Word: deductions
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Dates: during 1960-1969
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...kinder cut than the House version, which put the allowance at 20%. The difference -which amounts to about $100 million in tax revenues for each percentage point-will be resolved in conference. But neither the House nor the Senate ventured to restrict the oilmen's privilege to deduct for depletion long after the costs of drilling have been recovered many times over...
...breaches the real estate tax havens. At the price of slowing down construction, it would trim back rapid depreciation of new commercial buildings and deny tax advantages to later buyers. The rich would also be partially denied some of their favorite ways of avoiding taxes, most notably unlimited charity deductions, the right to cultivate tax losses on "hobby" farms, and the right to deduct the market value of donated stock or goods bought years ago at lower prices. To ensure that no one escapes taxes entirely, the bill requires that taxes be paid on at least 50% of all income...
Depletion Cut. The key feature of the House committee's reform plan was a slash in depletion allowances on oil and certain other extractive products. The law that is now on the books permits oil-well owners to deduct from their taxable incomes 27½% of the value that each well produces regardless of drilling or operational costs. Long deadlocked over the question of depletion cuts, the committee finally approved 18 to 7 a proposal to drop the allowance to 20%. The compromise move, which surprised even Committee Chairman Wilbur Mills, came after Louisiana's Hale Boggs...
Assuming the Risk. Merchants are usually receptive to the credit-card plans because the banks pay them almost immediately for merchandise charged on the cards and assume all risks for deadbeats. The banks only deduct about 3% as a fee, compared with 4% to 6% usually charged by other commercial credit-card companies...
Dwindling Reserves. The prime tar get of the critics is the oil depletion allowance. It permits owners to deduct from their taxable income 271% of the value that each well yields; more over, the deduction can be taken as long as the well produces, even if the original cost of exploration and devel opment has been returned many times over. The allowance was partially responsible for the fact that no taxes at all were paid by 155 U.S. citizens who earned more than...