Word: deductionism
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The 1986 reform was designed to make the system more straightforward by eliminating most shelters and reducing the number of tax brackets from 14 to five for the 1987 tax year. For many of the 107 million U.S. taxpayers, reform has been a blessing. At least 2 million low-income...
But all it takes to become perplexed is a look at the fine print. Perhaps the most dreaded new paperwork is Form 8598, a two-page work sheet that must be filed by some of the taxpayers who have taken out home-equity loans or refinanced their dwellings since August...
You begin with Israel's "quandary of state-threatening proportions" as though that were the only factor in the current situation. So the deduction is easy: occupation threatens Israel's soul, so Israel should leave the West Bank and Gaza. That is easy enough to accept--but what happens once...
Tighten mortgage-interest deductibility. Deductions could be disallowed for mortgage interest payments in excess of $20,000 a year for a joint return and $12,000 for an individual. The second-home mortgage deduction could be eliminated. $1.8 billion
Reduce the write-off on business meals. The restaurant business did not collapse when the full deduction was cut to 80% in 1986. Now the deduction could be sliced to 50%. $3.6 billion