Word: municipales
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Dates: during 1960-1969
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Like many big cities, New York teeters on the edge of bankruptcy. Lindsay imposed a measure of rationality on fiscal operations by ending reckless borrowing to cover operating expenses. But he also increased spending by 75% and imposed a municipal income tax, giving New York City residents the highest taxes...
These situations illustrate the social cost of a financial disaster: the near-collapse of the municipal bond market. Other results include a scaling down of planned airport improvements in Los Angeles, an increase in three-shift classroom sessions in the schools of Dade
The immediate cause of this chaos is the congressional drive to close tax loopholes. Interest paid on municipal bonds has always been exempt from federal income tax, but the reform bill that the House passed in August would make such interest partially taxable for many individual investors. Banks, which normally...
Even Senate defeat of the tax proposal would not restore the municipal-bond market to health. That would require an easing of Washington's tight-money policy. Long before the tax debate boiled up, banks started curtailing purchases of municipals in order to conserve funds for loans to corporate...
Too High a Price. As long as inflation forces the U.S. to restrict the money supply, states and cities will be at a disadvantage in competing against corporations for scarce investment funds. Some local governments may be able to increase taxes or find other ways to raise construction money. But...