Word: taxingly
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Dates: during 1990-1999
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TOKYO: At least Ryutaro Hashimoto knows the things to say. A day after formalizing plans to clean up Japan's ravaged banking system, the Japanese Prime Minister said he favored permanent tax cuts as the other half of a strategy to revive the moribund Japanese economy. "This was the other major step that the U.S. has been seeking on behalf of the entire region," says TIME Wall Street columnist Daniel Kadlec. "Cleaning up the bad debt allows banks to start lending to businesses again; tax cuts give Japanese people more money to start spending again...
MOSCOW: A high-profile tax raid by Russia on its leading tax defaulter, Gazprom, was calculated to impress the IMF, says TIME correspondent Andrew Meier. But even if it accomplishes that, the international body is unlikely to cut the big check Russia so desperately needs. "The IMF seems bent on playing high-stakes brinkmanship," says Meier, "extorting vows to slash the budget and strip the fat before it will agree to bail Russia out." But Russia's condition is deteriorating rapidly...
WASHINGTON: This time, Ken Starr squeezed his potential witness a little too hard. A federal judge Wednesday dismissed all tax evasion charges against Webster Hubbell on Wednesday, allowing the central Whitewater figure to slip out from under Starr's thumb and dealing a major blow not only to the independent counsel's case against the President but also to his reputation...
...District Judge James Robertson last week called Starr's tactics "really scary" and today's decision bore that out opinion. The judge ruled that Starr went on "a quintessential fishing expedition," using a tax case as leverage to get information from Hubbell about possible Whitewater hush money, trampled on Hubbell's Fifth Amendment rights and violated a partial immunity deal Starr had made with him. Although Starr will appeal, TIME Washington bureau chief Michael Duffy says this stinging rebuke will follow Starr for a long time. "Starr already has reputation problems not only with the public but among his colleagues...
...dump lasted nearly four days, as urgent calls flew between Treasury and Tokyo's Finance Ministry. In close consultation with Federal Reserve Chairman Alan Greenspan, Rubin pushed Finance Minister Hikaru Matsunaga to deregulate his economy and jump-start it with permanent tax cuts. Especially important to Rubin was a Japanese pledge to abandon its so-called convoy system, whereby strong banks must support weaker ones no matter what their financial condition. Convoying has left the banking system as a whole with some $600 billion in bad debt. The question was what the Clinton Administration was prepared to do in exchange...