Word: deductionism
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John Kenneth Galbraith, Warburg Professor of Economics, said yesterday that he took a $4500 income tax deduction for giving personal papers to the Kennedy Library in 1966.
Part of them were for tax payments on the San Clemente and Key Biscayne sites and for interest payments on loans the Nixons had made to finance the purchase of these properties. But the biggest deduction of $570,000 covered the gift of Nixon's vice-presidential papers to...
This kind of deduction was eliminated in June 1969 by the Tax Reform Act, but the President got his gift in under the wire in March of that year.
Shultz would eliminate several widely used deductions and exclusions-gasoline taxes, sick pay, the first $100 of dividends received-and permit deductions for medical and casualty expenses only if they exceeded 5% of gross income. A blanket $500 miscellaneous deduction would be substituted. Form 1040 itself would be replaced by...
Why were the campaign funds so carefully "laundered" in Mexico? Undoubtedly, it was partly to protect the anonymity of the donors, even though Attorney General Richard Kleindienst has called disclosure of campaign financing "the essence of our democratic processes." Yet a trusted "bag man" could just as readily have accepted...