1.   Individuals would not pay taxes on interest or investment income, and businesses could not deduct the cost of fringe benefits.

2.   Also, security systems remain one of the few perks that businesses can deduct for tax purposes if the risk can be linked to the job.

3.   A business can deduct interest and other expenses like research and computer services and supplies.

4.   Businesses deduct depreciation from their profits to account for this obsolescence.

5.   In Germany, Greece, Belgium and others, a business can deduct a foreign bribe on its income tax, says van Ham.

6.   Since businesses could not deduct health plan costs they might scale them back and use the savings to give employees raises.

7.   The accounting board is likely to call for an end to this practice and instead require businesses to deduct such so-called fulfillment outlays from the costs of goods.

8.   The contract would change the accounting rules for inflation to allow business to deduct far more than the initial purchase price.

9.   The law does not allow the business to deduct the other medical expenses.