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Tax loopholes and proposed repeal debate rumbles on
The article examines what constitutes a loophole in federal income tax. It notes that deductions for charitable contributions are often lumped with exemptions and discusses proposals to eliminate four exemptions from 1974 to 1976, with plans to reenact justified ones. A contrasting bill would have the Ways and Means Committee study the issue further.
MENTIONED IN THIS ARTICLE
Edwin S. Cohen
the Treasury
Cohen
Ways and Means Committee