Word: taxing
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Dates: during 1960-1969
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Since January, the tax rate has been a big topic in the Council chambers. During Curry's last four years in office, it remained stable at about $72 per $1000 assessed valuation, and was once even slightly reduced. By DeGuglielmo's second year in office, it stood at $82.50. During the last election campaign, advertisements of Crane and Danehy supporters in particular hit the rising taxes, and promised a return to the stability of the Curry years. The tax rate became one of the few City-wide issues in Cambridge political annals, and probably contributed to the defeat...
...government must make use of tax incentives to lure private enterprise into creating ghetto job opportunities. The United States must make such investment so profitable that private industry is "scrambling for ghetto opportunities," he said...
Cost of the Contretemps. If the recent surge in market trading continues, the city will lose little if any stock-transfer tax revenue, which has grown from $166 million in fiscal 1967 to $242 million this year. For the Big Board, the cost of the contretemps may be considerable but bearable. Estimates are that the $80 million complex that it scrapped two years ago would cost at least $20 million more today...
Wall Street fairly shuddered two years ago when Mayor John Lindsay urged a 50% increase in New York's stock-transfer tax. Brokers protested that the tax was already unfair to out-of-state investors, who account for 70% of the New York Stock Exchange's $130 billion annual business. Warning that any increase would be "misguided, shortsighted and self-defeating," the Big Board dropped plans to build a new $80 million headquarters in Manhattan, threatened to move lock, stock and trading booths out of the state...
Though Lindsay's proposed increase was later trimmed to 25% in the state legislature, the Big Board was ready to make up with the Big Town only last week. Following legislation of a tax compromise, Exchange President Robert Haack announced that a search for a new site in Manhattan was being "expedited." Under the new measure, New Yorkers will continue to pay the current tax-1 ½ to 5 a share, depending on share prices-but out-ot-state stock sellers can look forward to a 50% cut in the tax over a five-year period beginning...