Word: surtax
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Dates: during 1970-1979
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...budget may fall into deficit because of the new law, signed last week by President Nixon, that raises the pay of Government workers by 6%. They also worry that consumer spending may jump because of the recent increase in Social Security benefits and the scheduled end of the 5% surtax on June 30. Thus the board, which has been expanding the money supply in recent weeks, may now rein in a bit. Though there is no talk of returning the economy to the constricting days of absolutely no monetary growth, even a slight shift to slower expansion of the money...
...identical letters appearing in the CRIMSON and the M.I.T. Tech this week, the professors said they will refuse to pay portions of the 10 per cent surtax or the telephone tax "as a sign of our personal opposition to the continuing Vietnam...
...withholding is aimed primarity at the telephone tax and the 10 per cent surtax which were approved as means of financing the rising cost...
Harvard is forced to deduct the surtax on salaries monthly, but taxes on royalties and honorariums must be assessed privately every year by the April 15 tax deadline...
...decline at annual rates of 0.5% this quarter and next, on top of a drop at an annual rate of 0.4% in the last quarter of 1969. An upturn will begin in the second half, fueled by higher Social Security benefits and the scheduled July end to the income surtax. By the fourth quarter, the rebound will have "visible means of support." Dollar G.N.P. for 1970 will run between $980 billion and $985 billion, about $5 billion below the most common forecast of board members last December, but just where the Nixon Administration expects it to be. Corporate profits after...