Word: taxed
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Dates: during 1950-1959
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Last week the President: ¶ Signed the $126 million Airport Aid Bill, a bill raising the interest ceiling from 4.75% to 5.25% on G.I. housing loans, and the corporate-and excise-taxes extension bill (see The Congress). ¶ Marked off a new line of fiscal frugality for his Administration. A balanced budget was something he was earnestly striving for, said Ike, but he pointedly omitted previous hints that this might mean a tax cut. Said he: "We should be starting to pay off our [$284 billion] debt . . . Congress itself expects us to get in the business of paying off some...
...slammed the books on fiscal 1959 (July 1 to June 30) last week, and the red ink splattered over a record peacetime deficit of $12.6 billion. Principal reason for the big red year: the now departed recession, which cut tax revenues by $6.2 billion, raised spending by $1.5 billion, for such antirecession programs as higher housing outlays and pump-priming public work projects. Other spending pressures: a $900 million post-Sputnik boost in defense, $1.4 billion turned over to the International Monetary Fund as of July 1 (but charged against the dying fiscal year), a $2.2 billion overbudget outlay...
Latest to rise in attack on the leadership of Texan Lyndon Johnson was Louisiana's Russell Long, son of Huey and nephew of Earl. Long had helped Senate liberals sweat through the Senate a proposed tax-cut program (repeal of the 4% forgiveness on dividends, repeal of Korean war excise taxes on travel, telephones, etc.), calculated to impress the voters and embarrass the Administration. Then, before Long's very eyes, the long arms of Lyndon Johnson and House Speaker Sam Rayburn reached into the meeting of Senate-House conferees to compromise away all that had been fought...
...Senate endorsed tax extension, 57-35. But it was a perilous victory for Johnson: all 35 nay votes were cast by Democrats. Analyzing the vote, restive Pennsylvania Democrat Joe Clark (TIME, July 6) pointed out that a majority of Johnson's Democratic troops were not following him, that he was having his way only through a coalition of Republicans and Southern Democrats. Clark then began to circulate a secret tally sheet of seven recent key votes, showing that a heavy majority of Democrats supported liberal amendments, only to see them abandoned or defeated in conference committee by the conservative...
Speaking of such mundane things as tax deductions is one way not to describe the success of our next subject: The Maurice Wertheim Bequest and Collection of Mr. and Mrs. Henry Pearlman--on view at the Fogg Museum of Art through July. For contrary to the current rules of today's heavy buying in the art works of the 19th and 20th centuries, these large and very impressive collections have been built up more through an everlasting appreciation of art than an annual fear of Uncle's long-armed tax collectors...