Word: exempt
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...progressive income taxes, we should have progressive Government benefits," Babbitt explains. "Why should the Mellons and the Vanderbilts get the same benefits as a widow living in a cold-water flat?" While cutting entitlement spending, Babbitt would impose a 5% "consumption" tax, basically a national sales tax, which would exempt necessities like food...
...ministry is also involved in a dispute over its tax-exempt status. Depending on how much of the operation is declared exempt, the IRS says, the PTL could owe as much as $82 million for unpaid taxes on business income from its Heritage U.S.A. theme park and other ventures...
After World War II, government policy continued to reinforce the saving ethic. In a mirror image of the U.S. system, interest income in Japan is exempt from taxation, while interest payments on loans do not qualify for tax credits. The Japanese have always saved, rather than borrowed, to finance such major purchases as cars or houses...
...Council also approved a nine-month trial run of a "vacancy match" program for rent-controlled housing. The plan would reward landlords who accepted low-income tenants from a Rent Control Board list. In return, the Board would exempt such landlords from the $80-$120 fee they would usually have to pay when applying for an eviction notice or a rent increase...
...trade deficit. Moreover, an expansion of America's paltry savings pool would help reduce U.S. dependence on foreign financing. One proposal for bringing that about: a progressive consumption tax. This kind of levy would work like a national sales tax, but be progressive in the sense that it would exempt necessities (food, housing, medicine, clothing) to avoid putting an undue burden on low-income citizens. Former Arizona Governor Bruce Babbitt, a Democratic presidential contender, contends that a 5% consumption tax could raise $40 billion to $60 billion a year...