Word: underpaid
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...question about Whitewater hit such a raw nerve at the White House as whether the Clintons might have underpaid their federal income taxes. Asked about it by TIME last month, presidential adviser Bruce Lindsey angrily brandished folders of documents (which he refused to show) that he insisted proved all the deductions they took related to Whitewater were legitimate...
...came well prepared; to even the softest questions she had a hard-boiled answer. "We made lots of mistakes; I'd be the first to admit that," she said, though just about everyone else in the White House already has. If it turns out that she and her husband underpaid their taxes on Whitewater land deals, she said, they will make up the difference. "We never should have made the investment. But, you know, those are things you look at in retrospect. We didn't do anything wrong. We never intended to do anything wrong...
...former Treasury Department tax attorney who has taught tax law at both the University of California, Berkeley, and Yale and co- written a book on federal taxation that one of Clinton's tax advisers calls "an industry bible." His opinion: "If the worst assumptions are true, the Clintons underpaid their federal taxes by at least $11,000" during the years 1978-79-80 alone. That would be in addition to $2,156 the Clintons earlier admitted underpaying in 1984 and 1985; adding interest, the Clintons have repaid...
...smaller still, since any underpayment may well have been inadvertent, resulting largely from what even Lindsey concedes was at times casual bookkeeping. The political embarrassment to the White House will be great if a President who has asked many Americans to pay higher taxes can be shown to have underpaid his own. But the penalty in loss of public trust if that revelation is forced out of an unwilling and obfuscating White House could be the greatest...
...industry struggling to pull out of a three-year nose dive (total losses: $10 billion). Just as some big carriers -- American, Delta Air Lines and Continental Airlines among them -- have begun to post modest earnings, the long-quiescent airline unions have started voicing their demands. Workers who feel underpaid and overworked are asking for their share of the emerging profits. Management's response: continued cost cutting. "No question about it," says Morgan Stanley airline analyst Kevin Murphy, "1994 will be the year of labor turmoil in the U.S. airline industry...