Word: deductions
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Dates: during 2000-2009
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...already in the tax code. The National Automobile Dealers Association has made the incentives a top lobbying priority; new legislation has already been introduced in Congress. One proposal supported by Democratic Sen. Barbara Mikulski of Maryland and Republican Sen. Kit Bond of Missouri would permit new car buyers to deduct auto loan interest and sales tax on their personal income taxes. "We think temporarily making interest deductible on car loans would spur sales," says NADA economist Paul Taylor. The NADA is also supporting "cash for clunkers" initiatives, which encourage consumers to upgrade their older cars to cleaner, more fuel-efficient...
...past, corporations could deduct from their taxes only a small portion of the losses incurred by a company they acquire. The rule, commonly called Section 382, eliminated the practice of companies' avoiding taxes by buying failing corporations just for their losses...
...their taxes when they purchase other banks. Now, after an acquisition, a bank can reduce its IRS bill by claiming that loans on the books of an acquired rival are worth far less than the previous owners thought, not a hard claim to make these days. The acquirer can deduct from its taxes the full amount of the write-down. Before it could only lower its taxable earnings by a small percentage of the write-down of the preacquisition loans. (Read "Can Congress Pass an Auto Bailout Bill Nobody Likes...
...what sorts of limits on executive compensation will be included in the bailout bill. Ideas being batted around include a temporary elimination of golden parachutes (payouts that executives collect when they lose their jobs); a lower limit on the amount of an executive's base salary that companies can deduct from their taxes (currently $1 million); "clawback" provisions to help recoup bonuses paid based on earnings or other metrics that later prove to be inaccurate; and limits on incentives for "excessive" risk-taking...
...American taxpayers can already earn deductions and credits in various ways: the religious types can deduct their tithes to the church from their tax returns, while married couples with children can file for child tax credits. The more environmentally minded have benefited from tax credits that essentially subsidize the purchase of hybrid cars and energy-efficient home improvements, while the poor enjoy the redistributive effects of the Earned Income Tax Credit. As such, it only makes sense that Washington provide strong incentives for every American to maintain or achieve a healthy body weight...