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...biggest drawback to legal gambling is clearly the taxes that must be paid. The lottery-winning "millionaire" who makes TV news shows and tabloid front pages is lucky if he nets about $30,000 a year???and then has to fight off hordes of hungry relatives, strapped friends, charities and con men who expect him to share the largesse (see box). Starting in January, anybody who wins $1,000 or more on any lottery or by betting on or off any track will have 20% of his payoff withheld against taxes. Snaps New York OTB Chairman Paul Screvane: "Illegal gambling...
Jefferson is a formidably learned man with a meticulous and graceful mind. The tall, red-haired Virginian was elected a delegate to Congress last year???when just 32 and only recently a father?and he first appeared in Philadelphia riding in a phaeton and accompanied by two black servants. John Adams may have regretted Jefferson's silence during debate, but he found him so quick in smaller councils that he was charmed. The two have formed an extraordinary partnership: Adams arguing the case for independence in the day-to-day clutches of debate, and Jefferson formulating the argument in private...
Double Digits. Economists nearly unanimously assume that the inflation rate will continue to simmer down gradually this year???or they did until Ford announced his program. Now they are not so sure. Eckstein predicts that the energy package would make 1975 a second straight year of double-digit inflation, meaning that prices would rise 10% or more. Many of the businessmen and bankers who normally constitute the backbone of a Republican President's support are also seriously worried. "The biggest fear to me is inflation, not recession," says William H. Spoor, chairman of Pillsbury Co. Richard H. Vaughan, president...
...Syria and Jordan?the so-called Arab confrontation countries?as well as for the P.L.O. Saudi Arabia and other oil-rich nations will give Syria and Egypt $1 billion a year to spend on arms, while Hussein will get $300 million annually. The P.L.O. will receive $50 million a year???considerably more money for arms than most revolutionary organizations in recent times have had. Said...
...services. Since 1964, federal income taxes have been cut four times, from a range of 20% to 91%, to the present 14% to 50%. If rates, exemptions and deductions had been held steady for the past decade, Washington today would be collecting at least an additional $40 billion a year???more than enough to wipe out the $38.8 billion deficit foreseen in this fiscal year. Alternatively, if a large deficit were considered necessary to stimulate the economy, Washington could now be distributing enough additional aid to states and cities to meet nearly all the social spending needs expected...