Word: offsets
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...Scully, however, hit two more fouls and Harvard led again. Then came the key play. Steve Spahn of Dartmouth missed a short jump, Scully wrestled the ball free, dribbled down court, and whipped in a jump shot from the foul line. Gene Augustine's two free throws offset Coker's jump in the waning seconds...
John V. Lintner, Jr. professor of Business Administration, emphasized that the proposals constitute a "long needed change in our fundamental tax structure, not just a quickie tax cut." The present tax structure, he said, was established in the late 1940's to offset post-war inflationary pressure. He explained that basic economic problems have changed since then. The present tax structure is "simply inappropriate...taxes are too damn high...
...secrecy so far. But it will be a hefty package, calling for reductions totaling between $8 billion and $10 billion, with at least three points trimmed off the corporation tax rate (now 52%) and across-the-board cuts in the personal tax rates. The revenue losses will be partly offset by about $3 billion in revenue-increasing reforms, including a tightening up of capital-gains provisions and a substantial nick in the oil-depletion allowance, that favorite target of tax reformers...
...added that the integration of the European economy by the Common Market, although it might create a "true third force" to offset the polarization of power between the U.S. and Russia, would drive smaller, poorer countries into a "Communist Common Market...
Those losses alone were far more than enough to account for the deficit-but they were not alone. The Government's 1962 tax bill to give greater investment credit to industry wound up costing $1 billion more than expected because Congress failed to pass revenue measures to offset it. The revision of depreciation allowances is now reckoned to cost the Treasury another $1 billion in 1962-63. Congress also failed to enact the higher postal rates on which the Administration counted to garner about $500 million in revenue, and its repudiation of the farm program meant bigger Government outlays...