Word: offsets
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Dates: during 1980-1989
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Proponents of the measure say officials are using "scare tactics"; they argue that reductions won't be that severe. The inflation rate will increase property values sufficiently to offset the tax cut, even though the cost of providing services is rising. And they argue that many officials are presenting worst-case examples, which the legislature would prevent. And if all else fails and a city gets strapped, it has two ways to override Proposition 2 1/2 getting two-thirds approval in a local referendum during the biennial general election or in elections called by the legislature in the November...
Still, the peace issue is hurting Reagan. One example: in Illinois, a Republican has to run up big margins in the five "collar counties" around Chicago to offset the Democratic city tally and win the state's vital 26 electoral votes. But in DuPage County, where Ford took 71% of the vote in 1976, Democratic polls show Reagan pulling only 50%. Says County Democratic Coordinator Sue Ellen Johnson: "It's the feeling that Reagan is not up to it mentally and that he is not afraid of war as much as he should be." Republican leaders in DuPage...
...Democratic plan, a larger share of the savings would go to business than under Reagan's proposal. Carter would give individuals just $11.9 billion in cuts; business would get $15.7 billion. But there is one key difference: Carter's plan for individual reductions would be used to offset the scheduled 1981 increase in Social Security taxes. This would reduce taxes for everyone with incomes up to $29,700 a year (next year's cutoff point for Social Security payroll taxes), but have no effect on the marginal rates for workers who make more. This, say conservative economists, would limit...
...impressive array of experts to draft a more credible program. They could not talk Reagan into stretching out the tax cuts, but they did succeed in changing the whole rationale for them. Now it is admitted that the rate reductions themselves will not necessarily stimulate enough new revenues to offset the loss. Instead, a strict curb on new spending, plus the natural growth of the economy, would provide enough margin to permit the tax measure. Reagan accepted this substantial alteration without much complaint. However he got there, and however little he understood the trip, he arrived at a position that...
...some sway with the Saudis themselves and with their neighbors the Omanis. To its credit, the Administration worked quickly and quietly behind the scenes to dissuade Saudi Arabia and Oman from making their airfields available to Iraqi planes and thus exposing themselves to Iranian retaliation. But that accomplishment was offset by the Administration's inability to prevent King Hussein of Jordan, a longtime friend of the U.S., from throwing in his lot with Iraq...