Word: chapoton
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...like Treasury Secretary Donald Regan (once a financier), Internal Revenue Commissioner Roscoe Egger (an accountant) and former Assistant Treasury Secretary John Chapoton (a lawyer), who in past incarnations tried to exploit tax loopholes and shelters for moneyed clients, have taken the case for Uncle Sam. They are now troubadours for the national purpose through tax reform, and they have captured the patriotic fervor of Ronald Reagan. One of the reasons that the President agreed to switch the portfolios of Regan and White House Chief of Staff James Baker was to get maximum horsepower behind his drive for tax reform...
...still determined to kill or alter it. The special interests love the brier patch of the current tax code, which takes up 33 feet of shelf space and has enough shadowy havens to hide almost anything. "It was easier to get tax legislation than take other action," says Chapoton. Before long, the U.S. tax system was setting industrial policy. "Investments were being based on tax considerations," explains Egger. "Prices in real estate became of no concern. Tax benefits were being sold." Decisions in business, Egger points out, "should be based on economics, not on taxes." The overhaul proposed by Treasury...
...fail to cut the fiscal 1984 budget deficit below the projected $180 billion. The Senate last week approved funds for the B-1 bomber and chemical-weapons systems. The House passed a new $15.6 billion housing authorization that will maintain the spending level of existing programs. Meanwhile John Chapoton, Assistant Treasury Secretary for tax policy, predicted that Congress will be unable to pass any substantial tax increases in the next two years...
...unexpected vote on business dining was the first effort to curb those deductions since Jimmy Carter's abortive crusade in 1978 against what he called the three-martini lunch. Reaganites were almost as startled by the decision as businessmen. Conceded John Chapoton, the Assistant Treasury Secretary for Tax Policy: "It came as a complete surprise to me. None of us had heard about this...
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