Word: deductionism
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STANDARD DEDUCTIONS. The Finance Committee voted for a flat standard deduction of $2,200 for single taxpayers, $3,200 for married couples (under present law, the deduction ranges from $1,700 to $2,400 for singles, $2,100 to $2,800 for the married). The House had set deductions of...
Rather than imposing massive reform, the act tinkers and fine-tunes. It narrows some long-abused loopholes, widens others; it tidies up some of the messiest corners of the tax code and introduces new complexities into others. To cope with it, taxpayers must attempt to comprehend subtle variations in meaning...
CHILD CARE provisions are broadened, allowing many more working parents to offset baby-sitting costs. Through last year, a parent or couple could deduct up to $4,800 a year in child-care expenses; now they get a maximum tax credit of $400 a child (limit: $800). The credit can...
Taxpayers will have many more -though generally more pleasant-changes to cope with next year under the new law. Divorced people filing returns now can deduct alimony payments only if they itemize deductions; next year they will be able to deduct alimony from gross income and then take the standard...
On top of all that, some affidavits that he submitted in the Pentagon papers trial of Daniel Ellsberg surfaced! As a defense witness, Sorensen testified that he, like Ellsberg, had removed classified information without authorization. When Sorensen left the White House in 1964, he took along 67 boxes of documents...