Word: richness
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Dates: during 1970-1979
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Alexander Rich, professor of biology at MIT, headed the research team that discovered a form of DNA that differs from earlier determinations of the molecule's structure...
...Rich and his associates are best known for their research into the structure of transfer RNA, an intermediate component of biosynthesis--the DNA synthesis of proteins in the cell. They have been working together for two years and on this particular project for nine months. Their work will appear in the upcoming issue of the British journal. Nature...
...over-looking the regressive nature of this tax. Long actually described the VAT as "somewhat like a hidden sales tax." By taxing consumption, the VAT insures that government will take larger chunks out of the earnings of lower and middle class citizens than out of the incomes of the rich. Representative Ullman tries to mitigate this inequity by taxing necessities such as food, housing and clothing at a rate of only 5 per cent. Yet this still raises the price of necessities for the poor, and it certainly doesn't permit the VAT to escape condemnation as a wholly regressive...
...even propose that this consumption tax--the VAT--partially replaces the corporate profits tax to free still more money for investment. Evidently, Long and Ullman have overlooked the startling expansion of corporate profits in the past two years. In the name of productivity, they have opted for financing a rich man's corporate tax credit with the dollars of middle class American consumers...
...more equitable strategy for stimulating productivity lies in adjusting the progressive income tax to create incentives for savings. Instead of simply taxing income, the Federal government could tax income minus savings in a way that equalizes the tax burdens upon the rich and poor. With these incentives, Americans would certainly save more, banks and business would invest more, and ensuing gains in productivity would steadily combat inflation...