Word: reform
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Dates: during 1970-1979
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...thought that a Republican President could "cut out some of that spending -we'll never get out of debt." Fewer than one out of ten panelists said their votes would depend on issues such as the candidates' positions on abortion, amnesty for draft dodgers and welfare reform...
Stepping Down. A successful trial and personal injury practice led Heflin to the presidency of the Alabama bar in 1965, and he turned that social club into a lobby for reform. In 1970, when an archsegregationist became the top candidate for chief justice, Heflin decided to take him on. "There was a feeling someone else ought to run," he recalls mildly. He won by a 2-to-l margin. And while the Heflin court has hardly become the most liberal in the country, one local civil rights lawyer says that as of now, "I'd rather take my chances...
...loops and shooting the bull. After joining state and federal police in what amounted to a war-time-like occupation of the troubled schools and streets last fall, they now have orders to keep a low profile, to "keep the lid on," from Robert J. DiGrazia, Boston's respected, reform-minded and very high profile police commissioner...
...principal reform in the final bill limits the use of tax shelters. These are investments-in farming, real estate, equipment leasing and the purchase of sports franchises, among many other things-that allow a taxpayer to run up "paper" losses. He can then deduct these losses from his other income and thus shield a large part of that income from taxes. For example, under present law the interest paid on a loan while a building is under construction, and taxes too, can be deducted as a current expense. Since the building produces no income until it is finished, the owner...
...biggest revenue item is an increase in the "minimum tax," which will raise more than $1 billion next year. That also is a significant piece of reform, since the provision will reduce the number of people who earn high incomes but pay only minuscule taxes. The minimum tax is levied on so-called preference income that is not subject to normal taxation-a part of the long-term capital gains from sale of stock or real estate, for instance. The minimum tax rate is now 10%; the new bill raises the rate to 15% and applies the tax to much...