Word: refundability
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Sawhill himself announced last week that the FEO already has ordered oil companies big and small to refund $86.7 million in profits from sales of gasoline, home heating oil, diesel fuel and propane gas sold over the past four months at prices higher than those allowed by law. The refunds are being made directly to customers or, where records do not exist, in the form of lower prices. Some of the overcharges were the result of honest misinterpretation of federal pricing guidelines, Sawhill said, but others "were out-and-out examples of price gouging." Sawhill did not name the companies...
...year. Presidential records indicate that it was driven far less. In 1970, for example, Nixon claimed a $73 deduction for gasoline taxes; that same year, according to his records, only $45.47 worth of gasoline (including $10 in tax) was bought for the truck. The report recommends that Nixon refund $147.84 for overdeductions on gasoline taxes for 1969-71. But the staff found that Nixon had under-reported his gasoline tax deduction for 1972 by $10.08?which it applied in figuring what he should have paid in income tax for the year. Much of this perhaps seems petty...
...Congress half a century ago to provide technical expertise in tax law to both the House Ways and Means Committee and the Senate Finance Committee. In addition, the joint committee oversees the operations of the IRS, a job that involves double-checking the validity of every Government tax refund of $100,000 or more. Since 1964, the staff has been headed by Laurence N. Woodworth, 56, a self-effacing economist who joined the staff in 1944 and has become something of a legendary expert's expert in the staff warrens of Washington. "I think the committee members know," he says...
...will find it hard to get back the few dollars that they were beaten out of. An average bottle of 100 tetracycline pills cost $51 in the late '50s. No one knows precisely the amount that a customer could now claim; by one rough estimate, the per-bottle refund might be $6. But after the first 43-state settlement, fewer than 40,000 persons made individual claims. Others who were entitled to a share of the payoff were apparently ignorant of the suit or bothered by the bureaucracy of state offices and the forms requiring old purchase records. Consequently...
Sheldon Cohen, manager of Out of Town News, said yesterday that every student would be compensated for the missed deliveries as soon as a suitable refund process could be arranged. "They (student subscribers) weren't cheated for that week," he said...