Word: surtax
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Dates: during 1970-1979
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...high-powered thinker or speaker, Carey talks the language of New York City in a genial, gravelly voice. A traditional bread-and-butter liberal, he is taking cautious stands against taxes and busing and a moderate environmentalist position. He promises to block President Ford's surtax proposal from his post on the House Ways and Means Committee. An Irish Catholic widower with twelve children and no trace of limousine liberal snobbery, he is likely to win back much of the ethnic vote that has been deserting to the Republicans. He is aided in this effort by the Democratic candidate...
TAXES. Easily the most contentious proposal is the temporary surtax for 1975. For corporations, it would be 5% of the tax due before taking any tax credits. The surcharge would apply only to individuals whose income was $15,000 or more in the case of married tax payers filing joint returns, or $7,500 in the case of a single person. After subtracting standard deductions and exemptions, this works out to a taxable income of $10,000 for married couples and $5,450 for single people. The surcharge would be levied only on the tax due on income above those...
...across northern Italy. In Milan, protesters are refusing to pay increases in rents, bus fares and schoolbook charges. In nearby Monza last week, Pietro Russolillo, a 50-year-old schoolteacher, dramatically drove up to the police station to turn himself in for not paying the una tantum, or onetime surtax that the Rumor government imposed on 12 million cars. "I am ready to pay ten times the amount," declared Russolillo with a flourish, "but first you must persuade me that the money will be put to proper...
DRIVING. A 100 per gal. gasoline surtax could save as much as 450,000 bbl. of oil a day. A 300 charge could conserve 750,000 bbl. a day. The FEA bases these estimates on recent experiences of how much gasoline demand went down as prices went...
...daily usage. Given the political will, the nation could make even more enormous savings in ensuing years. The ripest area for cutbacks is in transportation, which uses 60% of all oil consumed by the U.S. The FEA has worked out a comprehensive program of a 300 per gal. gasoline surtax, mandatory fuel efficiency standards for new cars, high excise taxes on low-efficiency autos, and additional spending and operating subsidies for mass transit. Anticipated extra savings: 1.7 million bbl. a day by 1980, rising to 2.3 million...