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  • Backgrounder posted February 16, 1989 by Thomas M. Ten Myths About Leveraged Buyouts

    (Archived document, may contain errors) 691 February 16,1989 TEN s ABOUT IlEvERAGED BUYOUTS Thomas M. Humbert John M. Olin Fellow ITEM: October 15,19 87. Ways and Means Committee approves a $12 billion tax bill denying the tax deductibility of interest expense for borrowing to undertake what are called hostile acquisitions of corporations. ITEM: October…

  • Backgrounder posted January 30, 1989 by Thomas M. "Ending the Tax Code's Anti-Family Bias By Increasing the PersonalExemption to $6,300"

    (Archived document, may contain errors) 687 January30,1989 ENDI NG THE TAX CODES ANTX-F-Y BIASBY INCREASING THE PERSONAL EXEMPllON TO $6,300 Thomas M. Humbert John M. Olin Fellow INTRODUCTION Every lawmaker claims to be pro-family. Yet the income tax code devised by Congress reflects a different reality. The federal i n come tax system treats children…

  • Lecture posted December 1, 1988 by Thomas M. The National Economic Commission Should "Just Say No" to New Taxes

    (Archived document, may contain errors) The National Economic Commission Should "Just Say No" to New Taxes by Thomas M. Humbert Throughout his campaign for President, George Bush made the "No Tax-Increase Pledge" a central issue, and it was a major reason for his victory. Now, less than one week after th at victory, Washington's pro-tax advocates are…

  • Backgrounder posted January 27, 1984 by Thomas M. "Understanding the Federal Deficit, Part 1: How Forecasters Get ItWrong"

    (Archived document, may contain errors) 328 January 27, 1984 UNDERSTANDING THE FEDERAL DEFICIT PART 1: HOW-FORECASTERS GET IT WRONG INTRODUCTION As Congress convenes to discuss impending fe deral deficits gloomy forecasts are treated almost with the reverence once given to pronouncements from Mount Olympus. Lawmakers rushing to offer proposals-=usually…

  • Backgrounder posted November 14, 1983 by Thomas M. The Dole Tax Package: Selling America Another Lemon

    (Archived document, may contain errors) November 14 1983 HE DOLE TAX PACKAGE SELLING AMERlCA ANOTHER LEMON INTRODUCTION Congress is locked in yet another rending slugfest over tax increases. In one corner is Senate Finance Committee Ch airman Robert Dole (R-Kan who set off the bruising campaign last year that resulted in a $99 billion tax hike. That package…

  • Backgrounder posted August 26, 1983 by Thomas M. How to Cure America's Capital Anemia

    (Archived document, may contain errors) 286 August 26, 1983 HOW TO CURE AMERICA'S CAPITAL ANEMIA INTRODUCTION Capital is the life blood of economic growt h. Withoutaenough capital, investment lags, equipment ages, competition falters, and jobs disappear. Today, the United States is suffering from capital anemia. The U.S. savings rate remains the lowest among…

  • Executive Memorandum posted June 9, 1983 by Thomas M. A Tax Cap: Bad Economics, Bad Politics

    (Archived document, may contain errors) 6/9/83 25 POLITICS A' -TAX - CAR BAD ECONOMIC4. BAD Thwarted in his attempt to eliminate completely the third year of the tax cut, House Speaker Tip O'Neill now i s attempting to gain support for an effort to cap the benefits of the July 1 income tax cut at $700. Given the Speaker's record of voting for…

  • Backgrounder posted May 18, 1983 by Thomas M. Taming the National Debt

    (Archived document, may contain errors) 268 May 18, 1983 TAMING THE NATIONAL DEBT INTRODUCTION Congress hates raising the federal debt ceiling. Yet, in the next couple of years, it faces the prospect of voting for debt hikes averaging some $225 billion annually. Congress may have to agree, in fact, to more new debt in the next six years than the total…

  • Executive Memorandum posted May 13, 1983 by Thomas M. Tax Cuts: The Lower the Incomes, The Better It Looks

    (Archived document, may contain errors) 5/13/83 22 TAX CUTS: THE LOWER THE INCOMES, THE BETTERAT LOOKS Is Ronald Reagan a rich man's President? -Ye's, say his critics, arguing that his tax cut program benefits and is"su pported only by upper-income Americans. Low-income and even average-income Americans, the critics claim, are bitter that tax…

  • Backgrounder posted April 12, 1983 by Thomas M. Seven Reasons for Saving the Tax Cut

    (Archived document, may contain errors) 260 April 12, 1983 SEVEN .REASONS FOR SAVING THE TAX CUT INTRODUCTION The corner has been turned. Nearly every economic indicator is signaling a strong recovery. Housing starts are running at 1.7 million a year, up from 900,000 units a year in June 1982 GNP is growing at 4 percent a year. The Stock Market has surged 40…

  • Backgrounder posted March 22, 1983 by Thomas M. Tax Indexing: At Last a Break for the Little Guy

    (Archived document, may contain errors) 255 March 22, 1983 TAX INDEXING: AT LAST A BREAK FOR THE LITTLE GUY INTRODUCTION During the 1970s, bracket c reep became U.S. taxpayers' enemy No 1. Even if workers received pay raises keeping up with inflation real after-tax wages declined since many were pushed into higher tax brackets. The taxpayer found himself on…

  • Executive Memorandum posted February 28, 1983 by Thomas M. H.R.500/S.222: Unleashing America's Savers and Investors

    (Archived document, may contain errors) 2/28/83. 15 H.R.500/S.222: UNLEASHING AMER'ICA'S r'SAVERS AND INVESTORS Letters and complaints from the nation's saVers and-investors have been-flooding Washington. As a result, a majori@Y of House-members are co-sponsoring a' repeal of last,year's r equirement that banks' and other financial…

  • Executive Memorandum posted February 18, 1983 by Thomas M. Beware, Mr, President, of Backdoor Protectionism

    (Archived document, may contain errors) 2/18/83 14 BEWARE. MR. PRESIDENT, OF BACKDOOR PROTECTIONISM A petition-from Houdaille Industries, a litt@le-known Florida machine tool company, is.stirring up considerable debate:among top U.S. trade and White House officials. Soon it will land 'on@Ronald Reagan's desk for a final'decision. What is involved is a…

  • Backgrounder posted January 17, 1983 by Thomas M. Reaganomics: Making Gains

    (Archived document, may contain errors) 239 January 17, 1983 I REAGANOMICS: MAKING GAINS INTRODUCTION Stay the course, urges Ronald Reagan. But so did the captain of the Titanic, retort critics of the White House. Are the implicit fears of su ch critics justified? Is Reagan steering the American economic ship of state to safe harbor or smack into…

  • Backgrounder posted August 18, 1982 by Thomas M. The Tax Package: It's Unfair

    (Archived document, may contain errors) 205 August 18, 1982 THE TAX PACKAGE IT'S UNFAIR INTRO DUCTION Raising taxes, by any other name, remains raising taxes. A measure designed to collect an extra $99 billion from American taxpayers and enterprises is going to withdraw, from the economy precisely that capital which is needed for the investment th a t…