Reagan tax plan would curb three martini lunch
President Reagan proposed a sweeping tax overhaul aimed at reducing lavish business deductions. The plan would cap meal deductions at 25 dollars per meal with only half of costs above the threshold deductible, end season ticket subsidies for client entertainment, cut oil depletion allowances, and expand the earned income credit while raising personal exemptions and standard deductions. It also extends tax rules to home care and fringe benefits, taxes early life insurance growth, and trims preacher tax advantages while preserving veterans disability exemptions.
MENTIONED IN THIS ARTICLE
Washington
Reagan
Carter
Lutie Maiters
Block president says tax changes won’t simplify filings
H R Block chief Henry Bloch warns three rate plan will not simplify taxes and may shift burden to middle classes. He says people will still rely on tax professionals and argues changes would benefit his company, speaking from Kansas City before Reagan's speech.
MENTIONED IN THIS ARTICLE
H&r Block
Washington
Henry Bioch
Reagan
Bloch
Kansas City
United Press i
Charities Respond to Reagan Tax Revisions
United Way of America spokesman Jack Moskowitz hailed Reagan’s revised tax plan as progress while urging further fairness. He noted the proposals retain a nonitemizer deduction ban that would claw back charitable gift deductions.
MENTIONED IN THIS ARTICLE
Washington
Reagan
Jack Moskowitz
United Way of America
Treasury Department
Reagan proposes Return Free System in tax overhaul plan
President Reagan outlined a tax overhaul calling for a Return-Free System where more than half of Americans would not need to file returns. Participation would be voluntary with automatic refunds or notices of any extra tax due.
MENTIONED IN THIS ARTICLE
Reagan
Washington
Reagan plan tax proposals clash with figures released
Treasury estimates for 1990 show individual tax receipts under current law at 517.8 billion dollars. Under Reagan's proposals they would fall to 490.9 billion, a 5.2 percent decrease, while corporate taxes rise from 110.8 billion to 136 billion, a 23 percent increase.
MENTIONED IN THIS ARTICLE
Washington
Reagan
White House
Treasury Department
Treasury
Heavy price feared as NY GOP opposes tax reform
The 56 member Republican minority in the New York Assembly urged President Reagan to retain state and local tax deductibility. In a Tuesday letter they warned that eliminating deductibility would cause dramatic tax increases for New York citizens and that federal reform with little rate cut would mean a heavy price for residents.
MENTIONED IN THIS ARTICLE
N.Y. Assembly Gop
Albany
State Assembly
New York
Reagan
GOP
New York State
Reagan faces uphill sell of tax plan to New York
President Reagan encounters strong opposition from New York lawmakers over eliminating the federal deduction for state and local taxes. Rep. George Wortley calls the move grossly unfair, while Gov. Mario Cuomo argues it punishes states providing essential services. Critics warn the measure could raise costs for New Yorkers and depress property values.
MENTIONED IN THIS ARTICLE
Reagan
Treasury
Washington
New York
George Wortley
Fayetteville
Wortley
Congress
Donald Regan
Congresssional Coalition
Frank Horton
Rochester
White House
South
Alfonso D'Amato
Daniel Patrick Moynihan
Hard decisions looming on Reagan tax reform plan
Washington (UPI) for one third of itemizing taxpayers the proposed tax reform brings tough choices. Advisors report uncertainty and lower rates with fewer deductions spark cautious moves on real estate and securities. Experts warn delaying sales may cost more if rates fall further and Congress finishes changes.
MENTIONED IN THIS ARTICLE
Washington
UPI
Reagan
Prudential Bache Securties
Larry Leightman
New York
Congress
Reagan taxes cut could save Reagan $28,000 next year
Money magazine reports the first family’s net worth may rise as much as $1 million since 1980 and Reagan’s personal income tax could drop about $28,000 if Congress approves key tax reform features. The article notes Reagan’s finances show modest deductions and emphasizes no personal gain motive.
MENTIONED IN THIS ARTICLE
Washington
UPI
Reagan
Money Magazine
Congress
Nancy Reagan
The
Blind Trust
Reagan Tax Plan Teases Voters With Courtesy Of TV Theatrics
Analysis says Reagan used a televised performance to reshape public opinion on taxes. It notes his call for tax cuts for many, while protecting the middle class, and ties his rhetoric to a broader strategy to frame the Democrats as reactive.
MENTIONED IN THIS ARTICLE
Washington
Ronald Reagan
Reagan
Congress
Rep
Dan Roeten
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Sen. Russell 8. Long
Sh "la
Senate Finance Committee
the Associated Press
Cuomo
U.S
Crean Trane Mine Scum
Tax Foundation
US Treasury
Phil Wiesner
Peat, Marwick & Mitchell
Margous
Phicago Tribune
Rostenkowski
Reagar
Chicago Democrat
Ways and Means Committee
Chowe
Rosty
Roetenkoeat
Roetenkowski
America
Heagan
Everitt Cant
Public Opinion
Ladd
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