Word: long
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Dates: during 1970-1979
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...have a G.S. 13 but I've never used it," says Sid. "Louise said to me, 'you know how long you would last in a bureacratic job? About two months.' I'd blow up the place. Besides, it's a happy scene, it's not a pressure thing...
Leonard Matthews works long hours every day, but today he is more aggravated than usual. He's just had to fire new help he'd hired only three days ago, and that means Daphne has to get up earlier than usual to help him with the early shift. "People are so unreliable you can't trust them to do the work," he fumes. "They believe in just turning an egg and that...
Ignoring these defects, Long and Ullman argue that the VAT could break America's inflationary spiral by providing the necessary incentives to boost productivity. Americans save a smaller portion of their incomes than citizens of any other western nation. With savings, so low, banks and business have limited funds to invest in expanding capital to spur productivity. The solution to this problem--for Senator Long and Representative Ullman--lies in a tax on consumption. They even propose that this consumption tax--the VAT--partially replaces the corporate profits tax to free still more money for investment. Evidently, Long and Ullman...
...LONG AND ULLMAN correctly calculate that an attack on our falling rate of productivity strikes at the core of America's economic woes. Yet the VAT leads this attack in a painfully misdirected way. There's no reason why the incentives for savings must come from a regressive consumption tax. As long as federal regulations limit banks' interest rates on savings accounts to 5.75% while inflation runs well over double that rate, it will make no sense for consumers to save large parts of their incomes. If the government wants Americans to save money, it must eliminate these interest ceilings...
Unfortunately, Russell Long cannot see beyond regressive taxation as a means to solve America's economic problems. The Louisiana Senator makes no attempt to hide his disdain for equitable taxes. Asked what he thought of the American income tax system, Long replied: "I think it is progressive to the point of being counter-productive." He prefers emulation Louis XIV by extracting onerous "taillies" from lower and middle income people. The VAT's hidden character may seem appealing to politicians, but its regressive nature will certainly prove costly to most Americans...