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Washington window Treasury chief backs down on tax deduction stand
Treasury Secretary William Simon and the House Ways and Means Committee shifted their stance on charitable tax deductions. The plan would cap the tax advantage for wealthy donors, allowing some to erase most of their taxable income while preserving deductions for the majority. The move aims to fix flaws in the 1969 minimum tax, which critics say yielded little revenue due to numerous exclusions.
MENTIONED IN THIS ARTICLE
George J. Marder Washington
UPI
Treasury
William Simon
Simon
Richard M. Nixon