Word: exceeds
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...Joint Economic Committee statements attacking the Administration proposals. In testimony before the House Ways and Means Committee last week, one witness after another blasted one or another aspect of the tax package. Most shot-at target: the proposal to allow itemized deductions only to the extent that they exceed 5% of the taxpayer's adjusted gross income. An official of the National Association of Real Estate Boards testified that this revision would damage the homebuilding industry. Businessmen defended the present arrangements on stock options as a valuable incentive for executives. Spokesmen for pensioners argued against Kennedy's proposal...
...Atlantic Model General Assembly at Howard University, Gardner said, "The price of participating in any political institution is that you cannot get your way all the time. We cannot expect to get your way all the time in the U.N. The central question is whether the credits exceed the debits--whether in looking at the balance sheet as a whole, the institution is making a net contribution to our national interest...
Reynolds is afraid that the proposed action may seriously hinder donations by "the medium-sized givers, a group that is awfully important to us." Under the bill, charitable gifts, interest payments and local taxes will be deductible only if they exceed five per cent of the donor's income. Most alumni donations, many of only $10, would therefore not be deductible...
...Force That Counts. Today, said McNamara, "the size, variety and power of our strategic retaliatory forces still greatly exceed those of the Soviets. Allowing for losses from an initial enemy attack and attrition en route to target, we calculate that our forces today could still destroy the Soviet Union." This is the well-known "second strike force," and since the U.S. does not intend to strike first, it is the only force that counts...
...depletion allowance permits the owner of an oil-producing property to deduct 27½% of the gross income from the property in computing the tax liability, with the restriction that the allowance cannot in any year exceed 50% of the taxable income from the property. Yearly cost to the Treasury: about $1 billion. Similar allowances apply to natural-gas wells and, at less generous rates, to most kinds of mineral deposits, from antimony to zircon. What is wrong with the arrangement, as tax reformers see it, is that the owner can keep on taking the deduction indefinitely, even after...