Word: steiger
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...centered on prospects for a drastic increase. The Carter Administration drafted a proposal to tax all capital gains at full ordinary-income rates ?which would effectively double the tax in many cases?but eventually sent Congress a recommendation for a much smaller rise. That still worried Representative William Steiger, 40, a baby-faced Wisconsin Republican who has the gung-ho style of a JayCee president. Therefore, on April 13 he introduced a counterproposal: an amendment to lower capital-gains taxes, indeed to cut them almost in half on the biggest profits. Steiger intended only a blocking maneuver...
...proposal has picked up 61 sponsors in the Senate and won a majority of Steiger's colleagues on the House Ways and Means Committee, which originates all tax legislation. Because of Bill Steiger, the Administration reluctantly concedes, it will have to accept some lowering of capital-gains taxes to get any kind of tax bill out of Congress this year. Says Steiger: "I am more amazed than anyone...
...beginning in 1970, liberals who considered that tax rate to be an undue favor to the rich raised the maximum tax on the biggest capital gams reaped by individuals to 49.1%,* by far the highest rate in the industrial world; the top rate on corporate capital gains is 30%. Steiger would set the clock back to 1969?and a 25% maximum tax for individuals and companies...
That seems an unlikely proposal to fire the passion of tax rebels, since four-fifths of the benefits would go to people with incomes of $100,000 a year or more. But Steiger and his allies insist that the U.S. economy is being held back by a low rate of investment...
...story glorifying the triumph of labor over capital is to apotheosize Stallone; yet in furthering--if unwittingly--the alienation of the rank-and-file from union leadership, Stallone at best emerges as an anti-hero. Cheered by crowds of truckers after being grilled mercilessly--and ludicrosly--by Steiger, Stallone is later gunned down by some deus ex Mafia who obviously resented the notion of Rocky Balboa dressing in a business suit...