Word: deductionism
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Deductions for interest on personal loans, and on loans to buy cars, boats, furniture or a second or third home would be capped. If a taxpayer collects investment income, such as rents and interest on savings accounts or certificates of deposit, the cap would be $5,000 in excess of...
Just about every other deduction would be abolished or reduced. The most bitterly controversial provision: no deductions for state and local income, sales or property taxes (see following story). This provision alone would raise $40 billion in extra taxes by 1990 and is justified by the Administration only partly on...
The special deduction of as much as $3,000 for families in which both husband and wife earn income would be wiped out. That would amount to reinstituting the so-called marriage penalty; the spouses would in many cases pay more tax than if they were single. The Treasury replies...
The present tax credit of as much as $4,800 enjoyed by parents who pay for care of their children or elderly dependents while the wage earners work would be changed to a deduction. That makes the provision much less generous, since a credit is a straight subtraction from tax...
Such prospects leave advocates of tax reform dry-eyed. Says M.I.T. Economist Lester Thurow: "We have some industries like real estate that basically pay no taxes." But real estate operators insist that the public also would be hurt. The costs of owning a house, cooperative apartment or condominium would rise...