Word: taxed
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...minded legislator from Rochester first won his seat in the House of Representatives in 1964 and speedily garnered bipartisan respect for his intelligence, diligence and integrity. As a member of, and eventually the ranking Republican on, the powerful House Ways and Means Committee, Conable was an expert on U.S. tax policy and a vocal proponent of free international trade. In 1980 he served as finance chairman of George Bush's bid for the G.O.P. presidential nomination. After his 1985 retirement from Congress, Conable spurned a lucrative lobbying career in Washington--"I don't want to be owned," he said...
...case grew out of an earlier IRS ruling that Baxter's $1.2 million gambling winnings for the years 1978 to 1981 were unearned income--in the same category with dividends and interest. Under the tax laws that applied for those years, unearned income was taxable at the maximum rate of 70%. Baxter said the money was earned income, like a salary, which was taxable at a top rate of 50%. In 1984 he filed suit, contending that his winnings were the product of skill and hard work. Last week the U.S. district court in Nevada agreed and ordered...
...Senate Democratic Leader Robert Byrd and four other Democrats on the Senate Judiciary Committee asked Attorney General Edwin Meese to appoint an independent counsel to investigate Deaver's discussions with former colleagues on matters including South Korean trade, tax breaks for Puerto Rico and continued support for Rockwell International's B-l bomber. Within 90 days, Meese must either ask a panel of three Washington judges to name the counsel or explain why he has not done so. Such an explanation could be ticklish, given the close association between Meese and Deaver. During Ronald Reagan's first term, they constituted...
Although Lucas has unveiled an ambitious tax-cut proposal, Incumbent Democrat James Blanchard has ridden the state's economic resurgence to a 2-to-l lead. Blanchard boasts of cutting the state's unemployment in half and of erasing Michigan's $1.7 billion debt. He has won support from farm and business interests, moderate Republicans and the majority of blacks, who make up 12% of the state's electorate. The Governor has tried to handle the race issue carefully, realizing that some blacks support Lucas out of a sense of racial pride. "I can understand that feeling," says Blanchard...
Although he is serving a twoyear prison sentence for filing false tax returns, Federal Judge Harry E. Claiborne refused to resign from the bench, insisting that he had been wrongfully convicted. The House demonstrated its disbelief by voting for impeachment in July. Last week, after its first impeachment trial in 50 years, the Senate found Claiborne guilty of "high crimes and misdemeanors," removing him from office and stripping him of the $78,700 salary he was drawing while imprisoned at Maxwell Air Force Base, Ala. Claiborne, 69, became the fifth federal official, all judges, ever ousted by impeachment. HISTORY Rerouting...