Word: investment
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Dates: during 1960-1969
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Bennett has been criticized by SDS for investing Harvard's money in Middle South Utilities, a holding company for allegedly racist utility companies in the Deep South. Even if the companies do not discriminate, it might be considered unusual for Harvard's treasurer to invest the University's funds in a corporation which he has served as a director since its founding in 1949 and in which his own investment firm and he personally have financial interest. Middle South might be a profitable investment, but what seems like a possible conflict of interest could in some cases result in imprudent...
...excuse the very poor, students and summer-job holders from paying any federal income taxes at all. In two surprise proposals, the President asked that the 1968 income tax surcharge be cut from 10% to 5% next January and that the 7% tax credit now allowed businessmen who invest in new productive capacity be repealed. That amounts to a sophisticated redistribution of tax burdens, with business losing and consumers gaining. Recognizing that taxation is a powerful instrument for setting and reaching national goals, the President pledged that the next step would be a "start" on two "high priority programs...
Eckerd, who estimates his wealth at "roughly $50 million," believes that people in his income bracket should be more heavily taxed. To help share his own fortune, he has formed a foundation that operates an 880-acre camp for emotionally disturbed boys. "I wanted to invest in people rather than buildings," he explains. To lighten the burden for retired persons on fixed incomes, Eckerd set up a nonprofit Senior Citizen Club; its members qualify for discounts at his drugstores. For his cherished employees, he is working out the details of a more unusual plan. Under it, Eckerd would place...
This outlook has its effects on Calkin's approach to Harvard. Back when the University's failure to invest in ghetto businesses was a hot issue, Calkins explained the Corporation's reluctance. The gesture was pointless, he said. Harvard simply did not have the power to solve the problem. If students really cared about helping the ghetto, they should put pressure on the government to wield its might there...
...CREDITS. Incentives to encourage business to invest in cities, particularly in the ghettos...