Word: moynihanized
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Because of its progressive rates, the federal income tax is a marvelously efficient collection instrument. According to former Presidential Counsellor Daniel P. Moynihan, "the basic equation of American political economy is that for each 1% increase in the gross national product, the income of the Federal Government increases 1.5%." By contrast, the income from property and sales taxes, the traditional backbone of state and local finance, reacts more sluggishly to economic growth. Furthermore, these taxes are regressive: their burden falls most heavily on lower-income groups...
Financial pressures on mayors and governors reflect a drastic change in the makeup of the overall U.S. tax dollar. "The Federal Government is good at some things and bad at others," says Daniel Patrick Moynihan, who has departed from his job as President Nixon's urban affairs adviser. "It is perhaps best at collecting taxes." Increasingly, the collection of public moneys depends on personal and corporate income tax, a form of levying largely reserved for the Federal Government. Meanwhile the traditional base for municipal taxation-real estate-has stagnated, largely because of the move of businesses and middle-class...
Nixon praised Daniel Patrick Moynihan, who is resigning as his adviser on urban affairs to return to his post as professor of Education here, saying that criticism of Moynihan's secret memo proposing a policy of "benign neglect" toward the problems of blacks in America...
...President was obviously delighted and moved as he continued the farewell ceremony, presenting to Moynihan a replica of his Cabinet chair as a souvenir. Nixon reached into his own pocket for the $500 to buy the chair...
Later in the week, as he walked through Lafayette Park with TIME'S Hugh Sidey, Moynihan talked about the Administration mood that in part prompted his warm valedictory: "Look what they have been told: liberals get more women than they do, make more money, are smarter, are better looking. Their art is the best, their books are better. These fellows here are told that constantly, and what's worse, they have begun to believe...