Word: taxing
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Dates: during 1980-1989
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Bentsen won acclaim for an alternative proposal: encourage savings by expanding the deduction for contributions to Individual Retirement Accounts. This would provide tax benefits mostly to the middle class while simultaneously creating a pool of investment funds, a goal of the capital- gains reduction. Before IRA deductions were restricted in 1986, however, they cost the Treasury $16 billion a year in lost taxes. Bentsen's proposal is unlikely to stop the stampede to cut capital gains, and it could become the next giveaway that Congress and the President will seize upon. But the prospect of a huge loss in revenue...
...capital-gains tax cut (from 33% to 19.6% for 2 1/2 years) illustrates the "babble of voices" that plagues Democratic efforts to unite on an issue. Critics say Foley and Rostenkowski threw in the towel too early; Mitchell girded his loins too late; and Bentsen, who delivered the party's response to Bush's economic message last winter, favors a lower rate...
...delivered the Democratic response to Bush's "War on Drugs" speech, only one network carried it live. What stuck in the public's mind -- and Ron Brown's craw -- was the image of New York Congressman Charles Rangel facing the cameras after a White House conference and urging a tax hike to wage the war. Moaned Brown: "You can hear America sigh, 'The tax-and-spend Democrats...
...city once called itself "the lungs of Philadelphia," but residents now say that the exhaust fumes from tour buses make the air unbreathable. Thanks to tax revenues from the casinos (more than 63% of the $130 million raised annually), local property owners are assessed less for public education than in most other parts of the state. But the school superintendent has been fighting for years with a casino over the purchase price of a parcel of land needed to replace a leaky 65-year-old high school...
...many ways, the casinos have achieved exactly what they were supposed to. Because of them, Atlantic City's tax base is 21 times as large as it was in 1976. In addition to all the new jobs, the casinos have generated more than $1.8 billion in tax revenue for the state, most of it earmarked for the elderly and handicapped. "People see the contrast between the facilities we've put up and the rest of the town, and they think, 'What happened? Why did these bastards not do what they were supposed to do?' The fact is, we did," says...