Word: lowering
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Dates: during 1960-1969
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...three-step rise in the standard tax deduction-now $1,000 or 10% of income, whichever is less-to $2,000 or 15% by 1973. The feature is designed to aid lower-and middle-income groups. > An additional $1,100 income exemption for those with annual earnings of $3,300 or less, aimed at removing 5,500,000 poor families from the tax rolls. > A new schedule for single taxpayers designed to narrow the gap between what they pay and what is paid by married people with the same income. Single people now pay up to 40% more...
...financial trouble -like others across the U.S.-and Archbishop Robert Lucey halted all diocesan subsidies for three of the city's twelve Catholic high schools. One of the three schools was located in a wealthy white neighborhood, and it easily survived by raising tuition. Another, situated in a lower-middle-class area, gave up and closed its doors. It is now a warehouse...
...lease entitled him to join the club. Instead, the club barred the Negro tenant. When Sullivan protested, the club barred him too. Sullivan was angry enough to join Freeman in fighting the case up to the Virginia Supreme Court of Appeals. They lost: the judges upheld a lower-court ruling that Little Hunting Park was a private club, and was thus free to restrict the pool to whites...
...Vice Chairman James L. Robertson called for "tighter and more painful controls" to eradicate the nation's "inflation psychosis." Such tough talk reflects a serious worry that is still shared by the majority of the board's members. They fear that even the slightest move toward easier money or lower interest rates would be misinterpreted by businessmen as a signal to get set for another jolt of inflation. In the minority at present, Board Members Sherman...
...recession, Nixon so far has shown a deep reluctance to intervene in the private economy. He has rejected price guidelines, personal pressures on business and labor leaders, and outright controls. His policy coincides with Friedman's fundamental ideology?a strong aversion to Government interference?and places great emphasis on lower federal spending, as well as the monetary measures that Friedman has illuminated and popularized. Manipulation of the money supply operates indirectly on the economy, but its impact is ultimately massive and touches the lives and fortunes of nearly everyone...