Word: deductions
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Corporations would also pay a 19% rate, rather than their current maximum of 46%. They could deduct the cost of new equipment immediately instead of writing it off over several years. But companies would actually pay more than they do now because they would lose many tax breaks, including the deduction of interest expense. Hall and Rabushka estimate that their plan would lift the Government's annual revenues by about $100 billion and close half the budget deficit...
...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...