Word: subtractions
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...income (or, in community-property states, on the next $1,200 of joint income). Those younger than 65 who are retired under local, state and federal pension plans also get this credit, but only on their pension incomes. In computing the credit, the taxpayer must subtract from the $1,200 base his social-security payments and certain other tax-free income, plus, if he is less than 75, his earned income in excess of $900. Thus no retired person with social-security income can get the maximum credit of $240, and those with substantial tax-free or earned income...
...foundation's successful fight against this pestilence served America, as well as the rest of mankind, as truly as did the soldier who gave his life in battle ... It does not diminish America's gain to know that others benefitted as well, nor does it subtract from the end result to know that the impetus came from a desire to 'promote the well-being of mankind throughout the world.' " ¶ That the foundations have an "internationalist" bias. "We find it puzzling to be called upon to defend what seems to us to be so obvious, that...
Last week the Senate found new prey in the language of the founding fathers. It approved a constitutional prohibition against Supreme Court packing by fixing the number of Supreme Court Justices at nine, thus removing Congress' power to add or subtract...
...income and then the individual pays taxes on the dividends) will be gradually reduced. The first year the new code is in effect, the first $50 of an individual's dividend income will be exempt; the second year, $100. On the remainder, the taxpayer will be allowed to subtract 5% of his dividend income from his tax bill during the first year the law is in effect, 10% the second year, 15% thereafter. This will save dividend-collecting taxpayers $240 million the first year the law operates, at least $750 million after the second year...
...three years ago Monro and his associates used a nice simple mathematical equation known as the "15 per cent" rule. The administrators would calculate 15 per cent of the not family income as a basic expected contribution. From this expected amount they would subtract $100 for each child in public school, and $200 for each one in private school or college. But the dean reading the folder was also expected to use his own judgment in evaluating family assets. The rule might have worked, had one person read all the applications. But with several readers all making recommendations, there...