Word: fractionalism
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
...sheer size of foundations-their collective wealth and power as investors in the stock markets and their influence on U.S. society-has begun to stir criticism and concern in some quarters. When looked at in the widest context, this point of view seems unwarranted. Foundation wealth represents the tiniest fraction of all private wealth in this country, which is estimated at $2.15 trillion. Foundation grants account for only 8% of total U.S. philanthropy, 80% of which comes from the individual giver, in a gamut of generosity that embraces large and small offerings to hospitals, churches, the Community Chest and even...
...Families with Dependent Children program (A.F.D.C.), the largest category of relief financed by federal, state and local funds. They require each state to determine the proportion of its children receiving such benefits as of this month and to limit the use of federal money in the future to this fraction. Because the poor bear more children than the affluent, the proportion of needy minors is estimated to be increasing from 4.7% now to 5% in 1970. Therefore states will either have to make eligibility rules more stringent, reduce the load by other means, or produce the funds themselves to support...
...Brown, Boveri is hardly a household name; yet B.B.C., as it is known, has long generated wide respect for its heavy electrical equipment. Brown, Boveri's parent plant in Baden, near Zurich, depends on exports for 73% of its $146 million sales, which in turn are only a fraction of the company's global business. It has 17 manufacturing subsidiaries worldwide: 76,000 employees in 40 plants and 250 field offices make and sell turbines and locomotives, heavy transformers and radio transmitters...
...this he pays no income tax, since ABC contends that it legally amounts to expenses and grants of the charitable foundation. The result is that the salary he used to earn and get taxed on is now protected; he pays taxes on only a fraction. When he dies, he leaves no large estate to be taxed; the money is still in the foundation, which has merely lost its most treasured trustee but which can easily replace him with someone else like, say, his son. The obvious attractions of the idea have brought ABC at least 250 members...
...hopeful foundation founder has to do is to satisfy a few state-set requirements, and they are usually not very stringent. Says Patman: "The IRS tries to give the impression that it double-checks all foundation operations. Nothing could be further from the truth. Only a very small fraction are checked in any given year." But IRS is now warning that it has "doubts about the legality" of ABC-type foundations and trusts. "Tax consequences to those who participate could be adverse," since the burden of proof falls on the taxpayer when IRS challenges a claimed deduction...