Word: exempt
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CONSERVATIVE CHURCHES IRS urged by watchdog group to revoke tax-exempt status if they stray into partisan politics...
...nation's true, long-term spending problems--the product of an aging population entitled to benefits for which there are increasingly insufficient funds--will have to wait for another day. The giant, budget-busting benefit programs, mainly Social Security and Medicare, which claim two-thirds of all spending, are exempt from the new legislation. Still, $10 billion isn't peanuts (another commodity that is subsidized undeservedly). Even in its flawed state, the line-item veto is a move toward fiscal sanity. Or, as Confucius might put it, beating back a $5 trillion debt begins with the first $10 billion...
...particular, Forbes' flat tax proposal would replace the existing, progressive system of taxation with a single tax rate of 17 percent on all income earned above $36,000. At the same time, his proposal would eliminate most deductions, like the home mortgage and charitable deduction, and exempt from all taxation unearned income derived from savings and investment. These changes, Forbes claims, would greatly simplify the tax code and spur economic growth through supply-side forces. This growth, moreover, would ensure that the federal budget deficit would not increase since the additional revenue derived from a larger economy would more than...
...that the Federal Election Commission is looking into whether the Forbes campaign received improper advances from Forbes Inc., the candidate's family firm. At the same time, questions surfaced about two of the candidate's top media advisers, Carter Wrenn and Tom Ellis, whose nonprofit group lost its tax-exempt status after failing to deliver on promises made to donors. Even as the scrutiny tightens, Forbes himself appears to be surging ahead. After a second poll in as many days showed Forbes ahead of Bob Dole in New Hampshire, TIME National Political correspondent Michael Duffy says it's conceivable that...
...discrepancy appears to arise because the administration is evaluating data from a period, 1988-94, that extends before the time when budget-cutting in the FAS began in earnest in 1991. Also, the Human Resources analysis measures only a subclass of exempt staff. Complete data were unavailable at press time...