Word: taxed
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Dates: during 1980-1989
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Since LBOs rely on the tax deductibility of loan interest, some takeover critics have suggested that this allowance be discontinued or decreased, thereby making LBOs less attractive, a Capitol Hill source says...
Other critics who are mainly concerned with the level of debt incurred in the LBO process have suggested that the tax deductibility be shifted towards cash expenditures rather than debt, thus encouraging LBO initiators to use money instead of loans...
...giving first-timers some help with financing. Earlier this month, Michigan Governor James Blanchard proposed the first state plan to help future home buyers save money for down payments. The program, which Blanchard hopes to begin this summer, will allow state residents to buy bonds that not only pay tax-free interest but are also guaranteed to keep up with housing costs. For example, a family that wanted to buy a type of house now costing $75,000 but likely to climb in price to $105,000 in five years would invest $8,820 in the bond program over that...
...mandatory charge, which is widely used in Europe, is appealing to American restaurateurs, partly because it simplifies their bookkeeping for income tax purposes. Yet some customers have turned up their noses at the idea. "The quarrel I have with fixed charges is that when you go to a restaurant where the service is bad, you don't have a choice," said Los Angeles lawyer Maynard Davis, who frequently conducts business at restaurants...
...nascent service-charge movement began with Congress, which started in 1982 to clamp down on one of the country's biggest tax dodges: the failure to report billions of dollars in tips. Laws now require restaurateurs to monitor waiters' tips for the Internal Revenue Service, as well as pay federal unemployment and Social Security taxes on such income. "It's a lot of extra work. We have to spend time keeping records because the Government doesn't want to," said Don O'Neill, the owner of the Spring House restaurant in Pittsford...