Word: taxing
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Dates: during 1980-1989
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...bonanza goes on. As part of the deal, Bass was also rewarded with some $300 million in tax benefits. Taking those into account, Bass stands to make straight profits of $400 million to $500 million over the next four years, which roughly equals his original investment. To post those earnings, the thrift will have to be well managed. For that Bass has hired Mario Antoci, one of California's most respected thrift executives...
Renovation is usually cheaper than a new barn, and fixing up a historic structure can earn an investment tax credit as well. Barn Again! contest winners have spent an average of $11,000 on their projects, compared with a $25,000-to-$35,000 cost for a new metal building. There are exceptions, though: the Taylor family's handsome horse barn in Orange, Va., built in 1933 from a Sears, Roebuck mail-order-catalog kit, cost $39,000 to restore to its former efficiency...
Only one specific proposal in the Bush speech inspired a fusillade of partisan attacks: the President's efforts to redeem his campaign pledge to slash the tax rate on capital gains from 33% to 15%. Like Dukakis in last year's campaign, congressional Democrats lambaste the idea as an affront to fairness. "I'm not going to tell the wage earners in Chicago that they should pay a higher tax rate than stockbrokers," thunders House Ways and Means Committee Chairman Dan Rostenkowski. There is evidence to support this equity argument: currently, 70% of all capital gains are claimed by taxpayers...
...Bush, cutting capital gains is another miracle-grow elixir for the economy: "This will increase revenue, help savings and create new jobs." In a reprise of the dubious less-is-more assumptions that once undergirded Reaganomics, Darman argues that such a tax reduction would yield $4.8 billion in additional revenue in 1990. The logic: grateful investors would churn their portfolios in a frenzy to take advantage of the more generous tax rate. Although there is no consensus, most respected economic models challenge these assumptions. A study by the Congressional Budget Office, for example, puts the annual loss in the first...
Buried within the Bush budget is an odd change in policy: the President seems committed to reversing tax reform, the major legislative triumph of Reagan's second term. A reduction in capital-gains levies would erode the reform principle that earned and unearned income should be taxed equally. Bush also retains an unmistakable affection for the kind of special-interest tax breaks that the 1986 legislation was designed to curtail. The President has quietly asked Congress for $2.7 billion annual tax reductions for business, including $400 million for oilmen, who include some of Bush's most faithful supporters. In comparison...