Word: deductionism
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¶ One taxpayer brashly claimed a bad-debt deduction because a foreign company had failed to repay a loan; in reality he owned the company, and the "loan" was a payment to himself from a secret foreign account.
> A three-step rise in the standard tax deduction-now $1,000 or 10% of income, whichever is less-to $2,000 or 15% by 1973. The feature is designed to aid lower-and middle-income groups. > An additional $1,100 income exemption for those with annual earnings of $3...
Relief Provisions. Although the Finance Committee measure stops short of the "relief and reform" bill passed by the House last August, it still represents a major step toward equalizing the federal tax burden. Using the House bill as a guide, the Finance Committee removed 5,200,000 low-income taxpayers...
As a part of its benefits for middle-income individuals, the House bill would reduce basic income tax rates enough to grant $2.4 billion of relief after ten years and allow taxpayers who do not itemize deductions to take a standard maximum deduction of $2,000, or 15% of their...
In the past, a collector who wished to give his Rembrandt to the Metropolitan could claim its current market value as a tax deduction. Unless the new law is amended before its passage by the Senate, the collector will have the dubious alternatives of a) deducting a work's...