Word: exemption
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Dates: during 1980-1989
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...confusion began last week, when Senator Bob Packwood of Oregon, chairman of the Senate Finance Committee, unveiled his tax-reform plan. Buried in the 250-page document was a two-sentence proposal to subject tax-exempt securities, like municipal bonds, to an "alternative minimum tax." The idea was that upper-income people who use municipal bonds as a shelter and pay little or no taxes would be subject to a 20% tax on the interest from the securities...
Indeed he does. Reaction was so intense that the Oregon Senator's colleagues urged him to back off. New York Senator Daniel Patrick Moynihan deplored the idea because it would levy the tax retroactively on bondholders who had bought securities under the assumption that they would be tax exempt. Minnesota Senator David Durenberger circulated a letter signed by himself and nine other Senators on the 20-member Finance Committee decrying the "devastating impact" of Packwood's provision...
...week's end even Packwood conceded that his plan was doomed, and a semblance of order returned to the bond market. Even so, interest rates were higher than many municipalities had expected. Milwaukee County called for bids on $17,450,000 in tax-exempt bonds, hoping to pay interest of no more than 6.71%. Instead, investors would go no lower than...
...officials of the National Institute on Drug Abuse and the Drug Enforcement Administration. Chicago Correspondent Barbara Dolan and New York Reporter Jeanne McDowell talked with employees and employers. "From $100-a-week Wall Street runner to $1 million-a-year chief executive officer," observes McDowell, "no individual was exempt, no group of people too smart, too talented, too educated or too successful to be touched by the problem." Los Angeles-based Correspondent Jonathan Beaty was reporting his third cover story on drug abuse since 1981. He observes that "corporate antidrug programs and proposed mass testing of Government workers amount...
...crime. Over the years, U.S. opponents of the treaty, most of them Senate conservatives, have said they had no quarrel with its sentiments but argued that the pact would permit foreigners to meddle in American domestic affairs. Last May the Senate passed a resolution that allows the U.S. to exempt itself from World Court jurisdiction over treaty cases. That provided the cover Congress needed and finally cleared the way for the U.S. officially to endorse an end to genocide...