Word: deferments
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...increased flexibility were it not for the eruption of a different crisis within the Law School faculty. There, long simmering tensions between the conservative and radical wings of the faculty--involving paralyzing controversies over Critical Legal Studies and minority faculty--broke wide open this year. Recent decisions to defer or deny tenure to three liberal junior professors violated a 17-year tradition of in-house tenure...
...everything goes over until next week--and the struggle may not end even then. A week or two after the June 5 vote, congressional opponents of the Saudis are likely to begin a move to defer or cancel delivery of the five AWACS aircraft and eight support tanker planes that Riyadh has had on order since 1981. That move may fail, but probably only after another ugly, drawn- out fight that will advance U.S. interests in the Middle East not one iota...
...past because of loopholes. Boeing, ITT, General Dynamics, Greyhound and Grumman, among others, paid no taxes between 1981 and 1984, according to a study by Citizens for Tax Justice, a consumer and labor group. Commented T.A. Wilson, chairman of Boeing: "The complaint is that through various techniques, we defer taxes. I would just as soon have a minimum tax and take a lot less of that flak." The minimum tax would help finance the reduction of rates for companies that have been paying high levies, particularly such light industries as food processing and cosmetics...
Eliminating deductions for IRA contributions. Individual taxpayers would no longer be able to deduct up to $2,000 in annual contributions, though they would still be allowed to defer taxes on the interest they earn on their accounts. The committee decided to wipe out much of the IRA benefit because the accounts are expected to cost the Government some $13 billion this year, and it has never been proved that they prompt consumers to save more. But banks and mutual funds, which together hold a large chunk of the $250 billion in IRA accounts, want to shoot down this part...
Ideally, the American populace ought to be informed, interested, and yet unemotional about its political issues. For a democracy to function, its citizens must care enough to participate but must be willing to defer to the wisdom of the majority. Of course, we do not live in an ideal world, and whatever cause holds our attention must necessarily hold our emotional interest as well. What we must guard against, then, is letting our emotions rather than our intellect guide...