Word: taxingly
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Dates: during 1990-1999
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...much, and almost lost his presidency over it. When that disaster propelled the Republicans into control of Congress for the first time in 40 years, they tried to go too far in the other direction, with a proposal to cut Medicare-spending growth so they could raise money for tax cuts. That forced the 1995 government shutdown that put Clinton back on top of the game. Thus it would be understandable if neither party ever wanted to go near the issue again...
...stream of editorials decrying Japan's lack of resolve have spurred Tokyo to further action. Just last week, Prime Minister Ryutaro Hashimoto announced the establishment of a national bank to enable Japan to close insolvent banks while protecting their honest borrowers. He later said he would support a permanent tax...
...With tax-cut fever running high, you may be surprised to learn that two popular estate-planning goodies could disappear as early as this fall. For most it won't matter because the $625,000 lifetime exclusion ($1.25 million if married with a bypass trust) and the ability to give as gifts as much as $10,000 per person per year provide adequate shelter from estate-tax rates that can rise to an onerous 55%. But if the bull market has swelled your estate to $1.5 million or more, consider these tax breaks now--before they vanish...
...residence trust. President Clinton has said he wants both curtailed or eliminated, and while he may not get his way, there is no point in betting against him. Kevin Flatley, director of estate planning at BankBoston, advises clients to act by Oct. 1. That's when he expects a tax bill in Congress, and, he notes, "typically, changes like these are effective the date of the proposal." So don't delay on the assumption that you will have time after a formal proposal surfaces...
...family limited partnership effectively allows you to make a gift of assets at a discount of as much as 40% of their actual value, thus allowing you to give about $16,000 tax free per person per year--considerably more than the customary $10,000 limit. It works because the assets in a partnership, which has restrictions, are deemed less valuable than the same assets in an unrestricted account...