Word: cutoffs
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...GROUP LIFE INSURANCE. Kennedy argued that an employer's payments for term life insurance for employees represent income to them and should be taxed as such. He proposed that the company's payments on policies exceeding $5,000 be taxed. The committee settled on a $30,000 cutoff...
...first agreement on a specific hurdle: Britain proposed to abandon Commonwealth preferential tariffs on a list of 400 manufactured goods it normally imports from Canada, New Zealand and Australia. In a mild spirit of compromise, the Europeans agreed to apply the tariff cuts in slow stages, postpone the final cutoff date until 1970. So far as the Common Market Six were concerned, it was a small first step, but experts now detected a new suppleness in the hitherto stiff French position. Delighted at the way things were going, Ted Heath tentatively declared that the step "has undoubtedly improved the atmosphere...
Originated in 1960, dropped in February 1961, and reinstituted during the Berlin buildup last fall, the travel cutoff was touted as a way to reduce the U.S. gold drain. It succeeded more notably in reducing G.I. morale. Servicemen in Europe were delighted by the announcement-and by Defense Secretary Robert McNamara's estimate that 6,000 wives and children would be traveling to Europe monthly...
Though the new code pleased most of Newburgh, it angered the State Board of Social Welfare, which reimburses Newburgh for 33% of its relief costs. A special investigating committee protested that at least two provisions-the three-month cutoff, and the discrimination against unwed mothers-violated both state and federal standards, warned that the Federal Government might withhold as much as $200 million in annual welfare payments to New York State if Newburgh put its new code into effect. The board also questioned whether Newburgh was as badly off as Manager Mitchell claimed. The city's welfare costs, according...
Koirala's own efforts at reform had been mild enough. To get money for roads to replace Nepal's mountain trails and for schools to educate its 94% illiterate population, Koirala imposed a minuscule income tax on land with such a generous cutoff point that only 500 of the biggest landowners would have to pay anything at all. But Nepal has never paid income taxes and was not planning to start. Grumbled one Hindu leader: "Why should we pay taxes when we can always get more money from the Americans?" To rally resistance, the prospective taxpayers assiduously spread...