Word: businessmen
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Dates: during 1950-1959
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...PRIVATE BUSINESSMEN will soon take over more businesses operated by the U.S. Government. Though patronage-minded members of Congress have tried to thwart the program of getting the Government out of business through legislation requiring the Administration to clear every cutback with committee chairmen (TIME, July 25), President Eisenhower has said that he will ignore the demand, has ordered 14 more federally operated businesses closed down. Among them: four coffee-roasting operations, two paint-manufacturing plants, a rope factory...
...Japanese government was putting teeth in the tough new tax rules laid down for foreigners by Finance Minister Hisato Ichimada, and was planning to use the police to get reports on everything from house rent to laundry bills. It was further harsh evidence of worsening relations between U.S. businessmen and the Japanese government...
Under Minister Ichimada's new rules, U.S. businessmen in Japan will pay up to 65% tax on all income, whether earned in Japan or elsewhere, e.g., stock dividends received in the U.S. are taxable. Headlined Tokyo's big (circ. more than 4,000,000) Asahi Shimbun: NEW TAXES MAKE FOREIGN BLUE EYES...
...word "pop" was an understatement. After slamming the door on more capital investment by U.S. companies last winter (TIME, Dec. 20 et seq.), Japan now seemed to be doing its best to lock out individual U.S. businessmen as well. Even for low-income businessmen the rates are prohibitive, e.g., a $6,000-a-year businessman with three dependents must pay $2,639 in taxes v. some $600 in the U.S. On a $20,000 salary, the bite is $12-680 v. about $4,124 at home...
Unequal Equality. Finance Minister Ichimada has decided to cancel the favorable tax deal given foreigners since 1951, make everyone pay the same stiff tax as Japanese. While that sounds fair, U.S. businessmen in Japan complain bitterly that the treatment they get is far from equal. Though many Japanese businessmen make big salaries, ride around in Cadillacs and spend freely, only a handful (400 in 1954) declare salaries as high as $15,000 a year. An executive in a big firm may declare a weekly salary of $100-and pay taxes on it. But his salary is only the beginning...