Word: shortly
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Dates: during 1980-1989
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...Revco chairman Sidney Dworkin led a $1.3 billion LBO financed largely by junk bonds that paid more than 13% interest. The company then expanded its line of merchandise to include video players and ^ electronic appliances in the hope of boosting business. Bewildered customers began shopping elsewhere, and Revco fell short of its sales and earnings targets. Revco became the largest LBO to seek bankruptcy-court protection last year, after a creditor demanded accelerated payments on $100 million of junk bonds...
...election, though, many Democrats have begun to see a certain expediency in welfare for the wealthy. The reason: a cut in the capital-gains tax would produce a burst of revenue for the Treasury, helping Congress meet its targets for reducing the federal budget deficit, at least in the short term -- the only term that seems to matter in Washington. During the first few years of a lower tax, investors would rush to realize the appreciation on their stocks and other assets and thus pay taxes on them earlier than planned. Once this spurt of early tax collections was exhausted...
...also phase in a rule requiring investors to hold an asset for three years in order to qualify for this rate. The House measure, proposed by Georgia Democrat Ed Jenkins, would cut capital-gains taxes to 20% on investments held at least a year. But the cut would be short-lived; in two years the rate would return to 28% with indexing for inflation. Investors would be sure to roll over their assets and produce a quick windfall for the Treasury -- at the expense of future tax collections. House Speaker Tom Foley calls it "robbing from future generations." Lawrence Summers...
...capital-gains exemption for pension funds. New York City investment banker Felix Rohatyn believes that the funds' managers would then focus more on productive investment rather than on short-term speculation...
...experience at quelling unrest may be a primary reason why Jaruzelski pushed his candidacy. The seriousness of Poland's economic crisis cannot be overstated: labor unrest is growing, industrial production falling and annual inflation galloping along at 150%. Perhaps most serious of all, basic food staples are in short supply, a fact underscored last week by President Bush's announcement that the U.S. will provide Poland with a special $59 million food-aid package. The urgency is not lost in Warsaw. "If the future government does not find effective means to change this situation," Kiszczak warned in his acceptance speech...