Word: tax-cutting
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PRESIDENT REAGAN has carried his budget-slashing campaign further than anyone--probably including himself--had expected. Egged on by the likes of Budget Director David A. Stockman and under pressure to make up for his outrageous tax-cut promises, Reagan has asked Congress to eliminate or cripple many valuable programs and agencies, including several that support higher education. The legislators must refuse the president's reckless proposals and instead consider ways the government can help ensure the future health of colleges and universities...
...Dreyfus dilemma is shared by many of his fellow Governors, especially in states that have adopted strong tax limitation measures. After the 1978 passage of California's Proposition 13, which slashed property levies by 57%, tax-cut fever spread across the nation like an exotic strain of flu. Yet state officials, who only a year or two ago were burning with the fever, now find themselves trying to balance their budgets, keep from raising taxes, and avoid cutting back on services - all at the same time. Even where there have not been moves to limit taxes, the Reagan Administration...
Today's fiscal pinch seems tightest in the Midwest, where the tax-cut movement has been fierce. After office in 1978, Minnesota Governor Al Quie approved a $792 million tax relief program. In his budget message last month, however, Quie projected that expenditures for 1981 to 1983 will exceed revenues by $1.37 billion...
...bloated arms budget not only threatens the quality and effectiveness of America's armed forces; in an era of accelerating inflation and tax-cut mania, it provokes justified fears of a "hyper-inflation" that would do more than any lag in missile production to erode American power. And if President-elect Reagan tries to dodge this specter by cutting giant swaths in social spending to make up for the tax cuts and the arms budget, the resulting domestic decay and turmoil would prove far more costly and damaging than any "perceived loss of military parity." And the American society that...
...they fail to win system-wide reform, they may have one other option. The legislature is thought likely to allow cities and towns to individually override the tax-cut with a two-thirds vote in a special local election...