Word: deductions
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Dates: during 1970-1979
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Other countries are even more generous. In the Philippines, a taxpayer can deduct not only his immediate family but unemployed brothers, sisters and even in-laws. Wealthy Filipinos frequently incorporate themselves-and claim business exemptions for rent, transportation, servants and even their nightclubbing and casino losses, counted as public relations expenses. No one has ever been convicted of tax evasion in the Philippines...
...steeply progressive as Everest. On a salary of $10,000 a Swede pays 43% of his income in national, local and old-age pension taxes. On $20,000 he pays 53%, and on $40,000 his combined levy is a brutal 63%. Loopholes are almost nonexistent, and deductions are rare. Corporate income taxes, which average 53%, are less severe because, unlike individuals, companies can deduct from their national tax the amount they pay in local taxes. Even so, Sweden's leading business magazine, Veckans Affärer, has warned that if taxes continue to rise at the present rate...
...Last week Allende announced that Chile will deduct $774 million in "excess profits" from the compensation due to Anaconda and Kennecott (Cerro's mine began production only last year). In effect, that means that the two companies will receive not a penny for their properties. The $774 million figure was arrived at through a complex formula. The Allende administration estimated each company's average worldwide copper profits over the past 15 years as a percentage of its book value and came up with a figure of 10%. Any profits from the company's Chilean operation that exceeded...
...businesses, the committee decided to recommend an investment tax credit of 7% on capital goods ordered after April 1. The measure allows corporations and individuals who make capital investments to deduct 7% of their cost from tax bills. Nixon had asked for credits of 10% for one year and 5% thereafter. The committee's action, when combined with such other modifications as the extension to small firms of the tax incentive on purchases of used equipment, does not alter the estimated total tax reduction-about $2.8 billion annually...
House Masters have approved a proposal of the Committee on Houses and Undergraduate Life (CHUL) allocating a total of $135,000 for a meal pool to the 13 Houses. Each meal eaten by a tutor will deduct $1.65 from the pool of his House...