Word: taxingly
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Dates: during 1990-1999
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Wait, though. That's only the beginning. Estimates are that with no change in current policy Washington over the next 10 years will collect a mind-boggling $2.9 trillion more than it spends--$1.9 trillion in the Social Security trust fund, and $1 trillion as an excess of tax collections over spending for everything else the Feds do. The $1 trillion overage is the size of the entire federal budget in 1987 and, paradoxically, creates a problem for politicians that they have never faced before: How best to channel that torrent of cash...
...people want, and what do they think it should do? Are the pending surpluses a heaven-sent opportunity to spend more on high priorities like education while still reducing debt? Or is the money likely just to be wasted, whereas if put into the pockets of citizens through tax cuts, it would be spent productively? The President and Congress elected next year will of course not pass either plan in toto. Whatever initial deal they strike can only be a compromise that may well intensify rather than end the debate. Ah, but what a refreshingly first-class debate to have...
...fact, should--be exceeded. Already the government is evading spending caps by sticking an "emergency" label on all sorts of additional outlays. That, said Munnell, "makes a mockery of the whole process." Also, she noted, revenues are getting a huge boost from soaring stock prices, which inflate capital-gains-tax collections. Given the market's volatile ups and downs, who can be certain this windfall will continue...
...years, largely by spurring more consumer demand than a fully employed economy might need. Inflation would therefore be a bit higher in the first three years than under the Democratic plan, and interest rates could be significantly higher. On the other hand, the Republican plan includes a capital-gains tax cut of about $35 billion, a reduction that would yield a "quite significant bang for the buck," in Sinai's phrase, in spurring investment and entrepreneurial incentive. The Democrats propose a tax cut that is really a savings incentive--in Sinai's opinion, a good idea. They would increase government...
Then in 1996 Congress made the proceeds from most viatical settlements tax exempt, and the business really took off. Increasing numbers of terminally ill people, including those suffering from cancer or heart disease, have sold their life-insurance policies to enjoy their death benefits while they're still alive. This year alone, more than $1 billion in viatical settlements, only about half related to AIDS, will be brokered, according to the National Viatical Association (NVA), roughly 20 times as much as when the business began. Relatively healthy elderly people are also hawking their policies for some additional income; $3 billion...