Word: smallest
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...TIME was in error when it reported in its March 31 issue that I "sharply opposed" efforts to eliminate the oil-and gas-depletion allowance "for all but the smallest independent oil producers...
Moving in fits and starts, and fending off more than 100 often spurious amendments, the Senate last week approved the largest tax cut in U.S. history. Coupled with a historic repeal of the 49-year-old oil-depletion allowance for all but the smallest independent oil producers, the $33 billion tax-relief bill must now be compromised with a similar, although smaller $21.3 billion cut approved by the House. Under heavy pressure from the White House to act speedily to spur the nation's depressed economy, congressional leaders hope to present President Ford with a final tax package this...
...Senate Finance Committee, chaired by Louisiana Democrat Russell Long, a veteran champion of the oil-depletion allowance, had produced a bill with no depletion repeal in it. Leading a successful floor fight to knock out the allowance for all but the smallest independent oil producers were Ernest ("Fritz") Rollings, a South Carolina Democrat with vice-presidential ambitions, and Massachusetts' Edward Kennedy. They were sharply opposed by Texas Democrat Lloyd Bentsen, an announced presidential candidate and friend of the oil producers. Certain that depletion was politically unsupportable in the face of soaring oil-company profits and that its repeal would...
...decision of the jury reflects what everyone deep down knows: when a woman is pregnant, she is having a baby which, if allowed to live, will take part in our society for better or for worse. May even the smallest live...
...immobilized by fear of political consequence that it cannot do its moral and legal duty." Last week he translated that into figures. He outlined a "rock bottom" spending program for the next fiscal year. His $2.82 billion budget is up only 1.83% over the current year, and represents the smallest increase in 20 years. He called for no pay raises for state employees, a $15 million cutback in optional parts of Medicaid, a freeze on enrollments at state colleges, a reduction in scholarship assistance, lowered daily food allowances in state institutions, and a hold-the-line policy...