Word: borrower
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Dates: during 1970-1979
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...Operating-none too efficiently, it turned out-the secret White House taping systems. As the custodians of the tapes, the agents revealed themselves to be sloppy bookkeepers, letting White House aides borrow them casually...
...they didn't pay much income tax, and they think it should stay that way," he says. "The thought of having to pay the Government $5,000 at a shot sends them into a panic." Declares Farmer Bob Garske, 49: "I'd rather hold my wheat and borrow money at 7% to live on than sell it and have to pay a 30% income...
...THIS WAY, a reality common to the immense majority of our countries has been produced: we are potentially rich, but we live poor. In order to continue living, we borrow. But at the same time we export capital. This is a typical paradox in the international relations of the capitalist system...
Real estate investors also generally borrow heavily to buy land or put up buildings, and all the interest that they pay is tax deductible - not only against income from the property, but against any income at all. Example: Richard Nixon in 1970 paid at least $81,000 interest on $1,000,000 borrowed to buy his San Clemente property. He could have written that off against his $200,000 salary as President of the United States - and that, combined with other deductions, might have freed him from paying any income tax on his presidential salary...
...deficits equal or surpass everyone's wildest fears, Hall said, there will be two options: to borrow the money from the Corporation and hope for a rebound next year; or to use the Food Services' equipment reserve fund. The second choice would depend on the absence of disasters such as Lowell House's kitchen fire last year or other unexpected breakdowns, he added...