Word: deducts
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Dates: during 1960-1969
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...piece of legislation. The powerful House Ways and Means Committee approved a Kennedy-backed plan to give every businessman a tax credit of up to 8% of any amount that he invests in new equipment; the credit would be in addition to present depreciation schedules, which permit businessmen to deduct the costs of plant and equipment from their tax bills over a period of years. Economists reckon that a step-up in spending for such capital goods will be doubly important this year to keep the economy moving forward in the second half, when the big stimulants of Government spending...
...ADVERTISING by Canadian companies should be restricted to Canadian periodicals. Tax laws should be changed so that Canadian advertisers would no longer be allowed to deduct from their income tax as a business expense the cost of advertising directed at Canadian readers in a foreign-owned periodical "wherever printed." The effect: to "approximately double" the cost of advertising in U.S.-produced magazines aimed at the Canadian market. The Commission urged that the customs laws should also be rewritten to prohibit importing any magazine unless it contained "no advertising which on its face indicates the availability of a product or service...
...crazy-quilt tax blanket that stifles the U.S. economy has been patched up but not basically changed since the 1930s, when only one in 33 Americans paid income taxes. With one in four now on income tax rolls, the law needs a thorough overhaul. For example, were all deductions done away with, the Government could raise just as much revenue as it does now simply by taxing personal incomes by 10% and corporate earnings by an estimated 44% (instead of 52%). While nobody is seriously talking about abolishing all exemptions-least of all those for children, charities, medical costs...
...shareholders. When a Centennial stockholder sells his fund shares, he also pays a gains tax. It is figured on the difference between the original cost of his original shares and the selling price of the fund shares. So that he will not be taxed twice, he is allowed to deduct whatever pro-rated tax he has paid while he held the fund shares. Macdonald and Berger get their income by charging a commission of up to 4% on the assets that new members contribute to the fund, plus an annual fee of one-half of 1% of net asset value...
From such "acceptable'' forms of petty larceny, Gibney moves on to the more spectacular types that pique the Internal Revenue Department. Among the intriguing cases are the undertaker who tried to deduct his wife's grocery bills because she met so many potential customers during her shopping trips, and the possibly legendary San Francisco taxpayer who deducted the cost of his love affairs as a medical expenditure because his physician advised him that sex would calm his nerves...