Word: dividends
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Dates: during 1970-1979
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...Brown, calls for a North American common market. To spur savings Connally would create a "taxpayer's nest egg," in which people could invest up to $10,000 of income, taxfree, so long as they put it in a bank account, stock or bond and reinvested the interest, dividend or capital gain...
Under his startling scheme, Americans no longer would pay taxes on their total income, which includes savings that are now actually subjected to double taxation (first when the money is earned and later when it draws interest or dividends). Instead, they would pay taxes on only the money they spent, thus creating a powerful incentive for saving. Impossible? Not at all, says Boskin, who adds that since interest and dividend payments also would be tax exempt, U.S. capital accumulation would rise to new highs, thus revitalizing the private sector of the economy...
...other sacrifices, common stockholders will have to wait a long time for dividend payments to resume. Top managers could well announce token salary cuts* and the sale of the company's three corporate jets. Bankers may have to accept deferred payment and lower interest. A committee representing Chrysler dealers has offered to lend the company $50 for every car they receive-a deal that ultimately could amount to an interest-free credit totaling $120 million. lacocca has already confirmed that certain suppliers have agreed to extend terms of payment. Chrysler has also asked some to cut prices...
...NAHB foresees would be the mildest of the many housing declines that have repeatedly led the economy into recession since World War II. But its impact might be magnified by a reduction in credit-financed buying of other goods, notably cars. Last week General Motors cut its year-end dividend to $2.50 a share, from $3.25 a year ago. GM officials formally clung to their prediction that car sales will total a near record 11.5 million next year, but added that high capital outlays make it wise for the company to conserve cash...
...dividend cut shocked Wall Street traders, who apparently saw it as a harbinger of many more to come. Stock prices, which had registered their sharpest one-day run-up ever (35 points) during the initial euphoria over the dollar-rescue program, fell back heavily; last Tuesday the Dow Jones industrial average tumbled 14.81 points. At week's end it was moving in a narrow range just above 800, but nobody could be sure it would hold there. Some brokers fear that a combination of high interest rates and the threat (or fact) of recession could push the average down...