Word: deductionism
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The public is also likely to favor the committee's action. It is designed to make it impossible for wealthy individuals to avoid federal income taxes entirely through tax-free investments or special loss and deduction allowances. Heeding widespread taxpayer resentment over the disclosure that 155 persons with incomes...
The proposed minimum tax plan would, if passed, produce nearly $100 million a year in revenues. The beneficiaries of this windfall would be wage earners, who now pay a higher percentage of taxes than most millionaires. Mills said that the extra funds would probably be used to cover an increase...
Under the proposal, the tax deduction on gifts of stocks and other valuable property to a charitable institution (such as a university) would have been limited to the original cost of the property, rather than to its current market value, as is now the case.
Dwindling Reserves. The prime tar get of the critics is the oil depletion allowance. It permits owners to deduct from their taxable income 271% of the value that each well yields; more over, the deduction can be taken as long as the well produces, even if the original cost of...
Sir: Perhaps the money given generously to charity (and providing a tax deduction) was used to set up a scholarship program for needy college students, or perhaps the gift went to fight cancer or heart disease.