Word: offsets
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Dates: during 1980-1989
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...poor, claim Pechman and others, will be hurt since their benefits from the tax cut may be more than offset by cutbacks in funding for social programs that are incorporated in the budget portion of Reagan's agenda. Last week the Joint Committee on Taxation noted that about 35% of the total dollars in tax cuts will go to 5.6% of the people, those making $50,000 or more a year, while 31.7 million taxpayers earning $15,000 or less will get only 8.5% of the 1982 cut. The Administration's reply is that only those who earn...
Rich or poor, most Americans will not find themselves much further ahead if those income tax cuts are offset by scheduled rises in Social Security taxes and the inflationary creep of wages to higher tax brackets. That is the view of Lacy Hunt, economist for the Fidelity Bank of Philadelphia, who calculates that such raises will total 21% during the next three years, all but wiping out the 25% cut (which would, however, save wage earners from being that much further behind...
...Britain was not reduced. A Scottish M.P., Willie Hamilton, who thinks the Crown an expensive anachronism and Princesses Margaret and Anne in particular to be parasites, got a long and polite hearing from Ted Koppel on ABC. Glimpses of cockney women cooing about Lady Di's charms were offset by skinheads as indifferent to the wedding as to anything else. ABC intermixed its prattle of gowns and rehearsals with pictures of grim unemployment lines in what it captioned "The Other Britain." Britain's other big story NBC'S Tom Brokaw, looking as preppie-eager...
...offset lactor of people having more money in their packets to give is not a very powerful effect--not even worth mentioning." Auerbach said...
...Federal Reserve Chairman Paul Volcker's tight-money tactic, which they generally support, but the lack of an equally resolute stance on fiscal policy. Some bankers and analysts fear that the President's tax cut plans, plus his projected defense spending buildup, will more than offset the Administration's deep spending cuts elsewhere in the budget, and thus increase the need for federal borrowing. Interest-rate pessimists like investment bank Economists Henry Kaufman of Salomon Bros, and Albert Wojnilower of First Boston Corp., who have been nicknamed Dr. Doom and Dr. Gloom along Wall Street, assert that...