Word: toed
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Dates: during 1970-1979
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The five-man group favored a high tax but could not agree on the particulars. So each member sent a separate proposal to Carter. The differences revolve around the size and timing of the tax and how to distribute the projected $50 billion in revenues that it would collect. One...
Any tax proposal would face tough, almost insurmountable opposition in Congress, which considers a new tax as a pox in an election year. Typical of what special-interest groups will tell their Congressmen is the observation of a Southern California Auto Club spokesman: "The tax is just a scam to...
Even as Carter was telling 100 Congressmen at a White House buffet dinner last week that the idea of a stiff gasoline tax "is looking better and better," legislators were beginning to snipe at the idea. Said powerful Democratic Congressman Charles Vanik of Ohio: "Are you crazy? Fifty cents is...
Sales of cars would slide still farther. The biggest vehicles, which produce the fattest profits for manufacturers and dealers, would be the worst hurt. Small cars would increase their market share, which now is more than 50%. Among Detroit's Big Three, ailing Chrysler Corp. would fare the worst...
Other automakers would be better off. The conversion to small models would bring forth a prolonged spurt in capital investment by the manufacturers and their suppliers for tools, dies, entire new plants. Eventually sales would surge because drivers would feel an increasing need to switch to gas-saving cars. As...