Word: exemptible
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Dates: during 1970-1979
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...turned down a labor bid to specify that the minimum wage from now on must be at least 53% of average manufacturing wages. It voted to let employers of waiters, waitresses and other workers who receive tips continue to pay only half the minimum wage. It decided to exempt any business with sales of less than $500,000 a year from paying minimum wages at all. The ceiling had been $250,000. Only the tie-breaking vote of Speaker Tip O'Neill prevented the House from legislating a lower minimum for teenagers. Hardly much of a victory after such...
...state ballot. Just under 500,000 signatures are needed; the organization fell only 1,427 short of collecting that many earlier this year. In Washington, D.C., where assessments have jumped 75% in the past four years, furious homeowners forced the city council in July to pass acts that exempt the aged, blind and disabled from some of the increases, and to lop $6,000 off the assessed value of every single-family house. In the upstate New York hamlet of Hardenburgh, residents have dodged the assessor by joining a California mail-order outfit called the "Universal Life Church" and declaring...
...Party. As many as 254 Swiss banks or branches located in Ticino compete fiercely for these loose lire. Some of the banks are suspected of collaborating in the smuggling, either by providing transport or by bribing low-level diplomatic officials to make currency runs in their cars, which are exempt from border inspections...
...Jimmy Hoffa and shuffling Frank Fitzsimmons, trustees treated the fund as a pot of honey to be ladled liberally to friends and acquaintances. Now, after a two-year investigation by the Department of Labor and a threat by the Internal Revenue Service to revoke the fund's tax-exempt status, Fitzsimmons and his pals have been forced to resign from the fund's board of trustees, and management of the assets has been entrusted to the Equitable Life Assurance Society. "Our only requirement was that they settle on a recognized, independent financial manager," says Labor Department Spokesman John...
...Ending "double taxation" of dividends. At present, a corporation pays tax on its profits, and then a stockholder pays tax on the portion of the remaining profit that he receives in dividends. The simplest way of ending this process would be to exempt from corporate taxes the portion of a company's profits that are paid out in dividends. However, the tax-reform team also is studying various proposals for integrating corporate and individual taxes. A stockholder, like a member of a partnership, would include in his taxable income his proportionate share of the company's profits. Several...