Word: code
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Dates: during 1980-1989
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Beryl Sprinkel, chairman of Reagan's Council of Economic Advisers, forecasts that production will grow 10% more over the next five years than it would under the present tax code. One reason: consumers who save on taxes will have more money to spend and invest. A bigger factor is that the bill would remove the distortions that are created by the existing maze of incentives and exemptions. No longer will businessmen waste their ingenuity devising elaborate schemes to turn ordinary income into capital gains. Dollars will flow to the most productive uses rather than being diverted into agricultural enterprises designed...
...more than two decades lonely reformers have waged a futile crusade to change the system. Even before John F. Kennedy appointed him to the Treasury's top tax post in 1961, Harvard Professor Stanley Surrey advocated lower rates, a simpler code and fewer deductions. His advice had little effect. Kennedy did propose rate cuts that were enacted after his assassination, but he also introduced the investment tax credit, on the theory that the tax code should promote industrial modernization, a prime example of manipulating the code for purposes other than raising revenue. George McGovern pledged some tax reforms during...
...never got over his astonishment that as a basketball star for the New York Knicks he had been a "depreciable asset" to the team's owners, went shopping for a House partner interested in reform. In the spring of 1982 he and Richard Gephardt of Missouri proposed a code with low rates and few deductions. New York Congressman Kemp, a prime architect of the 1981 tax cuts, later teamed up with Wisconsin Senator Robert Kasten to write a Republican bill that embodied many of the same principles. But none of these legislators had the clout to get action. That could...
...studies about the advantages of a flat tax (that is, everybody paying the same rate). Reagan, ever on the alert for a plausible way to cut tax rates further, inserted in his State of the Union , speech a 37-word passage pledging to "study ways to simplify the tax code and make it more fair for all Americans." For a year nothing much happened. But as the time came to prepare his 1984 State of the Union address, which would set the themes for his re-election campaign, Reagan was searching for something positive to say about tax policy...
...Reagan, ever the salesman who has to sell himself first, had become a zealot for his new cause. He plugged Treasury II in a major TV address ("America, go for it!"), followed by a series of barnstorming speeches around the country.The President derided the complexity of the present tax code by frequently reeling off this incomprehensible last sentence of section 509(a): "For purposes of paragraph (3), an organization described in paragraph (2) shall be deemed to include an organization described in section 501(c)(4), (5), or (6), which would be described in paragraph (2) if it were...