Word: cash
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Dates: during 1970-1979
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EXCESSIVE REGULATION Government rules have forced companies to spend cash on costly environmental, health and safety equipment rather than on modern machines. Earlier this year, the congressional Joint Economic Committee deplored the fact that U.S. industry in 1977 had to spend $6.9 billion for pollution-control equipment "that does not contribute directly to the production of measured output...
...left the island when he was three, Cecil has not held a job since he graduated from school last year. Unable to find anything paying more than $50 a week, he has had repeated brushes with the law, and plans to return to Jamaica when he has enough cash. "Look at the streets here," he says. "You see a lot of people suffering- no job, no money...
...filling in at night as the building custodian: he saves $2,040 a year and breaks federal law by not reporting it as income. Eddie, who pays taxes on his earnings as an apartment superintendent in New York City, clears an additional $250 a week in tax-free cash by driving a cab when the owner is not using it. "That's better than making $350 or $400 on the books," he boasts. The cab owner is equally pleased since he pays no taxes on the money that Eddie gives him to "hire the horse," that...
...young woman has begun to make a small fortune on Wall Street by selling municipal bonds to doctors and dentists. They pay in cash from earnings they have not reported to the Internal Revenue, and there is no record of the bond purchases because they are so-called bearer bonds and therefore do not carry the name of the owner. Gambling casinos are surging in part because they are convenient places to spend cash. Says Albert W. Merck, a member of New Jersey's casino control commission: "A casino fills a fascinating function in an economy where there...
Flea markets are flourishing partly because they seldom charge taxes. Barter clubs are also springing up fast, particularly in the West. The clubs offer swap deals on a vast array of goods and issue checks" for services. A gynecologist, for example, may cash his "check" with a mortician. The members of the clubs claim that their transactions do not represent sales and thus are not subject to taxes...