Word: reform
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Dates: during 1980-1989
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...power of the NSC. It is time now to begin to move on. Wallowing in the political mud of impeachment proceedings for the next 23 months would bring the nation to a standstill. Republicans and Democratics like realize that there are many problems that must be trackled--welfare reform, the deficit, and arms control to name a few. The editorial asks us to "endure the pain." Why, if there's no gain? Kris W. Kobach '88 President, Harvard Republican Club
...reform eliminated interest deductions on most forms of consumer credit except for loans on first and second homes, but the lawmakers left a large loophole for wealthy seafarers. Yacht owners can still treat their floating pleasure palaces as second homes if they contain a head and a galley (toilet and kitchen, to landlubbers) and sleeping facilities. Skippers can deduct the interest on loans used to buy their craft or obtain a yacht-equity credit line to cover the purchase of, say, a Rolls-Royce. "Aristotle Onassis would have loved this," fumes Republican Senator John Danforth of Missouri, a member...
...which employers use to determine how much tax should be withheld from paychecks, had to be revised this year because of the tax-reform law that took effect in January. Since the legislation disallowed many deductions, some households may have to have more tax withheld. Taxpayers can choose to fill out either the W-4 or the shorter W-4A, though 40% to 50% of employees have already completed the long form. Gibbs had a warning for taxpayers who intend to use W-4A: because it is less precise, many of them might have more money withheld than is necessary...
...governor's proposal includes $192.6 millionin new direct state aid to cities and towns, thehighest amount ever to be allocated, an additional$83 million in educational aid to fund theEducation Reform Act of 1985, and an additional$1.6 million for AIDS research and services...
...boyish-looking lawyer's penchant for work is well known: after arriving in Washington in 1977, he quickly rose through Congress to become chairman of the House Democratic Caucus in 1984. He was the co-sponsor with New Jersey Senator Bill Bradley of the Bradley- Gephardt tax-reform proposal, one of the prototypes for the sweeping revision of the tax code that was enacted last summer. Gephardt intends to tap that success for all it is worth, stressing that he can "take the ideas and make them happen, get them through Congress...