Word: provisional
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A second, and potentially more important, difference between the House and Senate packages involves what agency will administer them. The House specifically prohibited the Administration from assigning the CIA to the job, as Reagan would like, while the Senate made no such stipulation. Nonetheless, in a provision fiercely safeguarded by...
Just about every other deduction would be abolished or reduced. The most bitterly controversial provision: no deductions for state and local income, sales or property taxes (see following story). This provision alone would raise $40 billion in extra taxes by 1990 and is justified by the Administration only partly on...
The present tax credit of as much as $4,800 enjoyed by parents who pay for care of their children or elderly dependents while the wage earners work would be changed to a deduction. That makes the provision much less generous, since a credit is a straight subtraction from tax...
But more than principle is at stake. The $33 billion in new federal revenue that would be generated in fiscal 1987 by eliminating the deduction for state and local taxes could not easily be found elsewhere. One of Treasury Secretary James Baker's first decisions in his reshaping of the...
Not surprisingly, opposition to the Administration proposal runs strongest in states where taxes are highest, starting with New York. By the estimate of one congressional study, loss of deductibility would add some $1,600 to the average 1987 bill of New Yorkers who itemize their returns, about half of the...