Word: bankes
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Dates: during 1970-1979
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...liberal ideology. It gives the most generous income tax reductions to people with taxable incomes of less than $15,000 a year, on the theory that they need help most and will spend every cent that Uncle Sam lets go of, rather than put their tax savings in the bank. Carter also proposes a modest innovation: $400 million this year to companies that hire hard-to-employ workers (details to come in March). The reasoning is that an expanding economy does not automatically reduce unemployment among the groups most plagued by joblessness; employers who need more help turn first...
Initial reaction to the State of the Union speech?about the only pronouncement that businessmen had time to digest last week?indicates that Carter made a small start toward soothing business anxiety but has a very long way to go. Said John Wilson, an economist at California's Bank of America, the nation's largest: "I think he demonstrated he has a good grasp of short-term and long-term economic problems, and he presented a balanced package." J. Sidney Webb, executive vice president of TRW Electronics in Los Angeles, thought Carter sounded "more like a conservative Republican than...
...favorable responses were outweighed by skeptical or negative ones. Richard Peterson, senior vice president of Continental Illinois National Bank, complained that "there was nothing to help solve our rate of inflation." Joseph Lanterman, chairman of Chicago's Amsted Industries, manufacturers of railroad and industrial components, asserted that "Carter has not removed any of the uncertainties that plague the economy." Irving Seaman, chairman of Sears Bank and Trust in Chicago, called Carter's address "a bland, nothing speech. I'm even more apprehensive about the economy than before...
Interest Rates. Higher demand for loans and Federal Reserve Board efforts to prevent inflationary growth of the U.S. money supply are pushing up lending charges. The bank "prime" rate on business loans has jumped from 6¼% at the start of 1977 to 8% now; some Wall Streeters predict it will reach 8¾% or even 9% by year's end. The rise makes it more expensive for consumers and businesses to buy or build with borrowed cash. It could put an end to the housing boom by causing savers to pull their money out of savings banks and savings and loan...
...Office of Management and Budget has scuttled TAS and said the IRS would have to make do by merely renovating its existing, 16-year-old data bank. The Administration's decision has little to do with concerns about privacy. OMB feared that the all-embracing TAS would be vulnerable to a nationwide malfunction if it became overtaxed. The IRS says TAS would not have left taxpayers' files exposed to examinations by any more staffers than the present system: about...