Word: taxing
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Dates: during 1960-1969
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...Natural Choice. Declaring all-out war against tax dodgers, then-President Humberto Castello Branco pushed through a law making tax evasion a crime (maximum penalty: two years) and providing for payroll deductions and official inspection of private bank accounts. An economist and accountant with 22 years' experience in tax work, Travancas was a natural choice to head the program. He began by weeding out dishonest tax collectors and setting up special training programs for new recruits. To find Brazil's big spenders, Travancas' agents combed membership lists in race-track and yacht clubs, studied society columns, watched...
...moment. It finally came when, during a television interview in Sao Paulo, Travancas described a big new crackdown on 3,000 delinquent companies. "If we were to look into all business returns in Sao Paulo," Travancas told his interviewer, "there would not be enough jail space to hold the tax evaders." Asked if a concentration camp were not the answer, Travancas joked that it might be "a good idea." The next day, Sao Paulo newspapers bannered the news that Travancas planned to send all Sao Paulo businessmen to concentration camps. Amid the resulting uproar, Costa saw his chance and fired...
...demand" would be led by a burst of spending for factories and durable goods. It wasn't. Spotty profits kept businessmen cautious about expansion. Their borrowing served partly to pay off old loans and replenish coffers depleted by the 1966 money squeeze and the spring speedup in corporate tax collections; most of all, it reflected wide expectation that the Reserve Board might tighten up on credit or that the Government would pre-empt borrowable funds. Auto sales dropped to about 8,400,000, 7% below their 1966 level. "Mystified businessmen are still waiting for the frantic days that they...
Despite incomes that rose to a new peak, consumers turned surprisingly frugal and saved 7% of their after-tax cash, the highest sustained rate in a decade. Savings banks and savings and loan associations, which had been strapped for mortgage funds a year earlier, were deluged with deposits. Thus housing became the year's comeback industry, climbing from an annual rate of 1,111,000 private starts in January to 140% of that level. On the other hand, retail sales-which normally account for two-thirds of what consumers spend.-rose barely faster than consumer prices, which jumped...
...chances for a tax increase in 1967 finally died when Mills pressed Federal Reserve Board Chairman William Mc-Chesney Martin at a late November hearing. "Your line of questioning," remarked Martin, "indicates clearly that the economy is not too boomy at the moment." Snorted Mills: "Not too booming? It is just not booming at all!" Conceded Martin: "All right, it is not booming." With that, and the prospect that recent spending cuts will begin to shrink the huge federal deficit, many economists see considerably less reason than hitherto for a tax increase in election-year 1968. And a growing number...