The problem of course is... if the copper wires weren't replaced, how did the company take a billion dollar deduction?
If the Bush Tax cuts had expired the estate tax would have returned to pre-tax cut levels -- a one million dollar deduction (two million for couples) and the rest would be taxed at 55%.
In a New York Times op-ed published Sunday, Coburn accused Norquist of becoming "increasingly isolated politically" by pushing a no-new-taxes pledge on Congressional Republicans that forbids tax hikes unless accompanied by dollar-for-dollar deductions.
This is, at minimum, a fifty-dollar deduction.
It would be administered by the Treasury Department and would encourage taxpayers to donate to scholarship funds by offering a dollar-for-dollar deduction on federal taxes.
Homeowners who borrowed money in a world with dollar-for-dollar interest deductions could lose over a quarter of their tax savings at a time when they lack cash to pay down their mortgages.
With a corporate tax rate of 35percentt, each dollar of deductions yields 35 cents of tax savings — so that $800 deduction saves $280 in taxes.
That means that single people making more than $183,250 and couples making more than $223,050 will get 28centss back for every dollar of deductions they get, rather than 33, or 35, or 39.6 cents back.
But the new language in the compromise bill also adds a deduction worth 2.5percentt of a pass-through business's property ― meaning it can generate millions of dollars in deductions for owners of multiple buildings worth many tens of millions of dollars.
In his best year, 2002, he made roughly forty thousand dollars before deductions.
Someone who works a forty-hour week and earns $7.25 an hour receives an annual wage of fifteen thousand and eighty dollars, before deductions for Social Security and Medicare.
