Word: deductions
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Dates: during 1970-1979
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...partly disabled people who collect pension payments from a former employer while holding down a part-time or less demanding job. A typical example is a policeman with a heart ailment who leaves the force and takes on lighter duties as a department store guard. Last year he could deduct $5,200 of his police pension income. This year he cannot deduct any of it, since he is not totally disabled, and he now owes a big tax bill. One Colorado couple's tax liability jumped from...
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 be taken by parents no matter how rich; the old deduction dwindled for people with incomes of $35,000 or more, and stopped altogether at $44,600. The credit is available to people who could not claim the deduction: for example, couples consisting of one worker and one student...
Louis lawyer reduced his taxable income in 1975 to $29,000. Because a Los Angeles taxpayer bought 300 head of cattle for $45,000 and borrowed $75,000 from a bank through a cattle-feeding loan program, he will be able to deduct about $55,000 from his projected gross income of $160,000 this year. Other tax shelters include silver options, oil leases, movie financing and sport franchises. These are all chancy businesses, and the tax breaks were set up to encourage investment in them...
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 in personal income that escapes taxation each year because of deductions, credits and exemptions is kept by people with adjusted gross incomes of $50,000 or more, a group that constitutes only 1% of all taxpayers. Making use of the same laws, corporations avoid paying taxes on about $25 billion...
...Increases taxes on most U.S. citizens working abroad. At present, the first $20,000 or $25,000 of their income, depending on how long they have been abroad, is excluded from U.S. tax. The bill lowers that to $15,000. In addition, it limits their ability to deduct foreign taxes paid from U.S. taxes owed...