Word: taxingly
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Dates: during 1970-1979
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...numbers on oil industry balance sheets are always bogglingly big. In 1978, according to Data Resources Inc., the research firm headed by Democratic Economist Otto Eckstein, the revenues of U.S. domestic and international oil firms totaled a staggering $346 billion; the after-tax profits totaled $15.6 billion, which was more than three times the earnings of all U.S. auto manufacturers. Still, by any yardstick, oil company profits are not out of line with those in other U.S. industries...
...given year, the expenditures by the big oil companies in search of increased energy supplies may match or exceed profits. For example, the amount that Mobil spent last year to look for and develop new sources of gas and oil, $1.1 billion, was exactly equal to its after-tax earnings. The $3.5 billion that Exxon spent on developing new energy sources was well above its after-tax profits, which came to $2.7 billion. Of that sum, Exxon paid out about 55% in dividends to its 695,000 stockholders. They include not only a great number of small investors (no single...
...difference is important, at least to the manufacturer and U.S. Customs. By placing two seats in the BRAT'S cargo area, Subaru is able to import the machine as a car, on which the tariff is only 3%, rather than as a truck, on which the import tax is a far heftier 25%. Last year Subaru imported 22,945 of the BRATS...
Subaru is scarcely alone in using this loophole: not one of the 335,000 pickups imported last year was taxed at the full truck rate. The 25% levy, introduced by Congress in 1963 in retaliation for a European tax on American chickens, was originally designed to hit imports of the Volkswagen Transporter, which is no longer produced. Successive administrations have let the tariff go unenforced, and this is not likely to change, despite a General Accounting Office estimate that about $600 million in truck import taxes have been lost since 1971. Reason: U.S. automakers are playing the customs game alongside...
...were the Kennedy School's intermediaries with the ARCO Foundation. Both company officers are members of the School's Visiting Committee. The Kennedy School agreed to the ARCO name in 1977 in return for a contribution of $1.1 million, which equals only 0.16 per cent of ARCO's after-tax profits that year...