Word: deductionism
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This stipulation, however, has led to criticism that Nixon is not entitled to claim a deduction for the papers until he relinquishes full control over the gift.
- Former Internal Revenue Service Commissioner Sheldon Cohen, a Democrat, said that the President apparently violated IRS rules by improperly listing his $50,000 annual expense account as additional salary. Counted that way, and not as an expense allowance, the sum increased not only Nixon's adjusted gross income but...
The gift was deductable under the same provision of the tax law as that cited by President Nixon when he claimed a $576,000 deduction for donating his vice-presidential papers to the National Archives.
The portion of the tax code that allows officials to take tax deductions for donations of papers from government service was repealed by Congress in 1969. President Nixon's deduction is controversial because of allegations that the actual delivery of the donated papers occurred after Congress had enacted the repeal...
Galbraith said his deduction "doesn't seem to be an excessive tax loophole," but he added that he thought "it is right to close these loopholes."