THE WEEK

■ Those who believe that hard money is inherently superior to paper varieties now have solid proof. A study in the AMA Journal found that coins were relatively bacteria-free, but 42 per cent of the bills studied were contaminated with Staphylococcus and Escherichia coli. Doctors Abrams and Waterman have requested that currency samples be sent to them at the University of Louisville in order to permit more research. The good doctors promise to dispose quickly of any tainted cash.

■ George Wallace’s successful exploitation of the traditional populist issue of tax reform, together with California and New Jersey court decisions challenging the property tax, has made tax revamping an essential part of every campaign oration. “The time has come,” says Hubert Humphrey, “for a tax system that says to the wealthy, to the super-rich, to big business, to the banks, ‘You must pay your fair share.’ ” The usual plan is to eliminate depletion allowances, tax-exempt interest from municipal bonds, exemption of inherited capital gains, different rates for married taxpayers, and a number of deductible items. These so-called “loopholes,” which escaped the 1969 tax overhaul, were in fact designed to encourage socially beneficial activities—not only investment and mineral development, but also home ownership, marriage and philanthropy. Drastic reforms may well be desirable, but kid thyself not, they will hit people who are by no means “super-rich”—or even “rich.” Heavier business taxes will be shifted onto (non-wealthy) consumers in the form of higher prices. Tax relief would certainly be easier if the share of GNP going to taxes hadn’t increased from one-fourth to one-third in a single generation.

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William F. Buckley Jr.

James L. Buckley

Ted Kennedy

■ Those who believe that hard money is inherently superior to paper varieties now have solid proof. A study in the AMA Journal found that coins were relatively bacteria-free, but 42 per cent of the bills studied were contaminated with Staphylococcus and Escherichia coli. Doctors Abrams and Waterman have requested that currency samples be sent to them at the University of Louisville in order to permit more research. The good doctors promise to dispose quickly of any tainted cash.

■ George Wallace’s successful exploitation of the traditional populist issue of tax reform, together with California and New Jersey court decisions challenging the property tax, has made tax revamping an essential part of every campaign oration. “The time has come,” says Hubert Humphrey, “for a tax system that says to the wealthy, to the super-rich, to big business, to the banks, ‘You must pay your fair share.’ ” The usual plan is to eliminate depletion allowances, tax-exempt interest from municipal bonds, exemption of inherited capital gains, different rates for married taxpayers, and a number of deductible items. These so-called “loopholes,” which escaped the 1969 tax overhaul, were in fact designed to encourage socially beneficial activities—not only investment and mineral development, but also home ownership, marriage and philanthropy. Drastic reforms may well be desirable, but kid thyself not, they will hit people who are by no means “super-rich”—or even “rich.” Heavier business taxes will be shifted onto (non-wealthy) consumers in the form of higher prices. Tax relief would certainly be easier if the share of GNP going to taxes hadn’t increased from one-fourth to one-third in a single generation.