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• n  a reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer's income bracket
• n  an amount or percentage deducted
• n  something that is inferred (deduced or entailed or implied)
• n  reasoning from the general to the particular (or from cause to effect)
• n  the act of subtracting (removing a part from the whole)
• n  the act of reducing the selling price of merchandise

• Behind the push to eliminate the home-mortgage deduction.
• Among other things, the AMT effectively disallows the standard deduction and child deductions as well as deductions of state and local income taxes, certain legal fees and medical .
• As the April 15, 1970 deadline approached for filing 1969 returns, the White House wanted to take a tax deduction for Nixon on the donation of some of his pre-presidential papers .

• tax write-off
• tax deduction
• discount
• entailment
• implication
• deductive reasoning
• synthesis
• subtraction
• price reduction

• addition

News & Articles

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• Parting Shots in Massachusetts
  In the closing days of the Massachusetts Senate race, the campaign rhetoric has been marred by partial truths. An ad from Rep. Ed Markey’s campaign says Republican Gabriel Gomez would “consider ending the home mortgage deduction for middle-class families.” Consider, yes. Gomez has said that as part of a tax … More >>
  June 21, 2013 - FactCheck.org via Yahoo! News
• Mercedes F-1 Team Escapes Major Penalty Over Between-Race Test
  Daimler AG (DAI) ’s Mercedes Grand Prix team escaped sanctions such as a fine or points deduction after being accused of breaking a ban on Formula One teams testing cars between races.
  June 21, 2013 - Bloomberg
• Hearts seeks administrators, gets points deduction
  EDINBURGH, Scotland — Cash-strapped Scottish team Hearts was handed over to financial administrators on Wednesday, triggering a 15-point deduction that will take effect at the start of next season. Accountancy firm BDO has taken over the running of the Edinburgh club, which has struggled with financial problems over the past two years and racked up debts of 25 million pounds ($39 million).
  June 19, 2013 - Boston Herald

Quotes

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• John McCain in Newsweek
  I will double the child deduction from $3,500 to $7,000 for every dependent,McCain said in the prepared remarks.
• Rudy Giuliani in Guardian Unlimited
  I think there are several tax deductions that are vital to our economy,Giuliani said. "This would not be a good time - I don't know if there would ever be a good time to do this - to advocate ending the home mortgage deduction. The home...
• Geoffrey Watson in Sydney Morning Herald
  Mr Watson said: "If this deduction was not disclosed to the court it is a serious matter."