Word: mcgoverns
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Dates: during 1970-1979
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...fast depreciation write-offs on plants and machines. The aim is partly to raise revenue, but much more to force companies and well-to-do individuals to pay what McGovern calls their "fair share." In the most memorable line of his campaign, McGovern thundered: "Money made by money should be taxed at the same rate as money made by men." This has touched off a great controversy over capital gains taxes. Supporters of the present tax structure insist that money made by money deserves preferential treatment, in part because it represents the reward for capitalist risk taking. They add that...
...talked of providing $16 billion to local communities for property tax relief, but he now promises unspecified modest.sums to reduce property taxes for the elderly only. Administration officials hint that they have in mind some other tax reforms that would encourage investment; these changes look like the opposite of McGovern's. Commerce Secretary Peter Peterson talks of cutting capital gains taxes. The idea is to allow investors to deduct certain sums representing the extent to which the real value of the gain has been reduced by inflation...
PRICES AND JOBS. These two issues are inseparably linked. It would be a crude and unfair oversimplification to say that Nixon is "for unemployment" or that McGovern is "for inflation." But each would face a cruel choice of which to fight harder, and their approaches would be quite different...
...McGovern is admirably explicit: he has said repeatedly that his "domestic priority No. 1" is a job "for every man and woman capable of working" and has committed himself to pushing unemployment down to 4% by 1974. He would do so partly by means of his $ 10 billion program to immediately hire 1,000,000 people-many of them heads of welfare families-and partly by spending on a wide variety of programs to expand demand throughout the economy. McGovern says on the stump that "the Nixon inflation is ground into every pound of hamburger you buy." But former Budget...
...McGovern's spending proclivities would seem to make controls even more essential for him than for Nixon, but he long talked as if controls were a bit of Nixon trickery that he intended to abolish quickly. He has now come around to advocating a control plan of his own, but it is still a less formal one than the President's. McGovern would replace the Pay Board and Price Commission with a single review board that would be part of the White House. After consulting with industry, labor and consumer representatives, the board would draw up guidelines...