Word: taxingly
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Dates: during 1970-1979
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...testimony, Boskin, a Stanford professor, advocates a concise plan. Among his ideas: 1) reduce the size of federal spending as a proportion of the Gross National Product; 2) balance the budget over the length of the business cycle, accumulating surpluses in good years that can be used for tax cuts in hard times; 3) require the Federal Reserve Board to announce a "moderate and predictable" rate of monetary expansion-about 5% to 6%-and stick to it; 4) eliminate the personal income tax...
Under his startling scheme, Americans no longer would pay taxes on their total income, which includes savings that are now actually subjected to double taxation (first when the money is earned and later when it draws interest or dividends). Instead, they would pay taxes on only the money they spent, thus creating a powerful incentive for saving. Impossible? Not at all, says Boskin, who adds that since interest and dividend payments also would be tax exempt, U.S. capital accumulation would rise to new highs, thus revitalizing the private sector of the economy...
LESTER THUROW, 41. A liberal who remains a moderate Keynesian, Thurow favors tax reductions to fight economic slump. To combat inflation, he opposes inducing a recession or putting on wage and price controls, both of which he considers unfair. Instead, Thurow, who is an M.I.T. professor, advocates removing Government price props, such as subsidies and tariffs...
...nagging uncertainty about the omnipotence of their own profession. They contend that the complex computer models used to predict the effects of specific economic policies or actions simply do not-and cannot-reflect the way the real world behaves. "What will be the magnitude of reaction to a broad tax cut?" asks Dornbusch. "Will people spend the money at once? Will they wait?" His conclusion: "We don't know...
...time for Gimme Shelter!-"America's favorite tax-planning fun game." Today's big contestant: Susan Stamberg. She beats the clock and correctly identifies Federal Tax Form G, earning a chance at an Individual Retirement Account. Applause and organ music erupt in the radio studio. But on Round 2 she draws a blank on Form 2440, losing a chance to "become a limited partner in a solar-powered cattle ranch on a uranium field." Susan has to settle for an electric saucepan. "Until tomorrow," says a smarmy announcer as applause and music swell, "Remember: Give us shelter...