Word: multiyear
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Dates: during 1981-1981
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...Revision of certain tax breaks. Under this revenue-raising measure-a new proposal by the Administration-defense contractors will no longer be able to defer income from multiyear projects until the final year, and industries face new restrictions on the issuance of tax-exempt bonds. One important change that will affect individual homeowners: under the proposal, energy tax credits for conservation efforts or for insulating residences and commercial property would...
...harder to finance. Even if the Administration can count on enough votes to keep its gains intact, any attempt at another round of reductions would depreciate the political capital that Reagan won in the "historic" votes on spending-and would renew doubts about the wisdom and affordability of multiyear tax cuts. Whatever Reagan decides when he returns to confront this dilemma, pure Yankee Doodle Days may be harder to come...
...essentially a struggle for power between the White House and the leadership of the House, and politics more than principle was involved. In negotiations last June to produce a bipartisan bill, the Democrats had agreed to accept many of the basics of Reagan's plan, including a massive, multiyear tax cut and accelerated depreciation for businesses. "We have won the tax debate," said White House Chief of Staff James Baker after hearing of the concessions made by Rostenkowski's committee. Nonetheless, the Administration decided to hang tough for everything it wanted. Said one top Reagan adviser...
Deputy Defense Secretary Frank Carlucci promises multiyear funding of weapons contracts. That could lure back into defense work some subcontractors who have quit in disgust, and the military budget bill passed by the House last week approves the idea. The Defense Department is also likely to ask Congress for about $500 million in fiscal 1983 to help defense contractors expand production, and $1 billion a year thereafter. Some of the money would probably be used to design and buy Government-owned production machinery for use by defense manufacturers. The Administration is drafting a bill to clarify and broaden its powers...
...budget brawl overshadowed a struggle on a second front: Reagan's push "or his broad multiyear tax cut. There are no serious problems with the Republican-controlled Senate. In fact, Russell Long, the ranking Democrat on the Finance Committee. told the President at a White House meeting, "You have the votes in the Senate to pass your tax bill." At that session, Long's Louisiana colleague, Democrat J. Bennett Johnston, urged inclusion in the package of a "trigger mechanism'' that would eliminate a proposed third year of tax cuts if deficits rose too high. But Reagan...