Word: taxed
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...shale seemed poised for takeoff. Two traumatic Persian Gulf oil crises in the 1970s had sent oil prices zooming and had given rise to high hopes in Washington and the oil industry that shale would develop into a synthetic-fuel industry. To encourage domestic production, Congress enacted the synfuels tax credit and also created the Synthetic Fuels Corp. As envisioned by President Jimmy Carter, synfuels would "replace 2.5 million bbl. of imported oil a day by 1990." Oil companies flocked to Colorado. Those already active in the field, like Union Oil Co. of California (Unocal), redoubled their efforts to bring...
...other synfuels in 1980, Washington soon cooled to the idea, as it had done in the past. After 1980, the Reagan Administration thought private industry, not government, should shoulder all the costs. Subsidies were reduced, and in 1985 the Administration killed the entire program, except for the synthetic-fuels tax credit. "The Administration no longer believes continued funding of the Synthetic Fuels Corp. serves any useful purpose," Budget Director James Miller told Congress. Former Colorado Governor Richard Lamm, among others, considered Washington's outlook to be shortsighted: "America's energy policy is zigzagging through history like a drunk...
...time when companies are increasingly shifting health-care costs to workers, the IRS is sweetening a tax-advantaged way for employees to pay out-of-pocket expenses. Last month the agency ruled that flexible-spending accounts, or FSAs, can be used to pay for over-the-counter drugs like cough syrup and pain relievers, in addition to long-accepted items like copayments, prescriptions and glasses. FSAs let people contribute and spend pretax dollars. Any unused money in the account at year's end reverts to the employer, but the number of spending options is growing. Most companies will change plan...
...liberals do not hate Bush; we hate his policies--pre-emptive wars, tax cuts for the rich, program cuts for the poor, exploding budget deficits and a foundering foreign policy. We hate reckless stewardship of public lands. As for the politics of personal hatred, Krauthammer's true point of reference should be the Clinton years. If we liberals really hated President Bush, we would demonize his wife, investigate every dimension of his personal life and lead an impeachment initiative based on the misinformation that led Americans into the Iraqi war. JANE ARTABASY Glencoe...
...next year, the difference between what the government spends and what it collects in taxes will exceed $450 billion, thanks to two years of tax cuts, hikes in defense spending and a falloff in tax revenue. The ballooning deficit has sparked a fierce debate among economists. Deficit hawks argue that, like credit-card balances, deficits may not hurt much in the short run but will eventually wreak havoc. In the worst-case scenario, the government keeps borrowing to finance itself, and interest rates rise. That retards growth by making mortgages, car loans and corporate investment more expensive. The Bush Administration...