Word: subtracting
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HOUSING CREDIT. Aimed at spurring the sluggish housing industry, this provision will subsidize anyone who buys a previously unoccupied house or apartment between March 13 and Dec. 31. The buyer will be allowed to subtract from his 1975 tax bill 5% of the purchase price, up to $2,000. Construction of the house must have begun by last Tuesday. Though this provision may help reduce the backlog of 600,000 unsold new homes and condominiums, it could hinder the sales of older houses. Cost to the Treasury: $600 million...
INVESTMENT TAX CREDITS. Most companies and self-employed persons (doctors, lawyers, farmers) are now allowed to subtract from their taxes 7% (4% for utilities) of the cost of new machines and other equipment. The bill will increase this to 10% for 1975 and 1976. In general, for the businessman to qualify, the equipment must have been purchased after Jan. 21 of this year. The two-year cost: $3.35 billion...
These are not the only games calculators will play. They can perform mathematical magic acts undreamed of by their designers. An example: take a figure that is double your age. Add 5. Multiply by 50. Add the amount of change in your pocket, up to $1, and subtract the number of days in the year. Add 115. Divide by 100. The calculator will display two numbers to the left of the decimal point, two to the right, showing respectively your age and the correct amount of money...
...Leader Mike Mansfield, among others, favors the idea. The leading plan has been advanced by Senators Edward Kennedy of Massachusetts and Walter Mondale of Minnesota. They would increase personal income tax exemptions from the present $750 to $825; alternatively, a taxpayer could forgo using the personal exemption and simply subtract $190 from his tax bill. Estimated total reduction: $5.9 billion a year. The legislation could be introduced in the Senate as early as this week, and is expected to get quick approval; no Senator likes to vote against a tax cut in an election year. In the House, the bill...
...awarded 25 points for reading this far, and you can score additional points by answering the questions without cheating. You get 34 points for each correct answer, but you must subtract two points for each one you miss...