October 24, 2012 |
The do-gooding spirit is thriving in the U.S., with 81% of Americans planning to maintain or boost their donations this year, according to a new report. That's nine percentage points higher than 2011 and 18 points above 2010, according to Fidelity Charitable, which offers programs to boost altruism. The average American plans to give $2,400, up from $2,100 last year. Three-quarters of the 571 respondents said they don't donate in order to benefit from tax deductions. Seven in 10 are influenced by their experiences with illness or death, while two-thirds say it's a holiday tradition to give.
December 13, 2004
Eighteen years ago, Congress and President Reagan enacted a tax reform that tidied up the mess quite a bit. Since then, Congress and presidents of both parties have made a new mess, and President Bush is right that it is time for another cleanup. He has called an economic conference this week to mull over some proposals. The politics may require the lion's share of the mulling. The mechanics of personal income tax reform are straightforward: You end deductions for this, that and the other.
February 1, 2002 |
The Internal Revenue Service said it won't challenge a $10.4-million court victory by Rite Aid Corp. in July, opening the door for companies that want to claim a tax deduction for selling affiliates at a loss. The agency said it won't pursue the Rite Aid case to the U.S. Supreme Court on the advice of the U.S. solicitor general. That keeps intact an appeals court ruling that the agency overstepped its bounds in drafting rules prohibiting companies from deducting losses when a subsidiary is sold.
February 15, 1986 |
The Reagan Administration's renewed campaign to limit the federal tax deduction for state and local tax payments has run into stiff opposition, despite support from Senate Finance Committee Chairman Bob Packwood (R-Ore.) and Sen. Russell B. Long (D-La.), the committee's top-ranking Democrat, for at least a scaling back of the deduction. New York Gov. Mario M.
December 20, 2010 |
Fifteen years ago, Carol Nietmann and her husband bought a spacious house in Maryland near Chesapeake Bay. And thanks to the time-honored tax deduction for mortgage interest, she said, their new place was a little bigger and a little nicer than they would otherwise have thought they could afford. Much the same has been true for millions of Americans up and down the income scale. Perhaps the most sacred of all the sacred cows in the tax code, the home mortgage deduction has long been seen as crucial to a major element of the American dream ?
November 26, 2006 |
We have heard all about prices slowing -- even dropping -- in some regions of the country. One reader recently wrote that "at least the loss on my home sale will give me a tax break." Not so. Most homeowners understand that they can pocket up to $500,000 of tax-free capital gain ($250,000 for single people) on the sale of a primary residence. That huge benefit, which can be used every two years, was made possible by the Taxpayer Relief Act of 1997.