Word: lostness
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Dates: during 1980-1989
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Faced with such unpleasant responsibilities, what did Washington do? Once again, it lost itself in a politically irresistible orgy of tax reduction. By voting to fulfill George Bush's campaign promise and cut capital-gains taxes, House Republicans and renegade Democrats jumped at a short-term boost in revenues against a long-term loss. The giveaway fractured the foundation of the landmark 1986 tax-reform law. The drain on the Treasury could be compounded when the measure reaches the Senate, where it is expected to pass, and Democrats try to extend the tax breaks on individual retirement accounts. It seemed...
...vote last Thursday was not even close. The decision came on a Democratic alternative to the capital-gains cut that would have made tax- deductible IRAs available to more people, balanced by a tax increase on earners of the highest incomes. That proposal lost, 239 to 190. Bush bagged 64 Democrats, while only one Republican, Douglas Bereuter of Nebraska, voted for the alternative...
...code should promote social and economic goals. He told reporters last week, "I supported the tax-reform law, but in last year's campaign there were one or two areas where I felt that we needed to use the tax system to achieve various ends." Democratic leaders too have lost the faith; their proposed expansion of IRAs would also violate the no-special-breaks principle. Consequently, Congress can expect a flood of demands from other taxpayers who will claim that their income deserves special treatment. Writing in the Washington Post, Senator Bradley gloomily predicted that "the llama farmers, along with...
...leading industrial countries have seemed almost powerless to tame the surging U.S. dollar. They agreed the currency was too high and, in the long run, threatened to aggravate the U.S. trade deficit. But their desultory attempts to push down the greenback prompted suspicion that the G-7 group had lost its clout. Last week the finance ministers made a concerted effort to bring the dollar down by intervening in the currency markets. The U.S. currency fell nearly 5% against the yen and about 4% against the deutsche mark by week...
...healthy white baby," says family lawyer Samuel Totaro of Trevose, Pa. "This business can be a license to steal." William Pierce, president of the National Committee for Adoption and a militant defender of traditional adoption practices, argues that abuses have multiplied as formal agencies have lost control of the process. "One couple I know adopted twins through a lawyer," says Pierce. "After several weeks, the couple found that the twins were deaf. They had paid the lawyer $25,000. Did they sue? No. By the time they found out, they had become too fond of the twins to jeopardize their...