Word: taxing
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Dates: during 1960-1969
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...Administration last week offered Congress a three-point initial package to moderate the economy's pace. The plan would repeal the 7% investment credit for business expansion. It also provides for the retention of existing excise taxes on telephones and automobiles. Most important, the Administration would continue the 10% income tax surcharge for six months and then halve it for the following six months. Treasury Secretary David Kennedy said: "This will do the job." House Ways and Means Chairman Wilbur Mills, who feels that Nixon's economy efforts to date have lacked conviction and impact, argued that...
...taxpayers refuse to support the universities, as you suggest [May 9], then a double loss will be incurred. First, education will be stifled. Second, an important source of protest against the ills we've all been made aware of will be shut off. Right now, the best tax bargain for my money is all that is spent for education at all levels...
...most puzzling aspects was Fortas' concern for what, by his standards, was a relatively small sum of money. Until he went on the bench, he grossed well over $100,000 a year; some estimates go as high as $250,000. His wife, a noted tax lawyer in his old firm of Arnold and Porter, still makes more than $100,000. They lived exceedingly well, but Fortas has also in the past freely donated his expensive time and talent to causes and people he believed in. As it happens, the recent pay raise for Supreme Court Justices was exactly...
...industrial companies rang up almost 64% of all industrial sales in the U.S. last year, up from 62% in 1967 and just over 55% a decade ago. In their fields the 500 employed 687 out of every 1,000 workers and accounted for 74% of total profits. Despite the tax surcharge, profits were up 13%, to $24 billion...
Nixon suggested that the dividend be split between a tax reduction and social programs, particularly aid to education. Before he joined the Administration, Economic Adviser Stein headed a Committee for Economic Development group that proposed spending most of the money to alleviate urban, racial and poverty problems. The group also recommended cutting the basic corporate income tax back to 38%, down from the "temporary" Korean War rate of 48%. In any case, debate over the peace dividend should lead to a valuable new appraisal of the nation's priorities-and its fresh opportunities...