Word: taxed
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Dates: during 1950-1959
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...legal ground in his effort to break the will of his late half brother Vincent and win an Astor-size slice of Vincent's estimated $120 million estate (TIME, Aug. 3). On the eve of the trial, J.J. threw in the towel, settled for a tax-free $250,000-a relative pittance that seemed little more than the price of sparing Vincent's executors the nuisance value of J.J.'s action. J.J. will be paid off by the Vincent Astor Foundation, whose main purpose is to improve the lot of the human race, especially poor folks...
Other, less important, complications would also arise in the conflicting interests between an amateur college football team and a recently organized professional team. The tax-free status of the University property may be questioned, if not eliminated. Students may be deprived of using the whole Soldiers Field plant on certain days. The pros may need practice space on the already crowded property. Involved procedure might be required to permit the sale of alcoholic beverages, as much a part of pro football as two-way radios...
...billion-plus budget for fiscal 1961 is going to buy the best or even adequate defense. Though drafted over months of round-the-clock work by able planners, the proposed defense budget leaves the U.S. with cause for rising worry over how much security it gets for its tax dollar. Reason: the 1961 budget, like many of its predecessors, represents slow compromise with the fast, uncompromising changes of modern-weapons technology. Result: it spreads too thin over too many half-finished, half-good or plainly outdated programs, perpetuates costly ideas out of past wars, fails to concentrate spending upon...
...good many effects of the strike still remained. In steel towns across the nation, merchants reported steelworkers were paying off debts and replenishing savings before resuming buying. The biggest strike effect was on the national budget. At Augusta, Budget Director Maurice H. Stans informed President Eisenhower that lowered corporate tax collections traceable to the strike would turn the expected 1959-60 budget balance into a deficit...
...Menzies government wooed both domestic and foreign capital with tax concessions. Overseas capital was lured with such attractions as no capital gains tax, guarantees of repatriation of profits and assurances that the capital itself could be repatriated. Some critics argued that the breaks were too big. Menzies' answer is that the benign investment climate has encouraged so many businessmen to reinvest that 25% of Australia's national income is plowed right back into new expansion...