Word: deductionism
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Automatic Deduction
As the bill now stands, individual rates will drop from a range of 20-91% to a range of 14-70%, while corporate taxes will go down from 52% to 48%. Under a new formula allowing everyone to claim a standard deduction of $300 plus $100 for each dependent (in...
∙ STOCK DIVIDENDS. Kennedy asked repeal of provisions that now allow a stockholder 1) to exclude from taxable income the first $50 of dividends received in a year, and 2) to subtract 4% of dividends beyond that amount directly from his tax bill. The committee repealed the 4% deduction, but...
∙ CASUALTY LOSSES. Kennedy asked that casualty losses, now deductible in full (even the dented car fender), be allowed only to the extent that they exceed 4% of income. The committee instead decided to prohibit deduction of the first $100 of each casualty loss.
To meet the "crisis of fatherhood." Venezuela's Mental Health League offers a six-month course in child care and home life, and the Catholic Church now plans night schools in literacy and parenthood for at least 75,000 young couples. And Venezuelan judges are getting tough with delinquent...