Word: credited
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Dates: during 1970-1979
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DIED. Pyotr Pospelov, 80, leading propagandist, historian and theoretician for the Soviet Communist Party and for twelve years editor of Pravda; in Moscow. A malleable and therefore durable ideologue, Pospelov maintained his credit with the party through several changes in its leadership. He demonstrated his political flexibility most dramatically in 1954 by calling for "peaceful coexistence with the West" three years after his vituperative railings against the U.S. had triggered the U.S.S.R.'s "Hate America" campaign...
...companies, however, the credits produce a perversely beneficial result. Instead of simply holding their U.S. tax liability to the nation's corporate rate of 46%, which is what they are intended to do, the credits sometimes let companies pay no taxes at all on their foreign profits. The basic reason: if a company has to pay taxes of more than 46% on its profits in a foreign country, the excess is counted as a credit. Then the company can use the credit to reduce or even totally wipe out income taxes owed...
...Internal Revenue Service from profits earned in other countries, where the rate is lower than 46%. Income taxes in some OPEC states not only are much higher than 46% but are sometimes based on the price of the oil. That gives the companies large credits that they can use to "shield" profits from, say, refineries in Caribbean tax havens where there are low or even no taxes at all. Complains Washington Attorney Jack Blum, for eleven years a staff member of the Senate Antitrust and Monopoly Subcommittee and the Foreign Relations Committee, and now a frequent critic...
Sixty-one per cent of the 705 freshmen polled also said they favor varied meal plans with a computerized meal credit plan, where students missing meals could use their credits at a University snack...
Dean Fox, referring to a similar meal-credit plan at Brown University, said yesterday. "Unlike Harvard, Brown has only one dining hall--it isn't feasible to combine the convenience of a dining room in every house with a University-wide meal credit system...