Word: surpluses
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...reaction is sometimes silence. Thanks to Linda Johnson, an IRS examiner in Memphis, that will soon change. She complained to her Senator, Democrat Albert Gore, that when taxpayers in certain categories failed to subtract already withheld sums in calculating what they owe the Treasury, the IRS simply pocketed their surplus payment without telling them. Urging superiors to change the rules so these people will get refunds, she argued, "It was stealing from the taxpayers...
...ritual rhetoric could not paper over the underlying problems in the relationship between the two allies. Chief among them is Japan's stubborn trade surplus with the U.S., which now seems stuck at more than $50 billion a year. After shrinking during much of 1988, the trade gap widened significantly last November, leading some economists to conclude that the improvement has at least temporarily stalled. The trade gap has defied such remedies as the dollar's steep two-year decline, which was expected to slow Japanese exports to the U.S. by making them more expensive. One reason for the lack...
...funds (established from the 1984 Harvard gift of $600,000 made expressly for the purpose of allowing the company to break-even while the endowment was being raised). Remaining reserves are more than sufficient to ensure another break-even year in fiscal 1988-89, though a $240,000 accumulated surplus makes it imprudent to draw unnecessarily on these reserves. Robert J. Orchard Managing Director
...trade officials contend that the E.C. ban is motivated in large part by protectionism, since European beef producers are raising more cattle than they can sell locally or abroad. E.C. nations added 140,000 tons of excess beef to meat-locker stockpiles last year, bringing the total surplus to more than 723,000 tons, or nearly two months of European consumption...
...likely to leave U.S. cattlemen with a surplus of liver, sweetbreads and other specialty meats that are popular in Europe. But the American beef industry can probably make up for the lost European business elsewhere, since U.S. producers export more than $1 billion worth of beef every year to Asia, Mexico and Canada, or ten times the value of the meat shipped...