Word: slash
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...times, seems positively unenthused about his own one-year budget freeze. "It isn't the best policy," he said last week. "But it is easily understood and can sell politically." But that is still a profile in courage compared to Bush, whose only tangible proposal is to slash the capital-gains taxes to 15%. This leftover supply-side nostrum, also endorsed by Kemp, would destroy the tax-reform principle that earned and unearned income should be treated alike...
...battle against drugs, Illinois hopes to make crime pay. Last week the state legislature imposed a sales tax on marijuana, cocaine and other illegal drugs. The law will require dealers to purchase tax stamps that display either a marijuana leaf with a slash through it or a skull and crossbones, and affix them to packages of drugs. The price: $5 per gram of marijuana; $250 per gram of cocaine and other drugs; and $2,000 per 50 pills...
...those inventories can be reduced. Moreover, this year's farm- income figures were inflated by $22.4 billion in Government subsidies, including $12 billion paid to farmers to leave idle 68.5 million acres of cropland (an area bigger than Colorado). Now those payouts are threatened by Washington's efforts to slash the federal deficit. "This has been a good year, but everyone's looking over his shoulder," warns Iowa State University Economist Neil Harl. "There are still some dark clouds...
...first glance, AT&T appeared to be offering consumers a big break. The telephone giant proposed to slash its long-distance rates by an average of 3.6%. As good as it sounds, though, the move will not ultimately make much of a dent in home phone bills. AT&T said it would carry out the rate cut only if it receives reductions in the "access charges" it pays regional phone companies. These fees give AT&T the right to connect its long-distance lines to local phone systems...
Foreign leaders, however, attach one enormous condition, and it brings economic arguments full circle. They will not risk overstimulating their economies and inducing a new round of inflation for the sake of enabling America to continue living beyond its means. They will insist on a meaningful slash in the American budget deficit. The fear of inflation is particularly strong in West Germany, which was still raising interest rates shortly before Black Monday, to the intense displeasure of the U.S. German Finance Minister Gerhard Stoltenberg last week hinted at what would be required to get Bonn to change course. Said...