Word: stopgaps
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...should stop thinking of mutual-assistance funds as stopgap measures, should put the mutual-security program on a permanent basis-it "is and will continue to be an essential tool" of foreign policy. "In our fascination with our own mistakes, and the constant use of foreign aid as a whipping boy, we may be gradually choking this vital feature of our national-security policy to death...
...teeth of a cold, hostile, subsidy-loving audience, the President of the U.S. last week laid down his philosophy that Government aid should be a stopgap thing and hinted strongly that it was high time for his listeners to stop asking for more subsidies. Occasion: the meeting of 8,000 delegates to the 17th annual convention of the National Rural Electric Cooperative Association, lobbyist for the farm co-ops subsidized by the U.S. under the Rural Electrification Administration...
...life insurance companies moved a step closer toward accepting a permanent formula for totting up-and increasing-their federal tax bill. The companies (in which 109 million Americans have policies with a face value exceeding $458 billion) last year paid $292 million, based on a stopgap law that levied the regular 52% corporate income tax on up to 15% of their net investment income. Industry executives who jammed the committee room for hearings last week heard Rep. Wilbur D. Mills (D. Ark.), chairman of the House Ways and Means Subcommittee on Internal Revenue Taxation, indicate that the present...
...money they earn from investing policyholders' premiums in bonds and mortgages), not on their underwriting income (the money received from premium payments that does not go into reserves). The 1942 tax law still on the books follows the investment-income principle of taxation. It was suspended and stopgap taxes levied because it allowed such high reserve requirements out of investment income, at a time when interest rates were declining, that in some years the industry was paying no tax at all. Taxing only investment income also leaves many loopholes that many insurance men agree should be plugged. But reaching...
...from competent to questionable. School financing is by private donations. Last week Attorney General Bruce Bennett promised that each student forced to transfer to an accredited public or private school could draw perhaps as much as $172.66 in state funds for tuition, but accreditation of Little Rock's stopgap schools seems doubtful...