Word: tax-cutting
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...thrifts have not been helped much either by the new All Savers Certificates created by Congress last summer. The new savings instruments, which the industry had lobbied to have included in the Reagan Administration's tax-cut package, were supposed to lure money to the S and Ls by allowing couples to earn up to $2,000 in tax-free interest...
Instead of relying almost exclusively on spending cuts, Heller, Pechman and Schultze all proposed lists of revenue raising measures designed to shrink the 1984 deficit sharply. Each urged the Administration to postpone the third stage of the Reagan tax-cut package, which is scheduled to reduce federal income taxes by another 10% when it takes effect in July 1983. This, they said, would automatically reduce the fiscal 1984 deficit by approximately $30 billion. Such action was ruled out by Reagan at his press conference last week when he stressed that he intended to stand by his income tax package...
Congressional Democrats are not ready to help Reagan by accepting his new budget cuts or tax increases. House Democrat Dan Rostenkowski of Illinois, the chairman of the Ways and Means Committee, is thirsting for revenge after the humiliating defeat he suffered last summer when the Reagan machine rolled over the Democratic tax-cut program and passed its own. Rostenkowski has already warned the Administration that his committee will not take up new "consumer taxes" this session. Speaker of the House Thomas P. ("Tip") O'Neill Jr. of Massachusetts last week endorsed the tough stand, saying that Democrats would...
...tax-cut legislation Congress passed in July will help workers currently employed prepare for retirement. One provision permits any person to set up an Individual Retirement Account, even if he is already participating in a company pension plan. Previously only self-employed people or those working for companies without a retirement program could establish such accounts. An individual will be able to put up to $2,000 into a tax-deferred account created by his company, or by a financial institution, such as a bank or brokerage house. The money is usually not taxed until the employee retires, when...
...fundraising may become harder in the months and years to come. Economists and Harvard lobbyists reacted sourly to the Reagan tax-cut victory in early August, pointing out that the new law makes it more expensive to give money or stock to charity. The reduction of the maximum individual income tax rate from 70 to 50 per cent means that it will not cost the wealthiest contributors 50 cents, not 30 cents, to donate a dollar to the University. That could produce a "very chilling effect," one Harvard official said; Laurence B. Lindsey, an analyst at the National Bureau...