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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (223315)3/10/2005 4:14:40 PM
From: i-node  Respond to of 1573097
 
>>>>> >There are long-standing limits on deductions to prevent taxpayers from subsidizing luxury-car purchases.

Not exactly. The so-called "long-standing" limits were enacted as part of Reagan's tax reform in 1986 for tax years beginning in 1988.

Prior to that time, functionally similar provisions existed, provisions which were enacted during JFK's tenure. These included the use of the Investment Tax Credit and "Bonus Depreciation" (the precursor to IRC 179).


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