Word: plan
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Dates: during 1990-1990
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...cleared the way to passing a budget, thereby averting what would have been the second government shutdown since Columbus Day. After a bitter partisan fight, Congress struggled to reconcile House and Senate versions of a bill designed to cut $500 billion from the deficit over five years. The final plan was bound to extract more revenues from the most affluent taxpayers than the bipartisan proposal that was dumped by the House two weeks ago. But it was also certain to inflict pain on middle-income earners, who were already outraged at the lawmakers' willingness to tax them more heavily than...
...especially those perceived as unfair, provided the backdrop for last week's budget denouement. In a belated rush to present themselves as the champions of working people, House Democrats seized every chance to portray their Republican colleagues as lackeys of the well-to-do. These Democrats rammed through a plan that did not include any increase in the tax on gasoline but did retain regressive levies on alcoholic beverages and cigarettes. They proposed a smaller increase in Medicare premiums than the defeated pact would have. Most important, the House Democrats would have taken a whack at the rich by hiking...
...Democrats joined 23 Republicans in approving a plan, favored by the Administration, that would pare projected Medicare spending by $51.6 billion over five years, raise taxes on gasoline, liquor and cigarettes and leave income tax rates unchanged. A House-Senate conference committee then set to work ironing out the glaring differences between the two proposals by Oct. 24, when a short-term resolution to keep the government running expires. The Democrats predict that the final plan will probably contain a gas tax increase, combined with an increase in the top marginal tax rate to 31%. Fearing the cost of continued...
...that they voted during the '80s to raise regressive Social Security payroll taxes 30% while preserving such loopholes as the tax exemption on inherited capital gains. That exemption alone costs the Treasury $5 billion a year and benefits mostly wealthy heirs. The fiscal prestidigitation has not abated: the Rostenkowski plan would have socked it to middle-income families by delaying inflation adjustments for a year. That step was needed because the House scrapped a 9 1/2 cents-a-gallon hike on gasoline that would not only raise $45 billion but also encourage conservation and help the environment...
Parliamentary Deputies had assembled last week to hear the contents of the revolution-red binder in Gorbachev's hands: nothing less than a plan to make over the system bequeathed by Lenin, salvage a once proud country from chaos and lead it to the semblance of a Western-style market economy. Even before Gorbachev began to speak, however, his proposal had become a lightning rod for protest from radical reformers. In a week in which the Soviet President had won the Nobel Peace Prize for changing the world, he was fated to be awarded criticism at home for not worrying...