Word: taxed
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...Economic Policy, which sounds almost like a preview of Deng's reforms. Under the N.E.P., the new Soviet state owned and operated only what Lenin called the "commanding heights" of the economy, that is, the basic industries. Peasants could grow and sell privately what they wished after paying a tax in produce to the state; small-scale private enterprise was permitted; foreign capital was invited...
...office voluntarily on his Vice President, George Bush, though only for eight hours, while surgeons removed a cancerous growth from Reagan's colon. The President recovered quickly and apparently completely, but apart from the summit his political momentum seemed to wane. Reagan's success in pushing a tax-reform bill through the House at year's end demonstrated that he is hardly a lame duck yet. Nonetheless, whether he can win a final bill at all close to his desires--or indeed any bill--is one of the major questions of 1986. Spy scandals, headed by the exposure...
...factory's output. Managers otherwise are allowed and even required to line up their own suppliers, decide for themselves what to make beyond the goods that must be sold to the state and find buyers for the merchandise at prices that can fluctuate. They pay a 55% corporate income tax and keep the rest of their profits to use for reinvestment, bonuses and social welfare such as housing, medical care and recreation. Most investment capital is still supplied by state-owned banks. But managers have to compete for loans, and pay interest of 5% (up from 1% as recently...
...mean selling them at this price?" a woman asks a man hawking tangerines. "They're full of defects." The vendor yells back, "Defects? What do you mean defects? You can't get tangerines at a better price." Meanwhile, local government agents patrol the street, collecting a 2% sales tax on what the sellers have, brought to the market, setting off more arguments about the value of the wares...
...lessons are already evident. The zone's low tax rates were designed to lure U.S. and Japanese firms as well as Hong Kong and Overseas Chinese investors, but about 90% of the capital has come from businessmen in Hong Kong and Macao. A further disappointment is that instead of channeling the funds into new industries, foreign businessmen have spent most of their money constructing apartment and office buildings, resort hotels and recreation parks...