Word: tax-exempt
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SEGREGATION. In defending his decision to revoke an Internal Revenue Service rule barring tax-exempt status for racially segregated schools, Reagan claimed that "what we were trying to correct was a procedure that we thought had no basis in law." The thought was wrong. The U.S. Supreme Court in 1971 upheld a lower court ruling that the IRS had not exceeded its legal authority in prohibiting exemptions to schools that practice discrimination...
...quite a turnabout. First, Ronald Reagan reversed a policy established by Congress, the courts and three previous Administrations, by revoking an Internal Revenue Service rule barring tax-exempt status for racially segregated schools. When the inevitable uproar ensued, the President backpedaled by proposing a law to undo what he had just done. Reagan insisted that he was firmly opposed to racial bias; his only concern, he said, was with a procedural principle-the belief that Congress, not the IRS, should exercise control over such rulings. The awkward performance raised serious questions about Reagan's haphazard policymaking apparatus as well...
...away from many of those goals. The past few months have seen a backing off by the Government on school busing, affirmative action and housing discrimination. Last week the Administration switched direction on still one more longstanding federal civil rights policy. It moved to end the practice of denying tax-exempt status to private schools that discriminate against minorities...
EVERY ONCE IN A WHILE, the Reagan administration shows exactly what it means by "less government." The president's men have long advertised that their policies represented a bold departure from the traditional conservative agenda, but last week's decision to return tax-exempt status to segregated schools should clarify any confusion about labels...
...addition, Pechman offered a laundry list of tax reforms that he urged the Administration to make in order to raise the badly needed money. He argued that perhaps $6 billion could be collected simply by eliminating the deductibility of interest on consumer loans, and $3 billion to $4 billion by removing the tax-exempt status now granted to interest payments received by holders of state and local industrial development and revenue bonds. Unlike tax-exempt municipal bonds, which are usually issued to finance such projects as sewer systems and schools, industrial revenue bonds are often sold to help private developers...