Word: bond
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Dates: during 1960-1969
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...bond between the three men is now complete. Each has suffered discrimination because of what he is; each has been forced to use violence to survive in a society that continually threatened his life. Of course the relationship between the black and the Jew is more easily established and identifiable. After all, what is the difference between the pogroms of pre-World War H Europe and the race riots of the United States? What is the difference between the discrimination practiced against the Jews in pre-war Europe and that practiced against blacks in America in 1973? The difference...
...fears of flooding in Clinton Township, Mich., because not enough storm sewers are being built. State and local governments spend roughly $26 billion a year to build schools, hospitals, roads, sewers, airports and the like, and last year they raised almost $11 billion of the sum by selling bonds. So far this year their bond sales are running 26% below that pace...
...immediate cause of this chaos is the congressional drive to close tax loopholes. Interest paid on municipal bonds has always been exempt from federal income tax, but the reform bill that the House passed in August would make such interest partially taxable for many individual investors. Banks, which normally buy 70% to 80% of all municipal bonds, would continue to collect tax-free interest, but their officers fear that if the bill is finally enacted it will be only a matter of time before that exemption is limited, too. The slowdown in municipal-bond sales has produced something close...
Even Senate defeat of the tax proposal would not restore the municipal-bond market to health. That would require an easing of Washington's tight-money policy. Long before the tax debate boiled up, banks started curtailing purchases of municipals in order to conserve funds for loans to corporate clients. Municipal-bond prices dropped, and interest rates on outstanding bonds rose from an average of 4.85% in December to 6.37% in September. Laws in several states, notably Pennsylvania, Michigan, Florida and California, forbid payment of that much interest on new bonds. Those states, and their local-government units, have...
...supply, states and cities will be at a disadvantage in competing against corporations for scarce investment funds. Some local governments may be able to increase taxes or find other ways to raise construction money. But most of the public facilities that were to have been financed by the unsuccessful bond issues probably will be long delayed, if not shelved entirely. That is part of the price that the U.S. must pay for having allowed inflation to rage unchecked for too long. The price, however, is being made unnecessarily high by the proposals to tax municipal-bond interest...