Word: deductionism
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First, powerful lobbies attempt to thwart all efforts to get major tax reform through Congress, even though nearly everyone agrees that today's system bad ly needs a total overhaul. Second, re form makes taxpayers themselves uneasy because they are unwilling to give up the certainty of a deduction...
People who own homes-two-thirds of all American families-can deduct the interest they pay on their mortgages, a powerful stimulus for the housing industry. But the mortgage-interest deduction discriminates against renters. It also favors wealthy taxpayers, who frequently have large mortgages. About 25% of the $60 billion...
The bill makes many other changes affecting individual taxpayers. Some important ones concern payments that working parents make for child care. At present, these are deductible up to $4,800, but only if the taxpayer's income is $35,000 or less. The bill converts the deduction to a...
To be sure, the Senate version of the Tax Reform Act of 1976 would do several things for the average taxpayer. It would extend through next year the 1975 tax cut that slightly reduced withholding rates. It would allow each taxpayer and dependent a $35 credit (up from the present...
> Conversion of the current child-care deduction into a credit that can be used even by working parents who do not itemize deductions. Loss: $346 million in 1977, $483 million by 1981.