Word: taxed
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Peking officials are taking steps to control Shenzhen's development. High-tech companies are being wooed with tax breaks, and in an effort to slow down construction, taxes have been levied on those who own apartments but do not live in them. The government will find it more difficult to cool the tremendous energies that have been released by the boom. In a country where patience is a hallowed virtue and time a bountiful commodity, the people of Shenzhen are in an uncharacteristic rush. "The ringing of a doorbell makes me shudder," confessed a recent letter writer to a Shenzhen...
...ways are more difficult (and certainly more gnarled with complexities) than when Reagan launched his bold programs in 1981. The crisis-prone budget process has been burdened with an unpredictable new element that seems certain to create still more crises. The President's plan to reform and simplify the tax code was passed (just barely) by the House, which watered down the reforms, abandoned the simplicity, then tossed it to the Senate. Reagan's long-standing desire to speak directly to the Soviet people will be realized on New Year's Day, when he and Party Leader Mikhail Gorbachev give...
Unless, that is, the President is willing to accept a tax increase, a step he has ferociously resisted in the past with the threat of a "make-my-day" veto. But with at least half of the budget effectively off limits to spending surgeons, even some Republicans in Congress believe that Reagan will have to compromise on this issue. As long as the President clings to his goals of a growing defense budget and protecting the safety-net social programs, says Domenici, "there will have to be some sort of tax enhancement." Possible candidates are a tax on oil imports...
...need to raise taxes will inevitably complicate attempts to reform them. The tax-reform measure approved by the House is aimed chiefly at making the tax code more equitable and would raise no more revenue than the current law. Some legislators of both parties would find tax reform more palatable if it lifted the Government's income, thus reducing the deficit without further program cuts. Says conservative Commentator Kevin Phillips: "You're not going to see people on the Hill go through this tax-reform thing for the sake of revenue neutrality...
Some White House officials speculate that the President might accept a low-visibility "revenue enhancement" if he were persuaded by his closest advisers that it would preserve his defense program, achieve historic tax reform and help reduce the deficit. "We would fight them like hell," says one White House official of any new tax proposals. "But we could end up compromising...