Word: important
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Dates: during 1980-1989
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Many legislators feel that new taxes are the only hope for true deficit reduction. Says New Mexico Republican Pete Domenici, head of the Senate Budget Committee: "Taxes can be the glue that puts that package together." The leading candidate is an oil import fee, which if combined with taxes on energy consumption could raise as much as $30 billion a year. There would be minimum pain to consumers, since the new taxes would only offset the recent plunge in oil prices...
Reagan indicated last week that he might consider an oil import fee, but only as part of a "revenue-neutral" tax-reform package; he remains adamantly opposed to raising taxes for reducing deficits. But he might be persuaded to change. Senior White House staff members were secretly polled a month ago by their boss, Donald Regan, as to whether Reagan eventually would accept a tax increase in order to get a budget deal. They voted 11 to 3 that he should not, but would...
...broad outlines of corrective surgery are clear enough. One element would be a tax increase, perhaps taking advantage of the drop in oil prices to impose an oil-import fee and gasoline tax. The rest of the savings would come from cuts spread more evenly across the board--including defense and even Social Security, which is exempt from the automatic reductions required by Gramm-Rudman...
...business arena is more alluring to Korean manufacturers than the U.S. auto showroom. Americans bought some 11 million cars last year for $131 billion. Hyundai, whose Pony subcompact is already the best-selling import in Canada, may be able to capitalize indirectly on the lofty reputation of products made in Japan. Says Edward Klein, a Canadian auto dealer who sells the Pony: "People perceive it as a quality car because it comes from the Orient." That perception has some foundation: Japan's Mitsubishi owns 15% of Hyundai and supplies the technology for the Excel's engine and transmission...
Signing the budget proposal in the Oval Officetoday, Reagan held open the possibility ofapproving an oil import fee to offset any revenuelost by changes in a tax overhaul bill pending inthe Senate. "I've said that I'm willing to look atthat, on that basis," Reagan said...