power...
America's biggest tax incentive to spend may be the unlimited deduction on mortgage interest. This sacrosanct loophole has fulfilled the worthwhile ideal of widespread home ownership, especially for first timers, but has encouraged people to make disproportionately large investments in housing instead of putting their money into the savings...
But as a matter of policy, how can the U.S. make saving more attractive? Perhaps the most popular suggestion calls for restoring the tax-free Individual Retirement Account contributions that were sharply curtailed under last year's tax-reform law. Introduced in 1974 and liberalized in 1981, IRAs became immensely...
Even so, some items seemed agreeable to both parties. Neither side wanted to raise revenues by increasing rates on income taxes, which the President would almost certainly veto. "They say the first things the man downtown will ask are 'What kind of taxes are there?' and 'How much are they...