Word: surtax
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Dates: during 1970-1979
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...European Common Market. Italy's current inflation rate is 18%, its internal deficit is estimated at $20 billion, and its foreign trade deficit has doubled in only a year, to $4.4 billion. So weak is the lira that it has to be supported by a 7% surtax on foreign exchange purchases. Italy's accumulated foreign debt of $17 billion has all but exhausted her credit: the International Monetary Fund has held up since March a $530 million loan request...
...avoiding serious defeat at the polls on Nov. 5. Their supporters were either apathetic or were deserting to the other side; their candidates lacked funds and ways to escape the crippling legacy of Watergate and the crushing issues of inflation, unemployment and the President's proposed 5% surtax. Said one presidential adviser: "All over the country there is an uneasiness, a feeling that a lot of problems are not being solved, and voters are taking it out on the party in power...
...plate Republican breakfast, where only 51 tickets had been sold. That night in Cleveland, his tepid audience at a $500-a-plate dinner totaled about 250, half what had been expected. Among the missing was Republican Gubernatorial Candidate James Rhodes, who opposes Ford's proposed surtax...
...blast points to a potentially serious political problem for the President: the businessmen who have been his strong supporters may desert him if a recession really begins to bite. Last week Administration aides hinted that Ford may modify his package of anti-inflation proposals, notably the 5% income surtax, if the economic situation warrants it. But the feeling so far is by no means unanimous, even among auto executives, who mostly declined to join Townsend's attack on the Ford program. Speaking at an automotive engineers' convention last week, Ford Motor President Lee Iacocca said that inflation...
...incredible to watch my Republican Party continue to commit piecemeal suicide, the latest shocker being the proposed 5% surtax on the middle and working classes...