Word: taxed
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Dates: during 1980-1989
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President Bush never accepted that argument; he still believes that the tax code should promote social and economic goals. He told reporters last week, "I supported the tax-reform law, but in last year's campaign there were one or two areas where I felt that we needed to use the tax system to achieve various ends." Democratic leaders too have lost the faith; their proposed expansion of IRAs would also violate the no-special-breaks principle. Consequently, Congress can expect a flood of demands from other taxpayers who will claim that their income deserves special treatment. Writing...
Prospects for reversing that outlook in the Senate are dim. Finance Committee chairman Lloyd Bentsen will try to stop the capital-gains cut by offering as an alternative broader IRAs, without any tax increase to make up the revenue loss. Failing that, some Democrats favor strategy to combine the capital-gains cut in a monster tax-and-spending bill with so many provisions unacceptable to Bush that he will be forced to veto it. That risks triggering the automatic spending cuts mandated by Gramm-Rudman-Hollings if there is no agreement by Oct. 16 to hold the deficit...
...power of federal courts to remedy discrimination. Taking up a volatile dispute from Yonkers, N.Y., the court will determine if a judge may compel city council members to vote for a housing-desegregation plan. Later, in a case from Kansas City, it will decide whether a judge may order tax hikes to finance a school-desegregation plan...
...screaming, nothing to fear but a line on a graph or a handful of numbers on a computer printout? Dare we change the world on the basis of a wobbly line on a graph? We can change the world, and those numbers, slowly, painfully -- we can ration, recycle, carpool, tax and use the World Bank to bend underdeveloped nations to our will. But the problem is neither the world nor those numbers. The problem is ourselves...
...only truly good tax, of course, is a tax on someone else. Failing that, the best taxes are simple, fair and easy to collect, and -- perhaps most important -- they discourage the right things. (When you tax something, you discourage...