Word: deductions
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...problem. Carter has proposed a $1.5 billion program to extend college student aid to cover most of the nation's middle-class families. The aim of the plan is to head off a bill proposed by Senators Daniel Patrick Moynihan and Bob Packwood that would allow parents to deduct up to $500 from their income tax for every child they had in college or private school. The White House claims that the credit would cost the Government too much in lost revenues and would benefit the rich as well as the poor. But the tax-credit plan has great political...
During World War II, the Government spurred construction of defense plants by offering "certificates of necessity," which allowed companies to deduct the costs from their taxes in only five years. Now, says Jones, the Government should permit fast write-offs for the plants that companies build in pockets of youth and minority unemployment...
John W. Gardner, the founding chairman of Common Cause and formerly Secretary of Health, Education and Welfare, sees danger in certain proposals that have come forth lately from various tax reformers to eliminate or reduce the charitable contributions that Americans can deduct from taxable income. He stated his case recently at a United Way conference in a speech on which this essay is based...
Carter's hastily worked-out measure was designed to counter the popularity of the two rival aid proposals now before Congress. One plan, introduced in the Senate last fall by Oregon Republican Robert Packwood and New York Democrat Daniel Patrick Moynihan, would allow a taxpayer to deduct up to 50% of the money paid for his children's tuition fees at private elementary and secondary schools and at colleges and universities, up to a limit of $500 per child. In comparison, the College Tuition Tax Relief Act proposed by Delaware's Republican Senator William Roth is, like...
...preacher in Carter spoke up for economic and social equity at every budget turn. To tax business lunches and first-class air travel was not worth the political battle and probable defeat, Carter was advised. So what, he answered. It is not right that businessmen can deduct their martinis if workmen cannot deduct their sandwiches. And, said Carter, he had campaigned all over the country for two years riding in tourist seats, and he found room in which to do his work...