Word: tighter
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Dates: during 1960-1969
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...very close to that now." If Congress allows the tax to expire, he added, the economy could race far enough out of control to create "the possibility of a serious recession." To prevent that, Secretary Kennedy warned that the Government would have to consider further budget cuts, tighter money and perhaps, as a last and unwelcome resort, the price and wage controls that the Administration abhors...
...Tighter money, the tax fight and the mere talk of controls made investors highly nervous about the future. On the New York Stock Exchange, the Dow Jones industrial average fell four days out of five last week. Altogether, it declined 30 points, to 895. In four weeks, the average has fallen 72 points, or 7%, and is now at its lowest level since last August. All the signals from Wall Street and Washington say that more strain, sacrifice and hard decisions lie ahead for the economy...
...reason for the crisis is that money for the arts is tighter than it has been in years. Because of more pressing social needs, the Federal Government, as well as many state governments, has cut back its spending on culture. Much of the money that formerly came from the big corporations is now going into the ghettos. As for private donors, explains the Los Angeles Philharmonic's Zubin Mehta, the same reliable philanthropists also give to museums, hospitals and universities, and they have just about reached the limit of giving. Foundation money, like the $80.2 million that Ford gave...
Disappointingly, the Nixon Administration has so far indicated only that it will back tighter restrictions on con glomerate mergers, part-time farmers and foundations. If Congress cannot agree on a basic way to correct today's inequities, it may unfortunately choose a halfway approach suggested by Stanley Surrey. He would require all earn ers to pay at least a minimum tax at rates approximately one-half of normal, thus putting a ceiling on the benefits of tax preferences. In return, no person would have to pay more than 50% of his total income in federal income taxes. Officials...
...deductions, probably including: 1) personal exemp tions for individuals, boosting the amount somewhat above the outdated $600 level enacted 21 years ago; 2) charitable contributions, without the appreciated-property loophole; 3) state and local sales and income taxes but not state gasoline taxes; and 4) business expenses, but with tighter controls against abuses. The current law covers a rather liberal range of activities. Last week, for example, Topless Dancer Marlene Sherman of San Francisco proudly announced that the IRS had agreed to let her deduct the $1,300 cost of a silicone operation that swelled her bustline from 34 inches...