Word: rollback
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...follow price guidelines, but enforcement is mostly voluntary; only the 650 largest corporations are required to notify the Cost of Living Council in advance of large price boosts that they plan, and they can go ahead if the COLC does nothing, subject to no penalty greater than an eventual rollback. Even these loose controls have been less than vigorously enforced. Some Internal Revenue Service officers, who are charged with enforcing price policy, complain that many reports of violations that they have made to the COLC have gone unheeded...
...plan would take away much of the legislature's power to tax. The personal income tax rate would be set at a probable maximum of 8.75%-the average rate that people in the state now pay. Then there would be a rollback: Each year the rate would drop one-tenth of 1% until a ceiling of 7.5% was reached in 1989. That ceiling could be raised only by a two-thirds vote of both houses of the legislature, with the concurrence of the Governor and the approval of the voters at the next election. Reagan estimates that if income...
...House Banking Committee voted to roll back retail food prices to May 1, 1972, an economically senseless measure that would be vetoed by the President because it would bankrupt farmers and middlemen. At the urging of the House leadership, the committee reconsidered next day and settled for a rollback of prices, rents and interest rates to Jan. 10, the last day of Phase II. The measure may still be too extreme to win a majority in the House, but public pressures are rising on Congressmen to pass some form of controls. Then the President will be put to the test...
Shortage. "The major weak spot in our fight against inflation is in the area of meat," said the President. He vowed that the price ceiling will be maintained "as long as is necessary to do the job." Housewives immediately questioned whether the ceiling would work; they urged a rollback of prices as well. Farmers thought that they were being victimized. Iowa Farmer Donald Gerhardt echoed the common sentiment: "The farmer is being singled out to fight inflation and take the whole loss...
Meat Lust. More ominously, George Meany said after the ceiling was announced that unless there is a general rollback on prices, labor will consider Phase III "inequitable." That was a blunt warning that unions, angered by price rises, may well be encouraged to make excessive demands in the contract negotiations that get under way in the next few months in the rubber, trucking, electrical and auto industries. If labor wins big wage boosts, Nixon will be confronted again with the specter of inflation. He would have to make an unhappy choice: either he would have to impose a wage freeze...