Word: deductions
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Dates: during 1980-1989
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...banks that were owed $200 million, the implications were ominous. Because the money would be more than 90 days overdue, federal regulations dictate that banks would have to classify Argentine loans as "nonperforming" and deduct missing interest payments from profits. Banks faced losing as much as 40% of their first-quarter earnings. But the Argentines balked at paying unless they received easier terms on their $46 billion debt load. Said Bernardo Grinspun, Argentina's Economy Minister: "The problems of the creditor banks are not the problems of this government...
...millions of American taxpayers, the only big tax shelters are the ones they live in: they can deduct the interest they pay on their mortgages from their income. But to those who can afford the high price of getting in, tax shelters can be anything from Holstein cattle to windmills and even roadside billboards...
Maass mixed calm observation with 10 minutes of terror and cathedrals with bulls in the summer of 1983. And, he will tell you, he won't deduct a penny of his expenses from next year's income taxes, which is to say, he did it all for his personal pleasure...
...held in peonage in the eastern U.S. alone. Peonage is a condition akin to slavery in which a laborer is forced to keep working in order to pay off a debt to the employer. Typically, labor-camp operators sell room, board, liquor and cigarettes to workers and then deduct an arbitrary amount from their wages. Workers end up owing money to their boss, who holds them until the debts are paid...
Under a change in the law passed in 1981, all taxpayers can deduct up to $2,000 from their taxable income if the money is deposited in an IRA. The 1982 accounts could have been opened as early as January of last year, but many people put off getting one until they faced the choice of declaring $2,000 more in income or putting $2,000 away for retirement. By the time the books are closed on 1982, some 11 million taxpayers are expected to have deposited about $18 billion in IRAs, compared with only 3.4 million people...