Word: reap
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Dates: during 1980-1989
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...Revenue Enforcement and Protection (REAP) program, a brainstorm of Dukakis's former Commissioner of Revenue Ira A. Jackson '70, was developed in 1983 to alleviate the $300 million deficit the state was facing...
...REAP was a very radical proposal, a comprehensive far-reaching plan that was likely to alienate everyone," said Jackson, former associate dean of the Kennedy School. "Political prognosticators said the plan had a zero political possibilities, but it passed...
...REAP...
...REAP was designed to collect taxes from evaders and delinquent residents and raise future tax compliance rates. The program offered residents a three-month amnesty to pay the state taxes without being penalized, increased the sentences imposed on long-term tax evasion, implemented the services of private collection agancies, set a fixed interest rate on overdue taxes and improved customer services...
...bond owners (estimated holdings: $200 million) led by New York City Investor Martin Whitman is proposing to spin off Public Service's share in Seabrook into a separate company, thus leaving the utility less encumbered by debt. Losing Seabrook, however, is anathema to the utility, which still hopes to reap the hefty return that an operating nuclear plant can deliver. Public Service's Harrison proposes to restructure the debt, slash the utility's costs and raise electric rates by 15%. Rather than adopt the dissident plan as it stands now, Harrison claims, he would accept bankruptcy. Under court protection...