Word: taxing
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Dates: during 1960-1969
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...Internal Revenue Service agreed, and last week issued a new regulation imposing taxes on the advertising income of the nonprofit journals. The tax will be calculated at the normal rate of 22% of the first $25,000 of taxable ad income, 48% on taxable revenues over $25,000. The publications will be able to deduct a standard $1,000, plus all expenses involved in selling advertising, plus all editorial costs above and beyond the income from subscriptions. A carryover tax deduction will be allowed if there is a net loss due to advertising expenses-but not if a loss...
Some of the publications affected by the new regulation will doubtless challenge it in court, and several bills have been introduced in Congress to restore the tax exemption. It is estimated that the new regulation will recover some $10 million in taxes. "But the primary objective," says IRS Commissioner Sheldon Cohen, "is not to add to tax revenues but to eliminate a source of unfair competition...
...close is the car to production? The company has only half a dozen staffers on the project, can hardly foot the bill for a crash program. Though A.M.C. won special congressional legislation last week providing a tax rebate that may be worth as much as $20 million, and successfully negotiated a one-year extension of a $65 million bank loan, it lost $75.8 million in fiscal 1967. And development of the Amitron has a way to go. The car rolled out last week was a prototype with no power plant. First road tests of the power plant will come next...
Longer Work Week. With disposable personal income at an alltime high, the odds seem good that people will start spending more and saving less. In recent months, uncertainty over inflation, the Viet Nam war and the possibility of a federal tax increase have prompted consumers to salt away an abnormally high 7% of their disposable income savings. They also have been taking extra pains to stay out of debt; installment credit is expected to grow by only $3.5 billion in 1967 v. $6 billion last year. While such thriftiness has hurt sales up to now, it means over the long...
...continues to count on a sharp rise on 1968 sales charts. One automaker, Henry Ford II, last week predicted that next year's car and truck sales will be up by 900,000, matching 1965's record sales of 9,300,000. Even if a demand-dampening tax increase is enacted, said Ford's chairman, "I think we are going to have a very good year...