Word: exempt
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Dates: during 1970-1979
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Human Error. Until recently, it was impossible to get the figures that tell the rags-to-riches story. But the Tax Reform Act of 1969 required tax-exempt Boys Town to file a public statement of financial position for the first time. Warren Buffett, 41, owner of seven Omaha weekly newspapers that have already won two national awards, last week seized the opportunity to publish the first expose of Boys Town's finances; a six-man team headed by Editor Paul Williams had worked on the project since November. Buffett, a Protestant and self-made millionaire who until...
...favorite tax shelters of the rich, treating them like so many shooting-gallery ducks. The oil-depletion allowance would be reduced by 20% or more under both Democratic plans, and municipalities would be encouraged through federal subsidy to issue taxable bonds instead of the now popular tax-exempt variety. There would be new restrictions on tax deductions for farm losses, capital gains and large charitable contributions. Inheritance-tax bills would go up indirectly: estates would have to pay capital-gains taxes on property and securities (for wealthy people, at least 35% of the increase in value over the original purchase...
...against rising prices. So far, the commission has done well in curbing prices in areas under its control, especially manufactured goods. But utility rates and rents are only loosely controlled. As for food, the most critical item of all, the board can do practically nothing because unprocessed foods are exempt from controls...
Second-Class. The New Feminism has touched off a debate that darkens the air with flying rolling pins and crockery. Even Psychology's relatively liberated readers are not exempt. Male letter writer: "As far as Women's Lib is concerned, I think they are all a bunch of lesbians, and I am a male chauvinist and proud of it." Female: "It's better to let them think they're king of the castle, lean and depend on them, and continue to control and manipulate them as we always have...
Boston offers a striking example. Its revenue, comes mostly from property tax. Yet fully 54% of property in the city is exempt, the result of unwise concessions to colleges, airlines and businesses putting up new buildings. A surge of commercial construction has increased office space in Boston by 40% in the past ten years, but the city has received little revenue from it. Property taxes on those who do pay have been raised to a mind-bending $174.70 per $1,000 of assessed value, and are likely to go up again shortly to $190 or more; that is equal...