Word: taxed
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Dates: during 1980-1989
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...supply-side Pollyannas predicted that lower tax rates would induce huge increases in saving and investment, which would produce enormous growth, which would wipe out the deficits. They were wrong. Net private saving, which averaged 8.1% of GNP in the 1960s and 1970s, dropped to 5.8% in the 1980s. (It was 4.1% last year.) Investment in new plant and equipment averaged 3.3% of GNP in 1950-80 and 2.3% during the 1980s. Economic growth averaged 4.8% in the 1960s, 2.8% in the 1970s and 2.2% in the 1980s. And we know what happened to the deficit...
...consumption? (Answer: a lot, but less than in the past and not enough to excuse the present deficit.) Apart from deficit reduction, do we need new policies to encourage savings and investment in the private sector? (Answer: perhaps, but be suspicious of both conservative schemes that amount to new tax breaks for rich folks and liberal schemes that amount to Government officials trying to play business better than businessmen.) Are trade restrictions a sensible way to reduce consumption of imported goods? (Answer...
...proposed program has several advantages over the existing Stafford Student Loans, as the former Guaranteed Student Loan program is now called. Since repayments are directly taken from one's earnings, like Social Security deductions or income tax withholding, default is rendered virtually impossible...
SINCE students who take higher-income jobs end up subsidizing those who have lower-paying ones, Bush campaign officials were quick to charge that this program is inherently unfair. Yet such deeply entrenched federal programs as Social Security and the federal income tax operate on this same principle, namely that those who can afford to pay more should do so to ensure the solvency of the program...
Even for all the vice president's talk about his desire to be the education president, his only major education proposal--tax breaks for parents who buy savings bonds to finance their children's college education--is far more modest than the Dukakis plan. The STARS program, higher education officials agree, is much more likely to address the growing middle-class squeeze which occurs when students cannot afford rising tuition costs, but fail to qualify for federal grants. Combined with Dukakis's pledge to increase federal grants for lowincome students, the STARS program represents a welcome relief to students fearful...