Word: buyer
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Arden and Jo meet each other for lunch twice a week Arden works as a real estate agent Jo is a bank executive. They have been friends for years and eat at their favorite fancy restaurant down town. Oftentimes Arden brings a prospective buyer with him. Sometimes Jo brings a major depositor of her expensive dish--shrimp or lobster Rockefeller when in season; Jo, the filet mignon Jo likes the $3.95 cheesecake for dessert and usually orders it saying "I'll log it off on the way home." Because Arden rents a new Mercedes Renz cash year to drive buses...
...including tip Who pays for this lunch? Once a week Arden says. "I'll get the bill." Once a week Jo says, "I'll pick up the tab, it's on me." But who actually pays for their lunch? Arden's real estate firm? Jo's bank? The prospective buyer or hefty depositor...
Well, yes, The bank or real estate firm pays part of the bill. Does the buyer or depositor pay the other part? No the federal government "pays" for it by uncollected income taxes. The hefty depositor and prospective buyer get a free lunch, without reporting it to the Internal Revenue service...
...creating much hardship. Kuwait has slashed production by 70%, to a mere 650,000 bbl. daily, without difficulty. Indonesia, on the other hand, has a large population and badly needs oil revenue for development. Therefore, it has continued to pump crude at full tilt, helping to sustain a buyer's market...
...costs of doing so are becoming staggering. One index of interest rates on such municipal bonds shows them averaging around 13%, almost exactly double the rate in 1979. That is a truly astonishing rate, because the interest on these bonds is exempt from federal income taxes; for a buyer in the 50% tax bracket, a 13% municipal-bond yield is equivalent to a 26% yield on a corporate bond. Moreover, states and cities are incurring these costs at a time when the recession is crimping tax receipts and the Reagan Administration's budget-cutting efforts are curbing the flow...