Word: surtax
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...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...
...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...
...from last year's first half, but selling prices will go up by about the same amount, so volume will show no real gain. Personal incomes will increase by $8 billion in this year's first six months as a result of the decrease in the surtax and the increase in Social Security benefits; Government officials are counting on this infusion of cash to help keep the business slowdown from turning into a recession. But U.S. consumers may be waiting for better values before really opening their wallets again...
...produce a balanced budget in the neighborhood of $200 billion. He must find new taxes to add to federal revenues, and he must hack away with determination at the spending requests that his department heads have put before him. He can hardly ask for a surtax extension beyond June 30, since he himself campaigned to end it; even if he changed his mind, moreover, Congress would hardly vote it in an election year. Nixon is intrigued by the idea of a value added tax, which is in effect a national sales tax of the kind becoming standard in the Common...
...favor continued stringency. Twice since 1966, Martin's board has made major errors in expanding the money supply too much and too soon. The Fed committed its worst error in mid-1968, when it increased the money supply by 14% to counteract the expected deflationary effects of the surtax. That action sharply accelerated the current inflation. Martin now wants to restore his reputation as a sound-money man by making sure that inflation is effectively constrained during his last few weeks in office...