Word: deductionism
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The tax package, which would raise $21 billion in its first year, was fashioned largely by Dole. Its biggest surprise was an attack on the "three-martini lunch," long decried by liberals as a subsidy for the rich. Over the objections of the hotel and restaurant lobby, the Senate voted...
What is Christmas without gifts? So apparently thought the members of the U.S. House and Senate last December when they quietly voted to give themselves a tax break: an automatic deduction of $75 for living expenses each day Congress meets during the year. Members could take advantage of the deduction...
A few weeks ago, the Senate with great sanctimony repealed the tax break and restored the $3,000 deduction limit. Unwilling to endure the public's wrath alone, the House reluctantly followed suit. Massachusetts Congressman Silvio Conte sneered at the Senate: "You got a bunch of fat cats up...
More damaging is Smith's use of two questionable oil and gas tax shelters to reduce his income tax obligations. One of them, involving a $16,500 his claiming a $66,000 deduction on his 1981 income tax-an amount only $3,000 short of his annual Government salary...
As criticism of these transactions grew, Smith issued a statement last week in which he contended his actions had been entirely "proper." Smith noted that federal law "prohibits outside compensation for Government services," but argued that the severance fee from Jorgensen was paid "for past, not future services." He admitted...