Word: cuttingly
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Dates: during 1970-1979
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...that tax breaks on gains from sales of stocks and other property do little for the economy and benefit mainly wealthy investors. Though the White House would now be grudgingly content to see the tax remain at its present maximum effective rate of 49%, the Steiger amendment seeks to cut the rate to no more than 25%, the level that prevailed prior to 1970. The bill was introduced in April by Wisconsin Republican William Steiger, who has attracted broad support with his argument that a lower rate would benefit everyone by stimulating the stock market and boosting capital investment, thereby...
...most the White House seems willing to accept is a bill with a $15 billion net cut in revenues but no reduction in the capital gains rate. At a Senate Finance Subcommittee hearing last week, Treasury Secretary W. Michael Blumenthal said that the Steiger amendment "should be called the Millionaires' Relief Act of 1978," a view shared by AFL-CIO President George Meany and other labor leaders. That did not especially please the six Senators present, half of whom can count their net worth in seven figures.- The most heated exchanges came when Republican Senator Bob Pack wood...
Carter's threat to veto any bill that lowers the capital gains rate is widely thought to be a bluff, but if positions continue to harden, he may make good on his threat. That could be calamitous. Congress almost certainly will pass some sort of cut in capital gains, but vetoing the entire bill just for this would hurt the economy. On Jan. 1, taxpayers face some $6.6 billion in additional Social Security levies and the expiration of about $11.5 billion in temporary income tax cuts enacted during the Ford Administration. Unless the resulting tax increases are offset...
Undeniably, a cut in the capital gains tax below the present top rate of 49% would help mainly people in (or above) the 50% tax bracket, who are more likely to own stock and other assets. To be in that lofty bracket, one needs taxable income of about $40,000 or more. But a lot of "average" taxpayers leap into the higher brackets a few times in their lives-when they sell a house, a farm, or the stock that Aunt Tillie left them; or when they collect profit-sharing or stock-purchase funds from their employers. For them...
Given this pugilistic stance, this unwillingness to cut his conscience to fit the reigning Paris fashions, it is not surprising that Camus became a figure of global controversy. It was a difficult role to assume; he struggled with it until his death, aware that any political or artistic statement would be distorted. "One never says a quarter of what one knows," he confessed. "Otherwise all would collapse. How little one says, and they are already screaming." Even posthumously the man was not safe. In the '60s the New York Times listed him as one of seven heroes...