Word: idea
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Dates: during 1970-1979
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RUSSELL LONG usually barges into Senate hearings as if he were entering a red-neek Southern bar. Last year, he swung open the doors to a House-Senate conference drawling, "I hope it won't give anyone a brain hemmorage to hear a new idea." Well Long has just come up with a new one that's bound to give Americans more than a nose bleed. He has gotten together with Al Ullman--the Chairman of the House Ways and Means Committee--to propose a value added tax (VAT) which could drastically change the American tax system...
...Long and Ullman both admit that its costs will be passed onto consumers, the VAT will not look like a surcharge on sales. Instead it will be incorporated in the list prices of all goods. Consequently, most consumers who spend $50 on a case of wine will have no idea that their purchase is really worth only $45 but that the government tax has upped production and distribution costs...
...beautiful cello" as a Christmas present would captivate Raoul Bott, master of Dunster House, who added that "a piano would do, too." On a more mundane level, Bott said neckties or cufflinks didn't sound like a bad idea, since he only has a few of them...
John Connally: The business community's favorite candidate has put together the most comprehensive program. About a dozen right-leaning economists, including Charls Walker, Murray Weidenbaum and Albert Cox, are threshing out positions for him on everything from a value added tax (he sees merit in the idea but thinks it falls too harshly on those who earn the least) to a constitutional limit on spending (only "as a last resort"). Connally favors faster write-offs for capital investment, proposes large new jolts of defense spending and wants deep, budget-wide cuts in just about everything else, basically...
...launched General Leasing Co., later abridged to Gelco. It grew big because Grossman had a further idea: don't just lease vehicles but also manage them, keep computer records on when each one needs a lube job or a tire change, when to trade it in for the best price. Companies tripped all over themselves to buy his service; it eliminated one more management migraine. He admits: "There is nothing we do that any one of our clients cannot do. But they cannot do it as inexpensively as we because we aim all of our services at a large...