Word: deductionism
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I refer to the home mortgage interest deduction, the cornerstone of America's gargantuan, secret welfare state for the middle class.
Our current tax system discriminates against capital gains in one way: it ignores inflation. If a stock has doubled during a time when the general price level has also doubled, the real profit is zero, but you'll pay a capital- gains tax anyway when you sell. Of course, the...
The revenue increase of an estimated $500-600 million dollars will probably come from "sin" taxes on alcohol and possibly cigarettes, as well as an increased gasoline tax and a cut in capital gains deduction. Administration officials say the hike would fund programs like employment training, aid to cities and...
RESTORING AN IRA DEDUCTION. We spend more than we produce and fail to save nearly enough to remain competitive. Restoring the Individual Retirement Account incentive, as House Democrats proposed, would nudge the average family to spend a little less and save a little more -- just what the doctor ordered. More...
Bentsen won acclaim for an alternative proposal: encourage savings by expanding the deduction for contributions to Individual Retirement Accounts. This would provide tax benefits mostly to the middle class while simultaneously creating a pool of investment funds, a goal of the capital- gains reduction. Before IRA deductions were restricted in...