Word: taxed
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Bush officials argue that most spending increases were necessary to fight terrorism and that smaller tax receipts resulting from the economic downturn played a bigger role than Bush's tax cuts in the deficit increase. The President has now promised to cut the deficit in half over the next five years. To achieve this ambitious goal, he wants to limit discretionary growth to 4% next year. But his budgeters are likely to make that number by not counting emergency, defense and homeland-security costs. Above all, the Bush team is counting on growing out of the deficit. If economic activity...
...Bush's tax cuts have been such nectar to conservatives that there's little danger of a broad fiscal revolt from his base. Furthermore, embracing the prescription-drug entitlement helps build the kind of governing majority that Bush's political brain Karl Rove has long dreamed of. When they were a minority party, Republicans could preach fiscal discipline. Now that they control Congress, the White House and more than half of the state houses, they have to show that they are listening--specifically on issues like health care and education, which were once considered territory only Democrats cared about...
Meanwhile, the bill establishes a program to allow workers 64 and younger who buy insurance with high deductibles to shelter income from taxes by putting money in special savings accounts. Earnings can be withdrawn tax free as long as the money is used for health care. Republicans believe the accounts will help workers buy plans that better suit their individual needs and accumulate tax-free money to pay for health care in retirement. Democrats argue that the program is a boon to the wealthy who can afford to put money aside. --By Douglas Waller
...computers. American universities are also better at turning out students with a master's degree in six years, while in Europe it can take almost a decade. Governments realize that universities need more funds - but also know they can't provide them from budgets already overburdened by shrinking tax revenues and rising costs for health care, unemployment benefits and pensions. So politicians are looking at tuition fees to increase university funding; students see the specter of creeping privatization that could, they argue, make higher education unaffordable...
...dispute - now we have to concentrate on others." Next in line: U.S. tax breaks for American exporters, which also break WTO rules. If the subsidies aren't repealed by March, the E.U. - with WTO backing - will hit the U.S. with up to $4 billion in tariffs on exports ranging from fruit to machinery. As the U.S. Congress debates the issue, Gonzalez isn't inclined to cut the White House any slack: "This has been going on for three years. What is important is that the U.S. complies." Here comes another eyeball-to-eyeball encounter. Mind The Information Gap This week...