Word: slashe
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...Washington last week, President Carter and Congress confronted each other in a complex clash over the federal income tax. Carter had proposed a slash of $17 billion, combined with a number of "reforms" aimed largely at business and middle-class taxpayers. The House rejected most of the reforms, and then the Sen ate went on a spree of special tax cutting for special groups. It voted to boost the capital gains tax exemption from 50% to 60%, to grant deductions for parents with children in private schools and colleges, and to preserve the legendary three-martini lunch. Carter denounced...
...Democratic candidate for the Senate no less conservative than King. Businessman Robert Short defeated liberal Congressman Donald Fraser in the primary, partly by calling for a whopping $100 billion cut (i.e. 20%) in the federal budget. Short's Independent-Republican opponent, David Durenberger, claims that such a slash would be a "disaster for the needy. We cannot afford either on humanitarian or economic terms such an unrealistic Short cut." Vice President Walter Mondale and state labor leaders then persuaded Short to say that his $100 billion budget cut was a goal, not an immediate prospect. FLORIDA. Taxes are relatively light...
...start of this week, the House and Senate produced a bill that would slash $18.7 billion from the tax rolls. This was the centerpiece of one of the most chaotic finales to a congressional session in memory. As Senators and Representatives fought both fatigue and filibuster, they hurriedly voted on scores of measures in a rush to get home in time to campaign for reelection. Said Connecticut Democrat Abraham Ribicoff, a 16-year veteran of the Senate: "I don't recall an end of session worse than this...
...moved that chicken coops built by egg producers should qualify for a 10% investment tax credit. It also passed. Taking up the controversial issue of reducing the tax on capital gains, the Senate turned out to be $1.4 billion more generous than the House, voting a $2.5 billion slash-even though Carter had once threatened to veto any capital-gains liberalization at all. The Senators added another provision that the President stoutly opposed: the granting of tax credits for college tuition...
...Hubert Humphrey's Senate seat, Congressman Donald Eraser was narrowly defeated by a conservative millionaire businessman, Robert Short. Eraser was one of the few Democratic candidates who still defended costly social programs. Short called Eraser's liberalism a "burden on the people" and urged a $100 billion slash in the federal budget. Even the Republican Senate candidate, Dave Durenberger, is less of a budget cutter than Short, an indication of the upheaval in the once powerful D.F.L...