Word: deductionism
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The board's concern for revenues led members to endorse the Administration proposal to end the deduction of state and local taxes from federal returns. While that politically loaded move would be particularly hard on residents of high-tax states such as New York and California (see chart), the impact...
As capitalist tools go, Malcolm Forbes, 65, cuts a wide swath. The millionaire chairman and editor in chief of Forbes magazine last week embarked on an 18-day swing through Thailand, Malaysia, Singapore and Brunei for the sheer swell of it. Traveling with an entourage of 20 in his private...
Child-Care Costs Tax credit up to Deductible up to No credit or Deductible up to $2,400(1 child) $2,400(1 child) deduction $2,400(1 child) $4,800 (2 or more) $4,800 (2 or more) $4,800 (2 or more)
Bradley-Gephardt. There would be three tax brackets, 14%, 26% and 30%, thus retaining the progressivity principle and avoiding the charge that a single flat rate is unfair to low-income earners, who spend a larger share of their income on such necessities as food, clothing and shelter. Four major...
Individuals benefit even more under the various tax credits, deductions and exclusions that were created to promote social and economic goals, such as home ownership and income after retirement. In all, these losses to the Treasury will amount to some $270 billion this year. The biggest single break is the...