Word: investers
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Reagan's economic advisers last week were also putting into shape the main elements of their so-called supply-side economic strategy. Supply-siders believe that inflation and slow growth can best be cured by enhancing incentives to save, invest and work harder. The two mainstays of the Administration's program: reduced Government spending and a 10% annual tax cut for the next three years...
...poor will fare best, Gilder says, in a vibrant economy in which low tax rates spur investment and speed the creation of new jobs. He unabashedly touts a Robin Hood-in-reverse creed: "To help the poor and middle classes, one must cut the tax rates of the rich." Gilder argues that only the rich have enough capital to stimulate rapid economic growth, and only reasonable tax rates can induce them to invest rather than spend their money in unproductive ways...
Gilder maintains that steeply progressive tax rates and Big Government destroy wealth and perpetuate poverty. He contends that federal levies, which skim off as much as 50% of income from wages and 70% of earnings on interest and dividends, deaden incentives to work, save, invest and take risks. The result: instead of using their savings for productive investments, too many people seek tax shelters and pour their money into "gold, baubles, flimflam films and real estate." High taxes are responsible for the U.S.'s While poor preparing the productivity growth because Administration's so economic policy much money...
...they're really at Harvard for--teaching a few graduate students and doing their research. Nor is it the fault of the Business and Government schools that don't require courses in ethics. Nor can the blame be laid at the doorstep of those men in downtown Boston who invest Harvard's money in defense and energy stocks in order to keep the University solvent for another financial year...
Over the years, Congress has fiddled with the tax code to allow deductions for investments in ventures considered worthwhile but risky, like coal mining, oil drilling and public housing construction. The shelters encouraged the wealthy to invest chunks of income that would otherwise have been heavily taxed. The problem was that in some cases lawyers and accountants found clever ways to make such investments appear much larger on paper than they actually were. In 1976 a major revision of the tax code eliminated some of the most abused shelter provisions...