Word: deficits
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Dates: during 1970-1979
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...graduated scale the tax bite ranges from a minimum of 44% on incomes up to $11,600 to a maximum of 63% on earnings over $21,000. To make matters worse, the government imposed a $1 billion sales tax increase last fall to help balance a $2.6 billion trade deficit and meet the welfare costs of 12% unemployment...
Everyone was disappointed, but no one was really surprised as the Big Red of Cornell nobbled away at a 3-0 deficit and all but killed Harvard's ECAC playoff hopes, by burning the Crimson 4-3 in overtime last night at Watson Rink...
Spurred on by the spectacular goaltending of Hartley Rogers, Harvard came back from a 2-0 deficit to tally three second-period goals that put Bowdoin at a 4-2 disadvantage midway through the period, with Yeomalakis, returning from a thumb injury, assisting on two of the goals...
...earlier bout, Cathy Lowry, who won three times out of four on the evening, as did Cooper and Sze, climbed back from a 3-0 deficit against Mary Varkus with fierce determination when her normally fluid and well executed attacks failed...
...created 22,000 new jobs, mostly make-work. Inflation, mercifully, has dropped from 30% in 1974 to less than 10%, and a new sales tax added some $35 million to government coffers last year. But the $432 million budget (9% of it allotted to the military) has a deficit of $89 million, and the national debt stands at $1.6 billion. That translates into $930 for each of the 1.7 million Panamanians -only $270 less than per capita income...