Word: swapping
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This scenario presents a poignant reason today to change the tax loophole in the Internal Revenue Service regulations. Each day, businesses, individuals, law firms banks and consulting companies buy free lunches for their customers clients, friends, and fellow business persons. Often they swap lunches every other day by saying, "tomorrow your firm or business will buy me lunch" The lunch, or business inducement. Is now tax free to the recipient without an IRS definition that it constitutes "income from whatever source derived" as the income tax statute states. This means that the recipient gets a free lunch or "income," without...
...more basic issue, as Vermont's Republican Governor Richard Snelling views it, is that "this is not a numbers game, but a question of how people will be served." Most critics of the swap see a great danger that once federal funding of AFDC and food stamps ends, many states will deliberately keep such benefits low in the expectation that the poor will move to states where benefits are higher. Contends Felix Rohatyn, a New York financial expert who has advised states and cities on their money problems: "All poverty programs should be funded by the Federal Government; otherwise...
Federalism, in its essence, depends on rational compromise. It requires the central government's willingness to exist eo-evally with regional autonomous bodies of government. On the surface, Reagan's "equal swap"--we'll take care of your sick if you'll take care of your poor, as William Safire put it yesterday in The New York Times--seems to embody that compromise. But note Safire's use of the second person. Indeed, "all's right-wing with the world," as he wrote; Reagan and his cohorts refuse to acknowledge that perhaps, just perhaps, the poor is not "your poor...
...this counterespionage is to neutralize a Soviet agent and drive a wedge into Chinese-Soviet relations. Can Blackie pull off this caper and get home in time for such bourgeois sentimentality as marrying his sweetheart and celebrating Christmas? Not to worry; the East and West love to swap important captured agents at any time of the year...
...have to swap one-on-one with the same person, but you can trade your services for credits which you can use to obtain the specific service or good that you need," Magder added, saying, "This system gives you a lot more flexibility than a direct barter system...