Word: localizes
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Dates: during 1950-1959
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Counting the big bites and the small nibbles of last year together, U.S. taxpayers paid $98.3 billion in federal, state and local taxes, the Commerce Department reported last week. That came to $568 for each man, woman and child in the country. Even so, outstanding federal, state and local government debts kept right on climbing, reached the dizzying total of $334 billion-$1,930 for each person...
...record. Yet Joey Glimco, longtime extortion racketeer in Chicago's West Side poultry markets, at age 50 is an official of the U.S.'s biggest and most powerful labor union: James Riddle Hoffa's Teamster Brotherhood (TIME, Aug. 31). in which he is president of Teamster Local 777 (taxi drivers) and boss of the Teamster joint council of Chicago. He has made crime pay exceedingly well. The Chicago Crime Commission estimated his rake-in from all sources-union salaries, business profits, kickbacks, extortion payoffs-at $70,000 a month...
...Washington last week, the three-member board of monitors, set up by Federal Judge F. Dickinson Letts to oversee Teamster affairs, confronted President Hoffa with an order to get rid of Joey Glimco. The monitors want Hoffa to suspend Glimco from the presidency of Local 777 and have the local's financial records audited by a reliable firm. Among other things, charged the monitors, Glimco...
...Spent $124,000 of Local 777's funds defending himself against an extortion indictment...
...growth during the same period last year was $1.3 billion. Instead of putting and keeping their money in savings accounts, people are attracted by higher returns in the stock market or Government bonds. The rate of growth of time deposits has been falling off because corporations, state and local governments, and foreign depositors can now get nearly 3½% on a 91-day Treasury bill v. 3% on time deposits...