Word: taxingly
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Dates: during 1970-1979
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...eager to assert his leadership and to lash out at critics, of whom, a coast-to-coast survey by TIME bureau chiefs showed, there were a formidable number. The subject of his opening cannonade was the oil industry's effort to get Congress to reduce the windfall profits tax, which Carter hopes to use to finance a multibillion-dollar energy program. Said Carter: "There will be a massive struggle to gut the windfall profits tax. I want to serve notice tonight that I will do everything in my power as President to see that the windfall profits tax...
...official family broke Tuesday afternoon, talk of import quotas, synthetic fuels and energy independence was drowned out by a new buzz of puzzled speculation. Early in the week congressional Democrats were talking about whooping through key parts of the President's program, including the windfall-profits tax on oil companies that is supposed to provide all the money for Carter's plans, before the legislators recess on Aug. 3 for four weeks. But by week's end they were making plain that Carter, and the nation, will have to wait. Said Louisiana's canny Russell Long...
Financing all the Administration's ambitious goals hinges crucially on how much further world oil prices will rise, and how much windfall tax revenue the Government thus will collect. Carter has called for a tax of approximately 50? on every extra $1 that the energy companies collect as U.S. oil prices climb to world levels. The House has raised this to 60?, but what the Senate will do is uncertain. Thrashing out a compromise could take months, given Washington's temptation to use the oil industry as a scapegoat for the nation's energy woes...
...report warns that any tinkering with the economy-such as a tax cut in the U.S. or further increases in West German interest rates-will only make the situation worse, and it advises policymakers to sit tight. Their main priority, the OECD advises, should be to reduce oil imports. Says John Fay, head of the OECD's economic department: "We have a long road of rather slow growth ahead...
...auxiliary bishop. Appointed head of the Los Angeles see in 1948, he won acclaim and a Cardinal's red hat (in 1953), in part for building churches at a rate of one every 66 days and a school a month and for winning the battle to retain tax-exempt status for parochial schools. In the 1960s, however, the "brick-and-mortar priest" came under fire from liberal Catholics for his foot-dragging attitude toward the reforms of Vatican Council II and his failure to support California's open-housing laws and civil rights in general...