Word: fording
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Dates: during 1960-1969
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...economic, the Senate committee departed from the House bill to substitute a .2% tax on assets for a 7½% tax on net investment income and capital gains. It also went far beyond the House bill in approving a provision requiring such "nonoper-ating" foundations as Rockefeller, Ford and Carnegie - whose main activity is making tax-exempt grants - either to dissolve themselves after 40 years or to begin paying regular corporate income taxes...
...offset these expenses, Ford's predictions show only a $1.5 million rise in income-from $37.3 million last year to $38.8 this year...
...this year's budget follows the pattern set in the last few years, that prediction will prove to be far too pessimistic. Because Ford is intentionally liberal in estimating expenses and conservative in figuring income, each year's budget looks better in June than it did when predicted in the Fall...
Last Fall, for example, Ford predicted a mammoth $2.4 million deficit...
Both income and expenses will be up this year, but expenses may rise by about twice as much as income. Ford predicts total expenses of $40.7 million this year-more than twice the figure ten years ago and an 11 per cent rise over last year's $36.9 million...