Word: tax-cutting
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Spreading Net. Until lately lures have been directed at near neighbors and Americans, whose spending is so lavish that foreign resort owners eagerly followed the progress of the U.S. tax-cut bill. But jet planes, higher incomes and the loosening of foreign-exchange restrictions have spread the net. Switzerland may soon begin tourist campaigns in Australia, Japan and Latin America. Spain, whose tourist income has risen 500% in five years to $900 million, has started an ethnic enticement toward Latin America. East Africa's safari promotions have drawn inquiries from Russia...
...Most Important Step." The President signed into law the tax-cut bill, 13 long months after Congress first took it up. "It is the single most important step that we have taken to strengthen our economy since World War II," Johnson told a nationwide television audience after the signing. When it goes into effect this week, he said, it will give U.S. consumers an extra $25 million a day to spend, and Lyndon urged them to spend it, by all means...
Above all, Harrington insists on using public money to combat poverty. He calls the recently enacted tax-cut bill "the most minimal conceivable band-aid," and accuses the conservatives in Congress of devising the "most reactionary possible version of a good idea." The private sector, Harrington says, is just not generating any new jobs, and Washington has yet to realize this...
Toward the Floor. The Senate Finance Committee, meanwhile, was having its best week since it began working over the Administration's $11 billion tax-cut bill. The committee voted to raise an extra $40 million a year by tightening tax restrictions on the foreign operations of U.S. oil and gas companies-raising the total of such new taxes to $80 million. And it picked up an extra $260 million by throwing out a capital-gains provision that would have favored taxpayers profiting from sales of stocks and properties. The committee's work for the week all but wrapped...
WASHINGTON, Jan. 23--The Senate Finance Committee gave final approval today to an $1.5 billion tax-cut measure, keeping alive administration hopes for Senate passage...