Word: accounts
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Dates: during 1980-1989
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That program is the corporate tax deduction for business entertainment, which subsidizes the fabled "threemartini lunches." Although it isn't ordinarily considered a welfare program, the travel and entertainment ("T and E") deduction works exactly like one. Corporations can deduct 80 percent of the cost of their executives' expense account lunches (and other entertainment expenses) from their taxable income...
...There are a couple of practical considerations you have to take into account," says Martha N. Murdock, pro bono director for the Massachusetts Bar Association. "Poverty law is not straightforward or uncomplicated, so someone straight out of law school may not have the experience to handle complicated poverty law cases...
...long-term investors with this break (which actually would reserve few of its benefits for those charmed circles) are saying the Government can outguess the market about which investments will pay off. If a risky or long-term investment makes more sense than keeping money in a savings account, the market will reward it without any special incentives. Or at least, you'd better believe it will, if you want to call yourself a free-marketeer...
...same rate as other income, capital gains already get favored treatment in two ways. First, they are only taxed when an investment is sold, unlike interest and dividends, which are taxed every year. An ideal free-market tax system would leave an investor indifferent between, say, a savings account paying 10% a year and a stock expected to rise 10% a year. But tax-free compounding means that, for a top- bracket taxpayer the after-tax profit on the stock will be 45% bigger after 20 years...
...from the Fujisankei Communications Group. Jimmy Carter was in Nashville instructing listeners on how he wrote his books. Richard Nixon huffed off yet again to China after disconnecting his AT&T phone service because the company was sponsoring the TV version of The Final Days, last weekend's account of the end of Watergate and Nixon's presidency. Gerald Ford was at the Herbert Hoover Library in West Branch, Iowa, of all places, addressing a conference called "Farewell to the Chief," a discussion of life after the White House. Expenses paid, of course...