Word: repeals
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Dates: during 1980-1989
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...Treasury Department urged Congress to repeal the withholding tax. Treasury officials want to sell foreigners more bonds as a way of reducing the interest rates that the Government pays to finance its deficit. Part of Treasury's motivation is political. The last thing Reagan needs in an election campaign is rising interest rates...
...repeal has stirred resentment abroad. One European government official accuses the U.S. of "robbing the rest of the world of capital." To keep from losing too much money to the U.S., foreign countries may have to raise their interest rates. In West Germany the central bank and the Finance Ministry have suggested that the government should consider exempting foreigners from tax on its bonds as a way of countering the U.S. strategy...
Many of the big revenue increases result from the repeal or postponement of pending tax cuts from earlier legislation. The 3% federal levy on telephone bills and present tax rates on inheritances, gifts and "windfall" oil discoveries will all be kept for at least three more years. Under old law, beginning in 1985 savers would not have been taxed on 15% of their net interest income up to a maximum of $450. Now they will lose that break. On the whole, says one Administration official, the bill "is not so much a tax increase as an averting of tax losses...
Morita has already found a way to blunt the issue. He told the state of Indiana that he would build a $20 million videodisc manufacturing plant if it would promise to repeal its unitary tax. Though the legislature had adjourned for the year, leaders signed a document in favor of Morita's proposal. The new plant is expected to provide up to 150 jobs in depressed Terre Haute, where the unemployment rate is 11.9%. Says Terre Haute Mayor Pete Chalos: "It was a matter of deciding that we wanted Indiana to be a place where we would see more...
...Maine, New Hampshire and Vermont are even considering combining their lotteries into a more tantalizing tristate pool. Last week lottery supporters in California gave state authorities the required petitions to put a lottery proposal to a November vote. In Florida, Lobbyist Jay Kashuk is leading a petition drive to repeal a state ban on lotteries...