"double deduction" is a grammatically correct phrase and can be used in written English.
It refers to a situation where something is deducted twice, resulting in a larger deduction than intended. Example: "Due to a mistake in the system, John's paycheck had a double deduction for taxes, leaving him with less money than expected."
The proposals would also clamp down on "treaty shopping", arrangements through which firms obtain benefits from a tax treaty despite not being resident in either country that is party to it.Another measure attempts to end the absurd practice of "hybrid mismatches", whereby companies claim double deductions by classifying financial instruments as debt in some countries and equity in others.
In Section 351 contingent liability, taxpayers use a subsidiary to generate loss-creating stock transfers and certain payments, creating a double tax deduction.
McCain would extend the Bush tax cuts of 2001 and 2003 and add new breaks: He would cut the corporate income tax rate to 25percentt from 35percentt, repeal the alternative minimum tax and double the deduction for dependents.
Brooks said: "Generating a double tax deduction for a single expense by using a strange Dutch entity that one tax authority sees one way, and another as something completely different, looks like highly artificial tax avoidance".
Additional services and benefits for Diamond members after two months of membership qualification include 125 percent bonus mileage and any seat award tickets with double mileage deduction.
In addition to making the Bush tax cuts permanent and preserving the 15% tax rate on capital gains and dividends, Sen. McCain would cut corporate taxes to 25% from 35%, double tax deductions for dependent children and reduce the estate tax and the notorious alternative minimum tax (AMT).
The doubled standard deduction would not necessarily be a better deal for all middle-class families, however.
One scholar recently proposed doubling the deduction temporarily to stimulate job growth; but there is actually more talk about reducing or adjusting it instead.
Charities may lose if lawmakers, as expected, double the standard deduction, disincentivizing itemized deductions and the charitable giving it encourages.
But the president's plan, which would be phased in over a decade and would double the standard deduction for two-income couples to twice the amount of a single filer's deduction, is more limited than various Republican proposals.
