Word: deductions
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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...
Japanese tax laws are fairly lenient. Doctors, for example, are allowed to deduct 72% of their incomes, and the first $13,000 invested in postal-savings accounts earn tax-free interest. But whenever the authorities start investigating, they make sad discoveries. An audit of 50 people who had registered new luxury cars worth $40,000 or more, for instance, found that eleven reported having no income at all. Of 116 cram schools that help Tokyo children pass their exams, 109 were discovered to be concealing income. And last week the national Tax Administration Agency said it had audited 24 prosperous...
...second cost-cutting measure would count health-insurance contributions provided by private employers as taxable income. Many businesses now offer health insurance as a fringe benefit and deduct their contributions as a business expense. The change would affect insurance programs whose premiums exceed $70 a month for an employee ($175 a month for a family); some 50 million privately insured employees would be involved. The Reagan Administration maintains that the tax would raise $2.3 billion in 1984. It argues that the policy is principally a cost-control device that will induce workers to pressure their employers for less comprehensive insurance...
...other business during the meeting--which ran 30 minutes over its scheduled 90 minute time, and which was interrupted by an unusual number of procedural matters--the council approved funds for incorporating itself as a nonprofit organization, enabling potential contributors to deduct gifts for tax purposes...
...billion in its first year, was fashioned largely by Dole. Its biggest surprise was an attack on the "three-martini lunch," long decried by liberals as a subsidy for the rich. Over the objections of the hotel and restaurant lobby, the Senate voted to reduce by half the deduction allowed corporations for business-related meals and entertainment in town; a traveling businessman or woman would still be able to 5 deduct these expenses in full. This tax increase was added when a proposal to withhold a part of restausrant tips was defeated...