Word: castillo
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...Wealthy tightwads!" cried a leading daily, but Castillo Armas patiently took the plan under study. Then he learned that the "tightwads" were shelling out freely to help elect right-wing anti-Castillo Armas candidates to the new Constituent Assembly (TIME, Oct. 25). That did it. The President raised his estimate of needs to $6,200,000, adding allotments for workers' housing, new roads, and repairs for recent hurricane damage, then uncorked his capital levy. A one-shot tax,* it requires payments equal to 3% of property assessed at more than $5,000, 1% of business capital over...
...myopic moneyed classes of Guate-j mala, whose skins and properties were saved by Carlos Castillo Armas' anti-Communist revolution last June, are the ones who gave the least money towards the revolution-and who have since refused to help with the revolution's debts. Last week, thoroughly exasperated. President Castillo Armas ruled that if gratitude were not motive enough to produce aid from the rich, the law would have to serve instead. He thereupon decreed a drastic capital levy...
...Castillo Armas' most pressing debt was back pay for the peasant irregulars in his liberation army, but he had also promised to indemnify the victims of the reign of terror that the Reds touched off in the weeks just before they fell. Right after he took power, he appealed to the wealthy to raise a voluntary fund of $1,000,000 toward these debts. Businessmen and landholders hedged, finally parried with a special tax plan theoretically designed to affect rich and poor alike...
...that the contents had been bought with state funds, the government felt free to open it. Inside, from a Fifth Avenue jewelry firm, were diamond earrings, pearl earrings, a diamond ring and a diamond necklace, ordered early this year by luxury-loving Maruca Arbenz and valued at $25,000. Castillo Armas plans to have them auctioned off "for the public welfare...
...Noting that Guatemala's long-term contracts with the U.S.-owned United Fruit Co. and International Railways of Central America exempted them from new taxes, Castillo Armas expressed a tactful hope that "foreign companies will make a contribution of their own accord...