Word: cuttingly
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Dates: during 1970-1979
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...House agreed (and the Senate will probably take a similar stand next month). It voted down the Administration's proposals, 225 to 193, and approved the Ways and Means Committee bill 362 to 49. That provides an overall tax cut of $16.3 billion. The message will not entirely appease the middle class, however, since the cut translates into an average of only about $163 per year in savings for the individual taxpayer. Because of the large increase in Social Security taxes scheduled to go into effect in January, many members of the middle class will be paying more...
...Capital gains taxes are cut $1.8 billion by reducing the maximum tax from 49% to 35%, a compromise with the amendment of Wisconsin Republican William Steiger, who proposed slashing...
Carter's last-minute tax bill was not that much different from the one that was approved. It proposed a slightly larger tax cut of $18.3 billion that was tilted in favor of lower-income taxpayers. Those earning more than $50,000 a year would have received a smaller reduction; those making less than $15,000 would have got a bigger break. The taxpayers in between would have fared about the same. The Administration bill also accepted the capital gains tax reduction but offered a complicated graduated minimum tax instead of the flat 10% minimum rate in the committee...
...cut vote was also a setback for New York Republican Representative Jack Kemp, 43, who has staked his promising career on the issue of a sweeping 33% reduction in federal personal income taxes over a three-year period. Kemp argues that the cut would be such a spur to the nation's production that the Federal Government would soon recover much of the revenues lost by the cut -a prospect that critics sneeringly refer to as a "free lunch." Under Kemp's prodding, many G.O.P. candidates are seizing on the issue; this fall the Republican National Committee plans...
...Russians had already registered their displeasure by canceling fisheries talks that were in progress in Moscow. The Soviets had previously cut severely into Japanese fishing rights by declaring a 200-mile protected zone around their northern shores. Japanese officials in Tokyo, however, doubted whether Moscow would go so far as to damage their trading relationship, which at $3 billion a year is beneficial to both countries...