Word: low
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Dates: during 1970-1979
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...that can be extracted from coal, and the petroleum that lies trapped in shale rock. Fifteen percent or so would be spent on aid to low-income families that would suffer from rising fuel prices. The remaining 5% would go for further development of the nation's mass-transit system...
...lower than 46%. Income taxes in some OPEC states not only are much higher than 46% but are sometimes based on the price of the oil. That gives the companies large credits that they can use to "shield" profits from, say, refineries in Caribbean tax havens where there are low or even no taxes at all. Complains Washington Attorney Jack Blum, for eleven years a staff member of the Senate Antitrust and Monopoly Subcommittee and the Foreign Relations Committee, and now a frequent critic of the Oil Game's international accounting and tax methods: "We have reached the point with...
...worst offender is the so-called entitlements program. It was set up under Gerald Ford in 1974 to equalize the burdens of surging import prices between refineries that depend on expensive foreign oil and those with supplies of low-cost domestic petroleum. The complex program works this way: for every barrel of domestic crude that a refinery processes, the company must make a payment into an entitlement pool. The payment raises the price of each barrel of domestic oil halfway up to the cost of more expensive OPEC crude. At the same time, any refinery that imports costlier OPEC crude...
There is an ugliness in the political climate in Britain today which bodes ill for Mrs. Thatcher's reign. When her advisers speak of the alarming rate of low-class births, and others discuss the need to strictly control colored immigration, but do not offer any plan to combat the mounting unemployment of young blacks in the decaying inner cities, and when Thatcher herself subscribes to the rhetoric of Hayek and Milton Friedman, she cannot be totally surprised if some fear the worst consequences in a country used to 'fair play,' a sense of decency and give-and-take, instead...
...whether British business will be adept enough in responding to the 'Spirit of Proposition 13" to produce the necessary growth on its own. There are fears of a repeat of 1971-72, when similar incentives from the Conservative government of Edward Heath merely produced property speculation, a record low in productive investment and an inflationary consumer boom. The Tories have claimed they will provide some of the money by allowing private investment in state-run industries--but this ignores the fact that most state enterprises were taken over by both parties in the past not because of socialist zeal...