Word: taxed
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Dates: during 1950-1959
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Borrowing Trouble. Much of Michigan's financial trouble did indeed lie far, far beyond Soapy Williams in the state's dusty, archaic constitutional tax structure. Michigan, the nation's twelfth wealthiest state in terms of per capita income, collects about $1 billion in state taxes. But five-sixths of the revenues from the 3% sales tax-biggest income source-must be turned back to city and town governments and school districts. All gasoline tax revenue must be spent on the highways. Result: the state must meet costs of state government, the state universities, the state police...
...Thyssen collection of old masters runs to some 500 works, including dozens that rival even the Holbein in quality. But this banquet for the eyes is off the tourist track at Lugano, tucked away in a wing of Thyssen's cypress-shaded palazzo. Made public partly for tax purposes, the museum is not open all year or every day, but whoever gets to Lugano between April 1 and Nov. 1 can take the trolley to the Thyssen estate and present himself at the gates Friday through Monday for one of the treats of his life...
...thing Mack did not do, said the Internal Revenue Service, was pay all his taxes, even though he withheld them from employees' salaries. He had not remitted $60,850 in withholding taxes, charged the tax collectors, or $1,042,355 in corporation, social security, and unemployment benefit taxes. Mack himself was slapped with claims for $132,240 in individual taxes. Padlocking a business in a "jeopardy assessment" is a rare step for the IRS, but the revenuers had failed to get enough tax money from Slenderella after two years of negotiations, decided to seize the assets while they were...
...nation gain the competitive edge on foreign competition? Only a small number of U.S. businessmen really favor a return to Hawley-Smoot protectionism. (But many are bitterly resentful of continued foreign economic aid, which they regard as expenditure of hard-earned U.S. tax dollars to build up tough foreign competition for taxpaying U.S. businesses.) What businessmen can do, say U.S. Assistant Secretary of Commerce Henry Kearns and fellow officials, is cut the lead time on research and development, pull off the shelf better products originally planned for future exploitation, sharpen up their selling tactics. What U.S. labor must do, says...
...exist in the booming U.S. stock market. Though European prices have risen sharply in the past six months, stock yields are still higher and price-earnings ratios lower than in the U.S. The analysts found plenty of reasons why U.S. investors need to be sophisticated in buying European securities. Tax laws and accounting systems differ; dangers of nationalization and freezing of capital still lurk in some countries; many European companies have yet to adopt the U.S. attitude that the stockholders have every right to look at the books. In Leverkusen, West Germany, the analysts spent two futile hours trying...