Word: packwoods
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...confusion began last week, when Senator Bob Packwood of Oregon, chairman of the Senate Finance Committee, unveiled his tax-reform plan. Buried in the 250-page document was a two-sentence proposal to subject tax-exempt securities, like municipal bonds, to an "alternative minimum tax." The idea was that upper-income people who use municipal bonds as a shelter and pay little or no taxes would be subject to a 20% tax on the interest from the securities...
When news of Packwood's proposal flashed across brokerage-house computer screens Wednesday morning, the municipal-bond market was thrown into turmoil. As prices plummeted, Prudential-Bache Securities and other firms temporarily shut down their municipal-bond operations. New York City officials, citing "chaotic market conditions," postponed a $450 million bond sale. Chicago's finance officers put a hold on a $50 million offering, fearing they would have to pay an extra 1.5% to 2% interest to woo jittery investors. Said John Noonan, a manager at John Nuveen & Co., the Chicago municipal-bond firm: "Packwood didn't know what...
Predicting an eventual resurgence of the GOP's progressive wing, Coleman cites Sen. Robert Dole (R-Kansas), Sen. Charles Mathias (R-Maryland), Sen. Robert Packwood (R-Oregon), and Sen. Edward M. Kennedy '54 (D-Mass) as the top leaders in the Senate...
...price of foreign crude and protect the U.S. energy industry. Says Democratic Senator David Boren of Oklahoma, who last week wrote Reagan urging him to support the plan: "If prices fall further, it will bring our exploration to a screeching halt." At Boren's request, Oregon Republican Bob Packwood, chairman of the Senate Finance Committee, agreed last week to hold hearings on the proposal...
Special interests rebuffed by the House will have a second and better shot in the Senate. Finance Committee Chairman Bob Packwood of Oregon has promised to have "the bill to the President by Christmas," but some colleagues wonder. Only a few months ago, Packwood said he liked the tax code "the way it is." The drive for reform could be delayed or foiled entirely by the Senate's liberal filibuster rules, which allow a single lawmaker to tie up his colleagues for days and even weeks over almost any amendment he wants to make. Steve Symms of Idaho...