Word: taxingly
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Dates: during 1990-1999
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Between 1992 and 1998, the Salt Lake committee parceled out nearly $400,000 in scholarship money and other financial aid to 13 students. Conveniently, six of the recipients were related to I.O.C. members. Salt Lake committee tax reports, however, made no mention of the scholarships. A Utah health-care group donated $28,000 in services, including cosmetic eye surgery, to the I.O.C. cause. And the Salt Lake Tribune reported that the bid panel spent some $20,000 on guns and skis that presumably went to individuals associated with the I.O.C...
...corporations. So far, none of the sponsors--among them Coca-Cola, IBM and SPORTS ILLUSTRATED (a Time Inc. magazine)--have indicated they will pull out, but the prospect worries local politicians. "If the Games don't break even," says Salt Lake councilwoman Deeda Seed, "we'll be handed a tax bill we can't afford." Already, US West has pointedly asked the Salt Lake committee if there will be more "surprises." The answer may be a long time coming; the Justice Department investigation into wire and tax fraud could take up to a year...
There's no doubt that reform is needed. In September the Swiss senate granted the I.O.C. a tax abatement worth $1.5 million for "public service to Switzerland"--a country seeking the 2006 Winter Olympics for its mountain resort Sion. The lower house of parliament has yet to approve the windfall, but it may heed Finance Minister Kaspar Villiger, who persuaded reluctant senators to approve the tax break even if it meant "holding their noses...
...common misconception is that taxes are going down. Sorry, it just isn't so. True, some tax rates have fallen. And tax reform last year gave us tax credits for education and tax deductions for long-term savings. But new targeted breaks total maybe $20 billion, which pales next to Americans' annual tax burden of nearly $3 trillion. In 1998 it took the combined incomes of everybody in the U.S. through May 10 to pay all taxes owed for the year--the latest "tax freedom" day ever, says the Tax Foundation, which figures the date will be even later this...
While the group did not focus on the anticipated cut in the state income tax from 5.95 to 5 percent, some of its key recommendations centered on ways to lower spending in the state budget...