Word: surtax
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Dates: during 1960-1969
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Uncertain Surtax. Because many politicians are worried about the possibility of a recession, the President may also have trouble getting Congress to approve his proposal for a 6% surcharge on corporate and individual income taxes. Johnson argues that the added tax will not be recessionary because it will be counteracted by an increase in Social Security benefits-an average 20% if he has his way, 8% if the G.O.P. suggestion is adopted. The higher benefits, he said last week, will pump more than $4 billion into the economy, mostly through lower-income groups. Simultaneously, he added, the 6% tax will...
...taken advantage of a 1957 agreement and arranged a postponement of $138.1 million in repayments due the U.S. and $34.3 million due Canada on British reconstruction loans. As if all that were not enough, the General Agreement on Tariffs and Trade (GATT) denounced as "inconsistent" the 15% surtax Britain had placed on imports in an effort to right the out-of-joint balance of trade, and demanded that it be removed. Says Sir Leon Bagrit, the chairman of Elliott-Automation Ltd.: "The British economy is a little like Gulliver in Lilliput, when he could not move because of hundreds...
...tightening tariff barriers to favor agriculture and mining at home. The Latin Americans themselves further hamper things by placing restrictive measures on exports in the misguided notion that they are encouraging local processors and manufacturers. Brazil sometimes sets quotas on cotton and sugar exports; Uruguay imposes a 20% surtax on export wool. Other nations peg their export prices without making any provision for the inflation that gallops through most of Latin America...