Word: taxingly
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Dates: during 1990-1999
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...1990s. That was the decade in which the U.S. had to dramatically restructure its economy for a new, postindustrial age after the violent recessions of the 1970s and early '80s. And the revolution was accomplished with the help of lavish federal deficits (which are only now being paid down), tax cuts and extensive, bottom-up restructuring that transformed dinosaurs like Ford into world-class competitors. Ever since the Meiji era, when the nation ended centuries of isolation, Japan has proved expert at adopting American ideas to its own revolutionary needs. In the eyes of investors, at least, that would suggest...
...would seem from the shrieking produced last week as the Republican-run House rammed through a measure to chop taxes by $792 billion over the next decade. President Clinton called that irresponsible behavior, fiscally speaking, and espoused a much smaller, $250 billion tax cut. Then he angrily vowed to veto the huge reduction...
...Compromise or confrontation? William Roth?s Senate plan takes small, negotiable bites: Reduce the 15 percent tax bracket to 14 percent and expand that bracket; ease the "marriage penalty," reduce estate taxes and increase contribution limits for IRAs. The House proposal is uncompromising swordplay -- cut the capital-gains tax and slash income taxes, across the board, by 10 percent. "It?s up to the Republican caucus what they want to do now about a final bill," says Branegan. "If they decide to try to attract some Democratic support, it?ll look more like the Roth plan. If they want...
...Greenspan, who looks like he enjoys answering politicians? oafishly loaded questions about as much as he likes tipping his hand on interest rates, did throw his party fellows a few tidbits: Even a big tax cut, properly phased in, wouldn?t spark inflation. And it certainly would be preferable to frittering it away on new spending programs. But give Big Al his druthers, and he?d rather pay down the debt. It isn?t surprising that the Fed Chairman, whose speeches are the economic equivalent of Rorshach tests, left both sides with enough soundbites to claim his support...
...question open, like a warning, and laid down his picks and pans: Debt reduction, which would lower interest rates and free up investment capital -- good. New spending, which neither party trusts the other to lay off of -- bad. Saving for the future ?- good. Putting all your eggs in one tax-cut basket and hoping for the best -? bad. All in all, Greenspan signed off on a rather conservative, rather Republican philosophy. It?s just that the Republican who?s getting all the credit for it is Bill Clinton...