Word: deductionism
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Pre-Keynesian economists believed that full employment would ultimately be achieved if the economic system were left alone. "Then around 1935," related Eckstein, "people began to have their doubts" about government non-interference. Keynes' idea that government spending and tax deduction are effective anti-cyclical measures is "an economic fact...
As a patron of the arts, the U.S. Internal Revenue Service has made Lorenzo the Magnificent look like a piker. The law, tolerantly enough, lets people give paintings to a museum, take current appraised value as a deduction from taxable income, then keep the paintings in their homes for life...
Members of the Reorganization Committee would probably protest violently to such a deduction. We have all sorts of ideas about how to get the Council moving in new directions, they will tell you, but now isn't the proper time. Let's wait for the new Council.
Intended as a ringing defense of his own reporting on Cuba, his book only demonstrates how wrong Matthews was then, and how wrong he is now. The reporter who adopted a rebel has now become Castro's apologist: "Let me repeat that I am not making a moral judgment...
"Don't paste my casket with certificates for charities, and professorial chair endowments, and the hundred-and-one do-gooder agencies ghoulishly squeezing through the door of the funeral parlor for a handout. If you are going to be big-hearted ... do it on your own time . . . and don...