Word: underground
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...troubling shift in American attitudes" when people get fed up with inflation and high taxes? Barter is the most ancient of economic systems. If it is indeed an "underground economy," I hope it takes root and becomes the start of a moral and economic revolution...
Last week the Internal Revenue Service disclosed the results of its first effort to gauge how much the Government is losing because of this growing underground economy. The estimate: in 1976, the last year for which full statistics are available, the Government failed to collect income taxes of some $13 billion to $17 billion on legal but unreported transactions worth between $75 billion and $100 billion...
That is not sufficient for New York Congressman Benjamin Rosenthal, chairman of a Government operations subcommittee, who believes the IRS report underestimated the size of the underground economy by $100 billion to $200 billion. He wants tougher auditing of tax returns, believing that only "fear" will force more people to declare their full income. At present, the IRS audits only 1.8 million individual returns a year, or about 2% of the total. Says the angry Congressman: "The people paying their taxes are being forced to subsidize the rest...
...that could make the energy crunch seem like a tempest in a gas tank. The world has not a drop more water than on the first day of Creation, he observes, but the thirsty family of man is expanding every moment. People are digging deeper for water, depleting underground sources faster than they are being replenished - so fast, in fact, that land is sinking...
...stolen two-ton refrigerated fish truck lettered M. SLAVIN & SONS rolled into the underground garage of Chase Manhattan Bank's national headquarters in the Wall Street district last week carrying a cargo of armed robbers. Less than half an hour later, the truck drove out with over $2 million taken from a Brink's armored car. While the caper was the biggest and most professional of last week's heists in New York City, it was just one of 25 bank holdups in five days. New York's bank-robbery rate is up a whopping...