Word: comes
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Dates: during 1970-1979
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...More to Come...
...this proposal come from two ordinary legislators, there'd be nothing to worry about. But Long and Ullman control the most important committees in Congress. If they succeed in pushing their VAT through Congress, Americans will pay a regressive "hidden sales tax" which forces lower and middle income people to contribute far more than their share to a government dominated by the interests of Big Business...
RUSSELL LONG usually barges into Senate hearings as if he were entering a red-neek Southern bar. Last year, he swung open the doors to a House-Senate conference drawling, "I hope it won't give anyone a brain hemmorage to hear a new idea." Well Long has just come up with a new one that's bound to give Americans more than a nose bleed. He has gotten together with Al Ullman--the Chairman of the House Ways and Means Committee--to propose a value added tax (VAT) which could drastically change the American tax system...
LONG AND ULLMAN correctly calculate that an attack on our falling rate of productivity strikes at the core of America's economic woes. Yet the VAT leads this attack in a painfully misdirected way. There's no reason why the incentives for savings must come from a regressive consumption tax. As long as federal regulations limit banks' interest rates on savings accounts to 5.75% while inflation runs well over double that rate, it will make no sense for consumers to save large parts of their incomes. If the government wants Americans to save money, it must eliminate these interest ceilings...
...announcement of Burke's penalty less thane one minute into the game proved to be a harbinger of things to come. By the time Dave Conners raised the fists of uncountable Crimson rooters with his overtime goal, the high-pitched hum of the Walter Brown public-address system had become a part of the lives of the 2900-plus who enjoyed the game...