Word: pretax
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Happy anniversary, drivers! Just a year after Iraqi troops conquered Kuwait and gasoline prices began spiking, a new study by oil historian Daniel Yergin says pretax, inflation-adjusted gasoline prices are at their lowest point since 1947. Even with recent increases in federal and state fuel taxes, gasoline costs Americans 44% less in real terms than it did in 1980, and, surprisingly, 24% less than it did in the halcyon days of 1960, before anyone had heard of Saddam Hussein or OPEC. Of course, what consumers pay at the pump does not factor in the real environmental and military costs...
...offer retirement benefits. Martin's proposal would eliminate much of the paperwork for companies with 100 or fewer employees, encouraging them to set up plans. Employers would have to contribute 2% of an employee's pay, and a worker could contribute up to about $4,200 on a pretax basis, as much as 50% of which could be matched by the employer. The proposal also takes a step toward portable pensions: workers who change jobs could transfer pension benefits by telling their new employer to roll the money into an IRA. Since the plan is more modest than earlier efforts...
...board contends that Arthur Young, which later merged with Ernst & Whinney, improperly allowed the thrift to show a pretax profit in 1987 by violating generally accepted accounting principles. The firm, which severed its ties to Lincoln in 1988, denies this. Possible penalties include loss or suspension of license, or probation. "Audit firms are under pressure to please the client," says deputy attorney general Michael Granen. "They've got to learn to just...
Roberts says he is leaving to travel and teach, but several staff members contend that he is exiting primarily because he was worn down by his ongoing tug-of-war with Knight-Ridder officials. Worried about flat circulation (522,000) and flagging advertising revenue (despite respectable pretax profits), the corporate managers tightened Roberts' purse strings. This spring he lost a page of space on weekdays and twice that amount on Sundays. He also had to report to a publisher newly appointed to oversee both the news and business operations, a combined position that Roberts vigorously opposed. The biggest challenge facing...
...went to work for the Amoco Production Co. but within two years founded JNB Exploration Co. Walters invested $150,000 in JNB, about half the money Bush needed to get started, and received a limited 6.25% interest that allocated 19.5% of JNB's pretax profits to him. There never were any. Good bought a 25% limited partnership in 1983 for $10,000. The next year, Good lent Bush $100,000 to play in the commodities market with the understanding that he would not have to repay it if the investment went belly-up. Bush admits that was an "incredibly sweet...