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...thing a Congressman hates, it's looking like a tool of big business ? especially when it's a business as unpopular as Big Tobacco. Although a provision was quietly slipped into last month's tax-cut legislation allowing tobacco companies to use the cost of a gradual 15-cent per pack increase ? some $50 billion ? as a credit towards the proposed $368.5 billion national settlement, Senators began to disown the plan once it was made public. Wednesday, the Senate overwhelmingly voted to squash it altogether. "This is the kind of thing that no Congressman wants to go on the record...

Author: /time Magazine | Title: Senate Strikes $50 Billion Tobacco Rebate | 9/10/1997 | See Source »

Herman noted in a holiday weekend address that even though businesses were forced to swallow the first stage of the minimum wage increase ??a 50-cent boost ? last October, the economy is "in better shape than in many, many years." America's lowliest workers are now making $5.15, and unemployment is at a 24-year low. Conveniently, most CEOs also were off enjoying a long weekend, so nobody was around to rebut...

Author: /time Magazine | Title: Lowest-Rate Workers Get Labor Day Raise | 9/1/1997 | See Source »

...used them to get a duplicate card. That somebody ran up a $3,000 bill, but the nice lady from the fraud division of the credit-card company took care of it with steely digital dispatch. (I filed a short report over the phone. I never lost a cent...

Author: /time Magazine | Title: INVASION OF PRIVACY | 8/25/1997 | See Source »

...their fair share of the Social Security tax. That tax is levied--at a current rate of 6.2%--on only the first $65,400 of income, so those who earn more pay much less than 6.2% of their total earnings. The working poor pay the full 6.2% on every cent of their meager wages. And this is a merciless tax--no exemptions, no deductions, no credits. (One exception in the new tax bill: the working poor will get the $500-a-child credit. Big deal.) Taxing the poor to give to the rich throws Robin Hood into reverse...

Author: /time Magazine | Title: ROBIN HOOD IN REVERSE | 8/18/1997 | See Source »

...impose a compulsory 10% income tax on their members. Tithes are collected locally, with much of the money passed on informally to local lay leaders at Sunday services. "By Monday," says Elbert Peck, editor of Sunstone, an independent Mormon magazine, the church authorities in Salt Lake City "know every cent that's been collected and have made sure the money is deposited in banks." There is a lot to deposit. Last year $5.2 billion in tithes flowed into Salt Lake City, $4.9 billion of which came from American Mormons. By contrast, the Evangelical Lutheran Church in America, with a comparable...

Author: /time Magazine | Title: KINGDOM COME | 8/4/1997 | See Source »

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