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...graduated system (in which there were as many as 15 brackets, each subject to a differing marginal rate) was replaced by a new scheme with only two rates: 15% for low-income taxpayers and 28% for everyone else. But achieving that goal required some juggling. For most joint filers, for instance, income below $32,450 is taxed at the 15% rate. To ensure that those who make more kick in 28% on all their income, the government puts a larger bite on the high end of their earnings. So for the same joint filers, the marginal tax rate jumps from...

Author: /time Magazine | Title: Blowing Off the Bubble | 10/22/1990 | See Source »

Included in the presentations--made primarily by members of a joint student-faculty space committee--was a discussion of whether the Law School should erect a four-story building in its main quadrangle and whether such a structure should primarily be used to house faculty offices or classrooms displaced by the Langdell renovations...

Author: By Jonathan M. Berlin, | Title: Law Profs Discuss Renovations | 10/20/1990 | See Source »

...stall obscured the best-kept dirty secret of the budget talks: House Republicans were no more willing than their opponents to support Darman's proposed cuts in health and retirement benefits and other ( federal entitlements. They bombarded Sununu's office with private pleas to protect special programs. They signed joint letters opposing cuts in pork- barrel programs. At one point, senior White House officials polled House G.O.P. members to see how many votes they could get for cuts of various sizes. "You know how much we raised from these guys?" a frustrated Bush aide asked in August...

Author: /time Magazine | Title: Dick Darman: Man in The Muddle | 10/15/1990 | See Source »

...telephone in his Riyadh office links Schwarzkopf directly to General Colin Powell, Chairman of the Joint Chiefs of Staff; the two talk on a scrambled line at least once a day. Schwarzkopf refused to speculate about the possibility of a U.S. strike. "The forces we have on the ground have both defensive and offensive capabilities," he said, "but the only mission we have is to deter and to defend if attacked." Yet he agreed with the widespread view that merely a withdrawal of Iraqi forces from Kuwait would constitute "a small win for the U.S., a small win for Saddam...

Author: /time Magazine | Title: The Gulf: The Desert Bear | 10/15/1990 | See Source »

...When you assemble a number of men, to have the advantage of their joint wisdom, you inevitably assemble with those men all their prejudices, their passions, their errors of opinion, their local interests and their selfish views. From such an assembly, can a perfect production be expected...

Author: /time Magazine | Title: The Gulf: The Waiting Game | 10/15/1990 | See Source »

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