Word: taxing
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Dates: during 1980-1989
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Faced with such unpleasant responsibilities, what did Washington do? Once again, it lost itself in a politically irresistible orgy of tax reduction. By voting to fulfill George Bush's campaign promise and cut capital-gains taxes, House Republicans and renegade Democrats jumped at a short-term boost in revenues against a long-term loss. The giveaway fractured the foundation of the landmark 1986 tax-reform law. The drain on the Treasury could be compounded when the measure reaches the Senate, where it is expected to pass, and Democrats try to extend the tax breaks on individual retirement accounts. It seemed...
...vote last Thursday was not even close. The decision came on a Democratic alternative to the capital-gains cut that would have made tax- deductible IRAs available to more people, balanced by a tax increase on earners of the highest incomes. That proposal lost, 239 to 190. Bush bagged 64 Democrats, while only one Republican, Douglas Bereuter of Nebraska, voted for the alternative...
What happened? To House Speaker Thomas Foley, the answer was simple: Americans love a tax cut -- any kind of tax cut -- and the legislators reflected that feeling. Democrats contended, correctly, that 80% of the benefits from the capital-gains slash would go to people making more than $100,000 a year, 60% to those with incomes over $200,000. No matter, says Foley. Tell an ordinary taxpayer that he will reap $10 from a measure that will save the likes of Donald Trump an average of $25,000 a year, and the taxpayer will reply, "Fine. Give...
There were other reasons too. Bush undoubtedly swung some votes by last- minute lobbying. Many Congressmen bought the Administration argument that a tax cut would spur business investment, creating more jobs and prosperity for everybody. In theory the lure of a lightly taxed payoff will tempt investors to put up money for risky ventures. Economists have long disputed whether that is true, but it remains an article of faith among conservatives...
...changes in state law allowed Cambridge to tax commercial and residential property at different rates. Although the city reassesses property values each year, it revalues them once every three years, relying on trend calculations to determine values in the interim...