Word: taxingly
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Dates: during 1990-1999
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Going once, going twice... House and Senate Republicans late Tuesday came up with the refund they?ve always wanted ? a 10-year, $792 billion smattering of tax cuts that combines the House?s across-the-board dreams (in this version, a one-percentage-point cut in every bracket) with the Senate?s targeted goodies (relief of the marriage penalty, increase IRA contribution limits) that make the measure sound more like one of Bill Clinton?s than Newt Gingrich?s. And that?s exactly why maybe ? just maybe ? some of this begging-to-be-vetoed bill might survive the summer...
...Sperling did on Sunday. If no deal gets done, this year?s surplus goes straight into debt repayment ? something nobody is against these days. And although Roth has a way with bipartisanship, a standoff seems the likeliest possibility. "Clinton has successfully sold his spending programs as more important than tax cuts," says Branegan. "The White House doesn?t feel it will have to give too much up, and if the GOP stands firm, Clinton will veto it." But take heart, overtaxed Americans: if he does, you'll get another crack at it next year...
...White House President Clinton is taking no chances. Democrats in Congress are still united behind him against Republican-sized tax cuts; the public appetite for them is still negligible. Alan Greenspan, that avatar of avatars, is still mostly on his side. But just in case anyone was wavering as the newly unified GOP plan hit the papers Wednesday, the White House shifted their pre-negotiation negotiations into high gear with the same strategy that got him through the last six years: stay on message and stay on television. "If they conclude this plan and send it to me," Clinton said...
...easing up anytime soon. The plan: Keep the public eye on debt-reduction (cue Larry Summers) and off what the White House likes to call "America?s future" or "needed programs." (In other words, new spending.) He has the luxury of pushing delayed gratification (leavened with a small tax cut of his own) at a time when even overtaxed Americans are feeling wealthier than ever before, and the luck to be up against a GOP plan whose sheer size makes his spending programs look like the lesser of two fiscal evils. "The Republican plan assumes that government spending will increase...
INHERITED IRAS The IRS seems to agree with fund companies that allow inherited IRAs to pass on after you do. In a private-letter ruling, the agency has given the go-ahead for nonspouse beneficiaries to roll the accounts over. The maneuver can spare your heirs a hefty tax bill by avoiding the customary one-time cash-out. Naming another beneficiary will not extend the life of the account, and payments must be distributed at least as rapidly as the pace set by the original owner, regardless of who receives the cash...