Word: kemp
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...celebration of the Big Green's centennial season. For adversary Penn--winless in 1979--the good news was a 7-0 lead after the first quarter. The bad news was Dartmouth's 30-7 halftime lead. The final score was an anticlimactic 40-7, with Big Green QB Jack Kemp pinpointing 68 per cent of his passes. Penn can't wait till basketball season starts...
LOWER TAXES. The heart of the program is, as before, a 30% slash in personal income tax rates, 10% in each of the next three years-the so-called Kemp-Roth formula. Beginning in the fourth year, tax rates also would be "indexed," i.e., tied to inflation rates so that only a rise in income greater than the rise in prices would push a taxpayer into a higher bracket. Business taxes would be reduced by speeding up the depreciation write-offs that companies could take for modernizing their plant and equipment. Cost to the Treasury: $22 billion in fiscal...
Laffer and Wanniski have now been shunted aside, and Kemp, while he still campaigns hard for Reagan, is no longer regarded as an influential issues adviser. The current program was shaped by study groups organized by Martin Anderson, a conservative economist who was an adviser on domestic affairs in the Nixon Administration. The panels included Alan Greenspan, former chairman of the Council of Economic Advisers and a member of TIME's Board of Economists, George Shultz, former Secretary of the Treasury, and Charls Walker, a leading tax expert. The group is sometimes joined by Arthur Burns, conservative chairman...
...realism, however, Reagan's five-year plan is still risky and open to bitter Democratic assault. Carter began the attack last week, blasting "the Reagan-Kemp-Roth tax proposal" before a group of New Jersey editors as "absolutely ridiculous . . . highly inflationary...
...going to change the entitlement programs and if you want more military expenditures, there is no way on earth that you can achieve savings anywhere near the magnitude [that Reagan proposes] and if you can't achieve those savings, then of course you can't afford Kemp-Roth...