Word: reform
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Dates: during 1980-1989
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Calvin Coolidge, waiting to move into the White House after Harding's death, apprehended a cat burglar in his Willard room. He let the fellow go after extracting a promise to reform...
...first glance, tax reform appears to offer little to corporate America but a highly uncomfortable new burden. To finance lower tax rates for consumers, the conference committee boosted levies on businesses by $120 billion over the next five years. The new law will wipe out most of the special tax incentives and shelters that industries have lobbied for and protected for decades. Yet surprisingly, most corporate leaders applaud the reform, since they feel that in the long run they will benefit from a more efficient and vibrant, not to mention fairer, economy. Says Robert Silverman, president of Atlanta's Winter...
...reform bill will reverse a 3 1/2decade trend in which businesses have been anteing up an increasingly slender share of the federal tax burden. From a postwar high of 34% in the early 1950s, the corporate contribution to the tax total dwindled to just 8.4% last year. It should now rise to about 13%. Yet the elimination of various loopholes will still allow the maximum tax rate for business to come down from 46% to 34%, enabling the companies that now pay the highest taxes to get substantial relief...
...reform bill should restore market efficiency to industries that have been artificially stimulated by tax rules that encouraged investors to fund money-losing propositions. The distorted sectors range from farming to housing to energy. Says Neil Harl, economics professor at Iowa State University: "It makes no sense whatsoever to be encouraging people to bring land into production right now, not when we're drowning in crops...
...reform may also help the economy get a boost from lower interest rates. Under the congressional measure's reduced maximum rates, many bond investors will be paying smaller tax bills, thus enabling them to accept lower returns. "Better interest rates could be the silver lining in the reform," says Jerry Jasinowski, economist for the National Association of Manufacturers, a group that is otherwise expecting taxes to rise for many of its members under the new plan. Any stimulative kick from interest rates would reinforce the boost supplied by the con sumer tax cut, which should give the average household...