Word: deductionism
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Exemptions and deductions. The personal exemption for each taxpayer, spouse and dependent would nearly double at the outset, to $2,000 from $1,040. In later years the exemptions would, as now, be "indexed" for inflation; that is, the exemption would rise each year by the same percentage that consumer...
What might be called the sacred trinity of deductions for many taxpayers -- mortgage interest, charitable contributions and medical expenses -- would be retained, but in two cases modified. Mortgage interest could be deducted in full on a principal residence, but would be strictly limited on a second or third home. Charitable...
Pincer number one was the Administration's attempts to curtail financial aid to students and research funding to scientists, as part of an ongoing campaign to reduce federal expenditures on social programs. Pincer number two was a Reagan proposal to cut dramatically the standard tax deduction for charitable gifts, as...
First among the year's clearcut victories for Harvard and the educational community Shattuck lists the speedy demise of charity deduction cut. "We started the year with a lot of confusion about why it was so important, and we ended the year with the understanding that charities are something special...
A Harvard-initiated report also played a key role in the ongoing debate over the charity deduction. A December study conducted with the help of faculty members in the Economics Department found that Harvard and all charities would lose an average 30 percent of their present gift income and that...