Word: surplus
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Surprisingly, the increases come after a year in which the Postal Service had its first black ink since 1945, a surplus of $470 million at the end of last September. But, Bolger explained, the Postal Service already faces a projected $593 million deficit for the current year because of rising fuel prices and cost of living adjustments in employee salaries...
...Reagan tax increases helped set the stage for California's emotional Proposition 13 tax revolt in 1978, three years after he left office. As Governor he avoided taxpayer retaliation by turning to a politically popular gimmick. As budget surpluses grew because of his high taxes and the state's general prosperity, Reagan retained the heavy taxation but gave some of the unneeded revenues back to Californians as rebates and tax credits. The income tax rebate in 1970 was $91 million; a 20% income tax credit in 1972 totaled some $235 million; another rebate in 1973 added...
...after a brief career as a semiprofessional boxer, Daly bought the two-year-old ailing World with $50,000 worth of poker winnings. The carrier was no prize. Its debts totaled $250,000, and its assets were only seven planes: two leased war-surplus transports and five unairworthy flying boats that later were sold for scrap...
...what amounts to his own budget. As approved by the committee late last week, it calls for the spending of $611.8 billion in fiscal 1981, which begins Oct. 1, or $16.5 billion less than Carter's estimate of early March. It assumes revenues of $617.3 billion and a surplus of $5.5 billion, the first since 1969 and the largest since...
Collectively, the states can afford a cancellation of revenue sharing; the 50 states are expected to pile up an aggregate surplus of $7.5 billion this year. But the Governors, and the mayors to whom they pass much federal cash, argue that revenue-sharing grants, which can be spent in virtually any way the recipients please, give them needed flexibility to meet local requirements. Says Pennsylvania's Republican Governor, Richard Thornburgh: "The President proposes to cut the kinds of programs best adapted to changing times, such as general revenue sharing, while retaining rigid categorical grants [those that finance specific activities...