Word: exempt
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Raise taxes on employer-paid insurance premiums. Only premiums on life- insurance coverage of more than $50,000 are taxed; the exemption for smaller amounts could be removed. Health-insurance premiums, now exempt, could be taxed as income when the payments amount to more than $80 per month for an individual or $200 for a family. $8.6 billion...
Reduce the tax-free portion of pension funding. Under some retirement plans, annual payments of up to $90,000 are tax exempt. All tax-free thresholds could be reduced by half. $3.6 billion...
...that this year, as in every campaign since 1976, contenders are vying with one another to invent the most artful ways to beat the cap. Almost all direct mail to undecided Iowa voters, for example, comes with an awkward postscript asking for contributions. The rationale: fund-raising appeals are exempt from the state spending caps...
...invitation to almost certain defeat. The prevailing ethos is to skirt the limits as aggressively as one dares. In Iowa, political operatives estimate that some campaigns in both parties will spend close to $2 million each, with many of the expenditures dubiously allocated to other states or exempt under federal loopholes. Even if campaign officials get caught, says Jim Lake, press secretary for the 1984 Reagan re-election effort, "at least they won't have to say they lost because they didn't spend enough...
...addition, the funding of Robertson's early political efforts is being investigated by the IRS. Michael McManus, a syndicated columnist specializing in religious issues, has documented $8.4 million that went from Robertson's tax-exempt Christian Broadcasting Network to now defunct "educational" groups like the Freedom Council, which allegedly paid for much of the TV preacher's initial political organizing. The Robertson campaign has not disputed McManus' figures, which were obtained under the Freedom of Information Act. But Communications Director Constance Snapp says, "All monies given to the Freedom Council by CBN were perfectly legitimate from both a legal...