Word: reformer
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...insult. Although Israel's Law of Return guarantees all Jews citizenship, Shoshana Miller, 43, a convert to Judaism, was told when she emigrated from the U.S. last year that her status as a Jewish national was in question. Reason: she had been converted by a Reform rather than an Orthodox rabbi. Interior Minister Yitzhak Peretz, himself an Orthodox leader, insisted that Miller's identity card be stamped with the word convert...
Serious tax reform, in any country, always arouses serious passions. Passage of such a sweeping program will be a supreme test of Nakasone's political will, skill and power...
...year, up from $50 billion in 1985. The cut in income taxes should encourage Japanese consumers to buy more imports. The value-added tax applies only to goods manufactured in Japan,' which means that imports could become more competitive. U.S. Treasury officials said they were pleased with the tax-reform proposal. It represents a fundamental step for Japan away from subsidizing savings at the expense of consumer spending...
...last and greatest reform," Prime Minister Yasuhiro Nakasone calls it. When he steps down from his post, as he is expected to do next fall, he hopes to leave behind at least one lasting legacy: a comprehensive reform of Japan's tax system. Last week his goal seemed within reach as Japan's ruling Liberal Democratic Party approved a plan to overhaul the tax code from top to bottom. The party will submit the proposal to Japan's Diet early next year. Much like this year's revamping of the U.S. tax code, the new program aims at dramatic cuts...
...individuals the top tax rate would drop from 84% to 65%, while for corporations the maximum rate would decline from 52.9% to less than 50%. Total savings: $27.5 billion. The reform will simplify the system by reducing the number of tax brackets from 15 to six. To help make up for the loss in revenue, the plan outlines a new maximum 5% value-added tax, which is similar to a sales tax, and recommends a 20% levy on interest from savings. For the first time in 66 years, interest on small savings accounts would be taxed...