Word: deductionism
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Standard Deductions. Individuals may elect to take a new standard short-form deduction of $300, plus another $100 for each dependent (excluding themselves).
The new option will drop some 1,300,000 low-income Americans from the federal tax rolls. The old standard deduction of 10% of gross income will remain an alternative choice. In either case, $1,000 will still be the maximum short-form deduction. Itemized long-form deduction will still...
In other changes from present law, individuals would be able to take either a standard, short-form deduction of $300 plus $100 for each $600 exemption they now claim (excluding their own exemption), or the old 10% deduction. But $1,000 still would be the maximum short-form deduction under...
> The Senate bill would permit a deduction up to $50 for individuals, $100 for married couples, for contributions to political candidates. The House made no such provision.
For that reason, President Johnson last week placed tax-cut legislation ahead of civil rights in the order of congressional business. And Virginia Democrat Harry Byrd's Senate Finance Committee stepped up its work on the tax bill. Among other things, it approved the two-step corporate income tax...