Word: wipes
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Take Forbes' make-believe on the deficit. Forbes' tax cuts would blow an estimated $140 billion hole in the budget; the spending cuts that he says would offset the cuts are vague blather. He wouldn't cut defense. He says he would 'wipe out' corporate welfare but offers no specifics, saying between campaign stops only that 'a lot can be done with agriculture subsidies." Forbes says he'll "strip" the departments of Commerce, Education, Energy and Housing and Urban Development of "all but essential functions." Sounds tough. But it's a knock-off of the G.O.P.'s box-shuffling plan...
...when a majority of voters in both parties say they want a balanced budget before new tax cuts. Forbes, a believer in the quasi-theology called supply-side economics, assumes that tax cuts, even when financed by federal borrowing, will generate so much economic growth that they will quickly wipe out the deficit. He paints a vision of wealthy investors shifting their money out of T-bills and into new factories and inventions. It may not have worked that way in the 1980s, when top tax rates were slashed and the deficit soared, but that's the reason supply-siders...
...seven "Baby Bell" regional phone companies. Not entirely by coincidence, it earned $4.7 billion in 1994 and $2.8 billion in the first nine months of 1995. (A write-off against fourth-quarter earnings of $4 billion after taxes for severance pay and related costs, however, may wipe out most of its earnings for the full year.) It had been obvious too that more firings were coming at AT&T ever since the company said last September that it would split itself into three unequal pieces...
...expected to endorse it. The idea is picking up so much steam that the real estate lobby is planning to broadcast radio commercials in Iowa and New Hampshire to pressure candidates not to make their tax plans too flat. The lobby is worried that a flat tax might wipe out the deduction for mortgage-interest payments, which subsidizes the housing market to the tune of $60 billion a year...
...assassination of Israeli Prime Minister Yitzhak Rabin by a rightwing extremist was not intended as a symbolic act. Yigal Amir meant quite simply to wipe out the leader of a political party and a political process he despised. And that is what...