Word: billioned
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Dates: during 1960-1969
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...Long kept his pledge with only hours to spare. He reported out a bill that provides relief to the country's 72.8 million individual taxpayers and brings long-needed reform to tax statutes. Lowering tax rates and increasing certain deductions, the bill would reduce individual taxes by $9 billion by 1972. Closing loopholes, it would raise an additional $6.5 billion in federal revenues by 1979. The loss is expected to be offset by normal expansion of the economy...
...breakeven point from 343,000 to 250,000 cars a year, and last year turned a profit of $3,300,000 on sales of 260,000 cars. Chapin and Luneburg expect to reach $4,000,000 this year. The acquisition of Kaiser Jeep also makes American Motors a billion-dollar corporation once again, a status it has not enjoyed since...
...Nixon Administration has tried to cushion housing from the impact of tight money. The Federal Home Loan Bank Board has lent nearly $4 billion to savings and loan associations. The Federal National Mortgage Association, which is privately owned but Government-controlled, has become the principal source of funds for Federal Housing Administration and Veterans Administration loans. But money is so scarce that average private mortgage rates have risen from 6.4% two years ago to 8.1% now. Many borrowers must pay 81% or even 9%. Though the rates may fall a bit next year, they will probably stay high by historical...
...costs, 55 of the 85 largest public housing authorities in the U.S. face a financial crisis. Instead of raising rents, the authorities have been neglecting maintenance; now Congress is considering a bill to increase federal subsidies. Over the past three decades, the Federal Government has put more than $7 billion into housing subsidies and urban renewal. Still, one-sixth of the U.S. population lives in overcrowded or substandard housing...
...partnership with two local builders, Westinghouse Electric is buying 8,000 acres south of San Francisco for a complete oceanside community. Beer-making Anheuser Busch recently bought 4,000 acres of Virginia countryside near Williamsburg and will develop an industrial town. Boise Cascade Corp. (1968 sales, $1 billion) has spread into almost every corner of the business: factory-built houses and mobile homes, on-site homes, apartments, leisure-home projects and urban renewal...