Word: markup
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...weekly press conference, before anyone had a chance to ask. His report: only normal tanker traffic had been discovered. Anyway, he added, the rumored tactic would make no sense, because the oil could legally be sold only for its original cost plus freight charges and normal profit markup...
Economist Walter Heller sees some hope that strict enforcement of Phase IV rules will at least hold down price increases. Under those rules, sellers may raise prices only enough to pass on increased costs dollar for dollar; they cannot tack on an additional profit markup. Cost of Living Council Director John T. Dunlop complained to friends last week, however, that he is having difficulty recruiting people to check up on price boosters. Prospective employees apparently believe that the program will be dropped in a few months, leaving them without jobs. Treasury Secretary George Shultz did nothing to discourage such speculation...
...deficit will be made up from federal revenue-sharing funds. The remainder should come from revenues brought in by a new capital gains tax on land sales. With this tax, Vermont hopes virtually to eliminate speculators who buy land only to sell it quickly at a big markup. The highest capital gains tax is a whopping 60%, to be paid by speculators who make more than 200% profit on land held less than a year. Lower capital gains rates vary with the amount of profit and the length of ownership. People who sell their land after six years, for example...
...cents less per pound than he bought it. The feedlot operator hopes to profit by adding considerable weight to the animal in a relatively short time, but his problem lately has been that feed costs have risen sharply. The packer who slaughters the calf adds a markup, but his margins have been pared by increasing labor and transportation costs. The retailer, who often dresses a 600-pound carcass into a variety of table meats, adds still another markup, but his own profits have been crimped by rising costs of everything from labor to fuel...
...Zigs. In an effort to hold down meat prices, the Cost of Living Council ordered packers to pass along any variations in their cattle costs on a dollar-for-dollar basis, without tacking on their customary profit markup. For the most part, Nixon and his advisers seemed determined to ride out the squall without taking one of their sudden, celebrated zigs in policy. In fact, the only thing they seemingly wanted to change was the nation's eating habits. After the President had endorsed fish as a "patriotic" dish and Federal Reserve Chairman Arthur Burns picked cheese, last week...