Word: taxed
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Charitable contributions would remain fully deductible for taxpayers who itemize, but those who use the short income tax form would not be allowed to write off the first $100 of their total donations. The Ways and Means plan would curtail some forms of trusts, making it more difficult for well-off parents to avoid taxes on income earned from money that they have passed along to their children...
...passed into law, the tax plan would probably tighten up loopholes first, then cut rates six months later. In the first year, tax breaks would be lost immediately but rates would be cut later, thus giving the Government more revenue. However, this means that many taxpayers, particularly wealthy ones, would not enjoy the full benefits of reduced taxes until the second year of the reform program, probably 1987 or later. Because the proposals have shifted during the past year, tax advisers have little specific advice to offer their clients at this point. But they generally tell taxpayers to make expenditures...
...illustrate the plan's impact, the accounting firm of Coopers & Lybrand did a study for TIME based on computer models of how some typical taxpayers would fare. A family of four in Moline, III., with a total income of $25,000 would pay $1,778 in federal taxes under the current law and $1,693 under the Ways and Means proposal. A young, single executive in New York City earning $25,000 would go from a current tax of $3,527 to $3,553. A childless couple in Los Angeles with a combined salary of $82,000 and rental income...
Many businessmen last week agreed with a blunt assessment by White House Domestic Policy Adviser John Svahn, who was quoted as calling the Ways and Means plan a "Thanksgiving turkey." While Reagan planned to increase business taxes by about $123 billion over the next five years, the Ways and Means proposal aims to boost that collection by an additional $15 billion. The U.S. Chamber of Commerce was so discouraged with the bill that it called for a postponement of any effort at tax reform for two years. "It has gotten too far from its original objectives, and it's time...
...some areas, the House panel's plan is the same as that put forth by the Administration. Both, for example, want to repeal the investment tax credit, which currently enables companies to take immediate deductions of as much as 10% of spending on plant and equipment. Both proposals would also curtail the accelerated cost recovery system, which now enables businesses to depreciate their assets rapidly...