Word: deductionism
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On the theory that income owed in taxes to state and local authorities should not be taxed again, Washington has traditionally allowed taxpayers to deduct those funds from their federal total. For those who itemize their deductions, especially if they live in a state with high taxes, the largest single...
But more than principle is at stake. The $33 billion in new federal revenue that would be generated in fiscal 1987 by eliminating the deduction for state and local taxes could not easily be found elsewhere. One of Treasury Secretary James Baker's first decisions in his reshaping of the...
Elsewhere, the proposal was assailed less forcefully. Though Californians would also be hit hard by loss of the deduction, Republican Governor George Deukmejian had a muted response on the matter. While Deukmejian said he would look "askance" at any reform that resulted in a net tax increase for residents of...
Already Southwestern oilmen have formed an odd-couple alliance with East Coast Jewish groups called the Council for a Secure America. Their shared interest is to avoid U.S. dependence on Arab oil by encouraging domestic oil exploration. Now the lobbyists who dreamed up that coalition are trying to form a...
Rostenkowski's greatest fear is that interest groups will band together for mutual support. It is widely expected that the restaurant, hotel, liquor and entertainment industries will make common cause to oppose limits on the deductibility of entertainment expenses and business meals. The last time Congress attempted to eliminate the...