Word: taxed
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There is still fight aplenty in the President, and his opponents know that. On some issues Reagan has not yet taken the field. When he gets back from his European trip in May, he will stump the nation for tax reform and more Government restraint. How effective he will be is an open question now. Everything he says and does will get even more scrutiny and less tolerance than in the past, as demonstrated by the German cemetery incident...
...thirds of the GNP, fell .5% in March to record its sharpest drop in 1/3 months. At least part of the recent buying weakness reflects a monumental Government snafu. The Internal Revenue Service's glitch-filled installation of new computers kept consumers from receiving $6.8 billion in tax refunds in February and March. Those refunds would probably have been quickly spent and helped the economy...
...week Unocal announced a second strategy to persuade shareholders not to sell out to Pickens. The company said that its executive committee would recommend transferring ownership of 45% of Unocal's domestic oil reserves to a partnership made up of shareholders. That, said Unocal, would give the stockholders tax benefits and probably raise the annual return on their investment...
April 15 was the deadline for Americans to file their 1984 tax returns, but for the Internal Revenue Service that date marked only the halfway point in the gargantuan task of sorting and examining 100 million tax reports. Ordinarily the agency, long hailed by intimidated taxpayers as a model of efficiency, is unfazed by the awesome bureaucratic burden. This year, however, an astonishing array of glitches in the IRS's new $131 million Sperry-Univac computers has created an unprecedented backlog of unprocessed tax forms...
...behind schedule. As a result, refund checks are being sent out as much as a month later than normal. The Commerce Department reported last week that consumer spending in March tumbled .5%, compared with the same period last year. Reason: the computer troubles delayed payment on $6.7 billion in tax refunds that people would have otherwise received and probably spent. At fault is the most expensive and sophisticated computer system ever used to sift through America's tax returns: eleven Sperry 1100/84 machines. Each computer has 8 million characters of memory and can perform up to 8 million operations...