Word: roth
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Dates: during 1990-1999
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...Thursday night in favor of a bill to overhaul the IRS. The unanimity and bipartisanship was surprising, but not entirely unexpected -- after all, who would dare support a government agency that congressional witnesses have compared to the Gestapo? As the chief architect of the bill, Sen. William V. Roth, charmingly put it, the IRS "has too much power and not enough sunshine...
...Which is all well and good, and senators will be able to head back to their constituencies trumpeting this achievement. But beyond the flowery rhetoric, what will Roth's bill do? Some of the provisions, such as creating an independent appeals process for taxpayers, make good sense and cost no money. Others, like putting a time limit on failure-to-pay penalties, might play well in Peoria but will cost the administration a total of $18 billion over 10 years. Some clauses sound downright dubious: Who wants to tell the voters that the Senate just handed...
...horror stories were coin of the realm at Tuesday's Senate Finance Committee hearings into the agency. But TIME correspondent Bruce Van Voorst believes Senator William Roth?s hearings are something of a sideshow: ?We went through all of this a few weeks ago, and now we?re getting four more days of it. Roth is playing to the gallery,? says Van Voorst. ?The problem with the U.S. internal revenue system isn?t the agency; it?s the irreparably complex tax code -- which was created by Congress...
...just two decades we've gone from a world of simple mortgages and passbook savings to a universe of Roth IRAs, 401(k) plans, personal-risk-management scenarios and collateralized-mortgage obligations. Years ago, some genius figured out that mutual funds might save investors the hassle of choosing among thousands of stocks. Yet today there are 7,000 mutual funds, almost as many funds as there are stocks. And more technology just means more change. Says investment banker David Shaw: "The whole financial industry will likely be turned upside down, with shrinkage in some areas and perhaps some outright failures...
...cultural imposition of American ideals--of celebrity and ostentatiousness--upon the rough-hewn world of the sabra (native Israeli). Many American Jews like to play down the differences between themselves and Israelis, but the New York intellectual will never be of the same mind as the organic kibbutznik. Philip Roth, this year's recipient of the Pulitzer Prize for fiction, makes exactly this point in Operation Shylock, in which the lead character named Philip Roth encounters his double, also calling himself Philip Roth, in the streets of Jerusalem. While the one Roth is enjoying the country as a tourist/researcher...