Word: deductionism
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The Keith, it turns out, charges an outrageous $1.80 a head. At those prices I choose my own entertainment, whisking journalistic integrity out through the trap door to my left. So, instead of this vista-vision gas, we took in Knife in the Water. This fact notwithstanding, I feel qualified...
The reform called for repeal of a tax loophole known as the "unlimited charitable deduction," and would have been part of the Revenue Act of 1964. It would have limited the percentage of an individual taxpayer's income that may be deducted for contributing to charitable and educational programs.
Pusey argued that the reform would injure educational and charitable institutions which partially depend on large gifts from individual donors. Unlimited tax deduction is undoubtedly a factor in the presentation of such gifts.
Only one-quarter of the loophole-closing reforms originally proposed by President Kennedy were authorized by Congress in the Revenue Act. Repeal of "unlimited charitable deduction" is one of the two principal reforms which involved $2.5 billion in additional revenue.
The $822 million which the administration did succeed in getting from Congress includes, some restriction of what were considered, "serious abuses" of the unlimited charitable deduction.