Word: mortgagees
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Dates: during 1980-1989
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What might be called the sacred trinity of deductions for many taxpayers -- mortgage interest, charitable contributions and medical expenses -- would be retained, but in two cases modified. Mortgage interest could be deducted in full on a principal residence, but would be strictly limited on a second or third home. Charitable...
Special interests rebuffed by the House will have a second and better shot in the Senate. Finance Committee Chairman Bob Packwood of Oregon has promised to have "the bill to the President by Christmas," but some colleagues wonder. Only a few months ago, Packwood said he liked the tax code...
A family of four in Moline, Ill., with a total income of $25,000. They now pay $1,611 in state and local taxes and $5,400 for interest on their mortgage. The family has charity donations of $500 and no Individual Retirement Accounts.
A retired factory worker and his wife in Delray Beach, Fla. They have partially tax-exempt income of $18,000 from a pension and Social Security. In addition, they earn $2,500 in interest on their savings. The couple has no mortgage and no interest payments on autos or credit...
A two-income family of four in Gaithersburg, Md., with total income of $60,000. They pay $4,535 in state and local taxes, take a $960 tax credit for child-care costs and have interest deductions of $15,000 on a mortgage, a car loan and an old college...