Word: treatment
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Dates: during 1980-1989
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Although they are now ostensibly taxed at the same rate as other income, capital gains already get favored treatment in two ways. First, they are only taxed when an investment is sold, unlike interest and dividends, which are taxed every year. An ideal free-market tax system would leave an investor indifferent between, say, a savings account paying 10% a year and a stock expected to rise 10% a year. But tax-free compounding means that, for a top- bracket taxpayer the after-tax profit on the stock will be 45% bigger after 20 years...
...would reduce this so-called lock-in effect. (Although, please note, this is exactly the opposite of one argument usually heard for a capital-gains break -- that we need to encourage long-term investment.) What would reduce the lock-in effect even more, however -- without adding to the favorable treatment capital gains already enjoy -- would be to tax capital gains at death. People would then know that their gains could not escape tax forever...
...drug counselors report rising numbers of professionals -- doctors, nurses, accountants, professors -- trying to kick crack habits gone out of control. "We've got Wall Street executives who buy crack in the middle of the day and smoke it in the office," says Alan Horowitz, program director at A.C.I., a treatment center in New York City. "We had one air- traffic controller at J.F.K. airport who was smoking crack on his breaks...
...first problem with the treatment of the report was that it had its teeth removed by the Faculty Committee. Months of effort by a competent and dedicated senior faculty committee deserved more than a cursory examination by a steering committee that met behind closed doors...
First, there are those who argue that psychiatry itself is an illegitimate discipline. Dr. Thomas Szasz, for example, wrote in his book The Myth of Mental Illness, "It is customary to define psychiatry as a medical specialty concerned with the study, diagnosis and treatment of mental illnesses. This is a worthless and misleading definition. Mental illness is a myth...