Word: pretax
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Taking Advantage. As much as this delights the taxpayer, it is hard on defense-industry profits, which dropped from a pretax average of 6.3% of sales in 1956 to 3.1% in 1962. The Pentagon has canceled and held back on so many projects that many large companies, and hundreds of small subcontractors, are beginning to starve for orders. The Government is thus able to take advantage of a competitive situation that it created itself. Even the companies concede admiration for its tactics. "It would be a pretty naive Government negotiator," says Vice President William Hafstrom of North American Aviation...
...present tax structure are taxpayers in the upper-middle income brackets, business executives and professional men who receive all or nearly all of their income from salaries (or from fees or royalties not sheltered from taxation). Such people typically have only meager net assets despite their hefty pretax incomes. Far from accumulating capital, they often have to borrow to put their children through college. They attain their levels of prosperity only after many years of gradually working their way up, bucking a headwind of ever higher tax rates. And as they approach their earnings peaks they find themselves paying...
...mails and at retail outlets, and counts one British family in every four among its customers. Gussie's shares, now worth 450 times what they were when Sir Isaac joined the company, are among the bluest chips on the London Stock Exchange. Last year, the company had pretax earnings of $77 million on sales of $700 million, and so far this year profits...
Other housing specialists expect a slowdown for a few years, then a surge in demand for apartments, as the big generation of World War II babies grows up, marries and moves in. Buyers and renters need shed few tears for the builders, who continue to earn a pretax return of 30% to 40% on invested capital. "The smart builder is still making a good profit," says Washington, D.C., Housing Consultant Robinson Newcomb: "It's only getting a little harder to become a millionaire...
Pointing to them, he explained that since the beginning of 1961 the gross national product has gone up 10%, industrial production 16%, wages and salaries 10%, disposable personal income 8% and pretax corporate profits 26%, while unemployment has gone down 23%. "So this is the story of our economic recovery. The pace thus far this summer, while not as good as all of us would like, has still brought further gains. Economic indicators which have been reported to me for July do not warrant the conclusion that we are entering a new recession." The President's statistics overstated...