Word: cuttingly
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Dates: during 1970-1979
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Even with federally demanded outlays excluded, the JoAes-Conable plan would produce a cut of $15 billion to $20 billion in Treasury revenues. To avoid so great a loss, the Congressmen plan to have the program phased in over several years; they would allow business to reduce its taxes-and add to its investment capital -by about $5 billion next year, permitting the amount to rise to three times that much in 1982. Says Jones of the bill: "This will be the centerpiece of a business tax cut next year...
...total election-year tax cut is expected to be $15 billion or more, and it is traditionally split two-thirds for individuals, one-third for business. Conable, Jones and other congressional leaders have been telling business people to rally behind a single proposal to avoid a repetition of last year's squabble, when big companies preferred a corporate tax cut rather than a reduction in capital gains taxes. The plan for faster depreciation has quickly won the backing of business lobbyists, who get together for breakfast every two weeks at Washington's sedate Sheraton-Carlton...
Business appears to be presenting a united front because the 5-10 idea would benefit both big and small companies, and it appears to be easier to sell to Congress than a further cut in corporate tax rates. Says Albert Sommers, chief economist of the Conference Board, a business-backed research group: "Speedier depreciation is the simplest, fairest and most legislatable general measure of assistance to capital formation...
Like his mentor L.B.J., Jones is more interested in advancing by compromise than confrontation. After whining a seat in Congress from an affluent and largely Republican district of Tulsa in 1972, he was assigned to the tax-writing Ways and Means Committee in 1974. When the tax-cut bill bogged down in the committee last summer, Chairman Al Ullman asked Jones to see if he could find a compromise. Jones pieced together a combination of general tax reductions and capital-gains cuts that won the committee's endorsement. When the legislation came to the House floor...
...oversized Bridgeport reputation. "He was the fast gun in town," writes Jordan, "grown tired of proving himself, trying to sustain his image by bluster instead of performance." Drafted by the Detroit Pistons after a round of mishandled negotiations, the disillusioned Luckett boots his chance and gets cut from the team. Oleynick stars at Seattle University, then slides into angry oblivion after a season with the SuperSonics. McLeod, the only one of the three to finish college, is robbed of his chance at glory when a recruiting violation costs Centenary College its opportunity to try for a national championship. McLeod...