Word: hong
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Dates: during 1980-1989
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...Cummins diesel engine distributor in Hong Kong, J.W. Streeter, commutes 5,636 miles every month to work from his home in Honolulu. He does so gladly. Before he moved from Hong Kong back to the U.S. in 1979, Streeter had been spending $65,000 a year on rent and education for his four children. Although these costs resulted directly from his work in Hong Kong, the Internal Revenue Service did not give him full tax credit on them. Says he: "I'm saving at least $1,500 a month by living in Honolulu, and that is more than enough...
...past four years, RCA, Boeing, AT&T and General Electric have substantially reduced the number of Yankees that they employ abroad. After Dow Chemical's Pacific subsidiary discovered that U.S. tax laws alone cost the company $17,000 a worker, it cut back its U.S. staff in Hong Kong from 36 to 24. At the same time, it increased its total employment by 50% by hiring less costly employees from other countries...
...decline in U.S. exports. Reason: the difficulty of adapting to American-style operations. Says Gibson Durfee, president of Westinghouse Nuclear Belgium: "Obviously, if you whittle away American representation abroad, you carve away at America's competitive position." Adds Karl Gelbard, who is leaving Merrill Lynch's Hong Kong office partly because of the tax burden: "I need Americans to sell American stocks. But I cannot afford to bring them in from...
...used in the film; the amount of money needed to waste the talents of such fine performers as Malcolm McDowell, Peter O'Toole, Helen Mirren, and Sir John Gielgud; the amount of money squandered on lavish sets that often look less like ancient Rome than the interior of the Hong Kong...
Kalb also served in Hong Kong with CBS News. He toured China with President Richard Nixon in 1976 and has found Poland to be refreshingly different...