Word: provisionally
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Dates: during 1980-1989
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There are three main reasons for this Orwellian simple-is-befuddling approach. One is that the present tax code is such a hideous snarl. By Treasury count, under the new plan, "more than 65 categories of preferential tax treatment would be eliminated or curtailed." Just describing what they are is...
Just about every other deduction would be abolished or reduced. The most bitterly controversial provision: no deductions for state and local income, sales or property taxes (see following story). This provision alone would raise $40 billion in extra taxes by 1990 and is justified by the Administration only partly on...
The present tax credit of as much as $4,800 enjoyed by parents who pay for care of their children or elderly dependents while the wage earners work would be changed to a deduction. That makes the provision much less generous, since a credit is a straight subtraction from tax...
But more than principle is at stake. The $33 billion in new federal revenue that would be generated in fiscal 1987 by eliminating the deduction for state and local taxes could not easily be found elsewhere. One of Treasury Secretary James Baker's first decisions in his reshaping of the...
Alarmed by the recent spate of cases in which Americans have supplied U.S. military secrets to the Soviets, the Senate on Friday added an amendment to the defense authorization bill. If enacted, the provision will mandate execution or life imprisonment without parole for anyone convicted of espionage for a Communist...