Word: nationalizes
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Dates: during 1970-1979
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...nation's economy is rebounding spectacularly from the ferocious winter that clobbered business early this year. With new jobs being created at a hectic pace, and production, consumer sales and capital spending all quickening, business should move ahead fast through the spring and summer. But it will begin to falter in the autumn and probably remain sluggish for much of 1979. The extent of the slowdown will depend on many, factors, notably Jimmy Carter's success-or failure-in fighting inflation. That is the forecast of TIME'S Board of Economists, which met last week...
...heaviest puffers north of Winston-Salem. Treasury Secretary Mike Blumenthal is constantly chewing on Jamaican cigars. Treasury Under Secretary Anthony Solomon is inseparable from his pipe. Council of Economic Advisers Chairman Charles Schultze chain-smokes cigarettes. When near them, Miller sits in tolerant agony. But at the nation's central bank, Miller is very much in charge. Around the Federal Reserve's board room, which long was redolent with the fumes from Arthur Burns' briar, new black signs proclaim THANK YOU FOR NOT SMOKING DURING MEETINGS OF THE BOARD, and ashtrays have been removed...
...gulp of Excedrin. For the second year in a row, 150,000 Americans working abroad face that situation as a result of a 1976 tax code amendment that would sharply increase their taxes. The amendment would add much to the costs of firms doing business abroad and hurt the nation's trade balance by making it harder to sell U.S. goods and services in foreign countries. Businessmen have protested so persuasively that Congress delayed enactment of the amendment for one year and has been dallying over the matter ever since...
...only major industrial nation that taxes its citizens who work abroad. They also have to pay taxes to the host countries, and many of these have steeper rates than does the U.S. To alleviate this double burden, the U.S. tax code has long provided two moderate loopholes. First, overseas taxpayers could exempt up to $25,000 annually from U.S. taxes. Second, they could claim a credit for any foreign income taxes paid. The amendment would chop the exemption to no more than $15,000 a year and limit the credits for foreign taxes. It would also tax the excess...
...Last week the Senate did the same, but called for changes that would raise taxes above 1976 levels. The whole issue now must be taken up by a House-Senate conference committee, and a decision is needed quickly. Overseas taxpayers are automatically granted a two-month extension of the nation's mid-April filing deadline, and with four weeks left they still do not know how much...