Word: surtax
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Considering the vast sums spent on Viet Nam, why will the once vaunted peace dividend be so small? The main reason: many of the benefits have already been parceled out during the slow, tortuous winding down of the war. The 10% income surtax that became effective in 1968, for example, was cut by three-quarters in 1970 and canceled altogether thereafter...
...first formal declaration came at a summit meeting in the Azores with French President Georges Pompidou, long a critic of U.S. monetary policies, who argued for devaluation and an end to the 10% import surtax imposed by Nixon in August. Nixon was ready to agree. Then, at week's end, he stepped beneath the Wright brothers' 1903 biplane in Washington's Smithsonian Institution. Near by, the finance ministers of the world's ten greatest Western industrial powers had been meeting for two days to complete the latest round of negotiations begun after...
Apart from these difficulties, manufacturers have had trouble buying enough double knit machinery; practically all of it is made in Europe, especially West Germany, and orders have to be placed many months in advance. This problem has been aggravated by President Nixon's import surtax. Ironically, the most promising sector of the staunchly protectionist textile industry is now being forced to pay at least 10% more for its new equipment because of the Administration's protectionist measures...
...high-stakes game of international money. Publicly, at least, the Secretary of the Treasury refused to soften the Nixon Administration's economic moves, which have upset and unsettled the trading world. Foreigners were increasingly angered by what they perceived to be brutally nationalistic U.S. policies-the 10% surtax on most imports, the proposed "buy American" investment credit at home, and the demand that other nations revalue their currencies upward against the dollar. A Canadian diplomat complained in Ottawa: "America seems to have acted without considering the wider implications, without a clear plan or purpose for the future...
Whatever level it finally sets, the Senate would be well advised to eliminate right now the provision of the new investment credit that bans foreign-made machinery from qualifying for the tax break. That rule is supposed to be dropped when Nixon removes the 10% surtax on all imported goods. But the protectionist rule, which has the effect of adding to the price of non-American capital goods above and beyond the increases brought about by the surcharge and monetary changes, is already fiercely resented abroad and with good reason. In the past, U.S. trade officials have registered strong opposition...