Sentence examples for current deduction from inspiring English sources
Politics being what they are, he hasn't proposed a cut in the current deduction, but his idea still represents progress.
Likewise, the bill eliminates the current deduction for state and local income tax payments and permits taxpayers to write off only $10,000 of their property taxes.
The new tax bill should include provisions that give employers credits in addition to the current deduction for employee compensation to legal United States residents.
He suggests replacing the current deduction for retirement saving with, say, an 18 percent matching contribution from the federal government for every dollar put into a tax-preferred retirement account.
The commission suggests replacing the current deduction for mortgage interest, which in America's progressive tax system benefits rich borrowers more than poorer ones, with a flat 15% tax credit on mortgages up to a certain limit.
This is similar to such investments as whole-life and other cash-value life insurance policies where no current deduction is available for contributions, but earnings are allowed to grow tax-deferred.
With the 2 percent cap, individuals would continue to benefit from all of their current deductions, exclusions and credits.
An important question, Mr. Graetz says, is exactly which current deductions would be eliminated; this is a political and budgetary consideration.
Accelerated depreciation allowances and current deductions of R and D outlays will result in accounting losses (when they exceed net income) if they are computed without regard to these deductions.
That is why I advocate allowing taxpayers to keep all of their current deductions and exclusions — but limiting the extent to which they can reduce their tax liabilities in this way.
To many taxpayers, it's one of those teeth-gnashing provisions of the tax code, seemingly even more unfair than, say, the lack of symmetry by which the government takes a chunk of an unlimited amount of stock-market gains while denying current deductions for net losses of more than $3,000 a year.
