Word: repeals
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Parts of the reform bill may dampen economic activity in certain sectors. Some corporate leaders worry about the reform's repeal of the venerable 6% to 10% investment tax credit for companies that buy heavy capital goods. They fear that the repeal could make it more difficult for industries like steel and machine-tool manufacturing to compete with overseas producers. Reform advocates respond that companies will gain other advantages from lower overall corporate rates. Declares Treasury Secretary James Baker: "U.S. corporations will have the lowest tax rate of any of our major trading partners...
...proposed Senate sanctions would be lifted if South Africa agreed to release Nelson Mandela, the imprisoned black leader, and take at least three out of four other steps: lift the state of emergency, end the banning of political parties, repeal the "group areas" act, which keeps blacks out of certain residential areas, and start negotiations between white and black leaders in the country. The committee measure would require Reagan to report within six months on the extent of any violations of the existing international embargo on the sale of arms to South Africa. If evasions of the ban continued...
...third term for Ronald Reagan? Michigan Representative Guy Vander Jagt thinks "one of the greatest American Presidents of all time" should have another four years in office, and he has told 300,000 Republicans so in a fund-raising letter. Also enclosed is a petition urging repeal of the 22nd Amendment to the Constitution, which since 1951 has banned the election of anyone to more than two terms in the White House...
...supported by her advisers, even Enrile. "We should revise the constitution and remove its imperfections," he told TIME. "It was tailored to serve a regime." One of the first provisions to go will be Amendment 6, which granted Marcos broad decree-making powers. Aquino pledged during the campaign to repeal the amendment or, alternatively, to use it one last time to wipe out all of Marcos' repressive measures...
...today's Philippines, less government means greater civil liberties as well as unfettered markets. Aquino raised the issue of decentralization before the election when she outlined a detailed plan for her first 100 days in office. Among the promises: to unshackle the government-controlled press, expel corrupt judges, and repeal labor laws that permit police to order strikers back to work...