Harrisonburg Daily News Record (Newspaper) - October 9, 1974, Harrisonburg, Virginia Weather In Brief Mostly Sunny Two Sections 28 Pages Vol. 78, No. 8 Associated Press Features t. Service October 9, 1974 For News Ten Cents Ford Unveils Economic Package Selected Tax Fuel Saving Highlighted AP Ford addresses WASHINGTON - Warning that inflation can our our our President Ford proposed Tuesday a package that would combine selected tax cuts with selected tax special help for the unemployed and new moves to conserve In a nationally broadcast address before a joint session of Ford unveiled recommendations that varied little from what had been As was widely reported in Ford asked Congress to impose a one-year tax surcharge of 5 per cent on corporations and middle and The President also sought a across-the-board investment tax credit of 10 per cent to encourage expansion of factories and To help the jobless as the economy continues to slump - and living costs rise - Ford proposed the creation of a new Community Improvement Corps to provide public service jobs when unemployment exceeds 6 per cent The current rate is 5.8 per cent and is expected to Under the Ford the one-year jobs Congress Unmoved By Surcharge Plea WASHINGTON - President Ford's plan to increase taxes appeared headed for trouble Tuesday as Congress promised swift action on his sweeping new Following Ford's address to a joint session of House Speaker Carl Albert announced he would talk to White House officials and congressional leaders about postponing the upcoming recess in an effort to rush through some of the President's Other Democratic leaders said Congress could act before Friday's scheduled recess on Ford's call for a spending ceiling and increased federal support for home Ford's request for a one-year tax surcharge on middle and taxpayers met with widespread Senate Republican Leader Hugh Scott and Sen. Jacob K. said the family income level that would trigger the 5 per cent surtax was too Senate Democratic Whip Robert C. Byrd said the proposed surtax would the middle and working while Senator Henry M. said he could not support it until loopholes in the existing tax structure are Senator John C. called the proposed tax good Senator Russell B. chairman of the Senate Finance said the 10 per cent investment credit recommended by Ford undoubtedly would business But he added that it is doubtful Congress would such a measure without giving additional tax relief to low-income The House Ways and Means Committee will meet Wednesday to hear Treasury officials out the of Ford's according to Rep. Al the No. 2 The President's proposals met. with a mixed reaction from business and labor Greeks Prepare For New Election Greece - The national unity cabinet of Premier Constantine resigned Tuesday to make way for a caretaker government that will conduct Greece's first parliamentary elections in almost 11 67, a veteran of more than 30 years of Greek will head the interim regime scheduled to be sworn in He returned from exile in July with the fall of the military The election is scheduled for Nov. 17. asked Foreign Minister George Mavros and Defense Minister to remain in office though both men are candidates for as is He said he wanted them to continue in office as not to interrupt their Mavros is negotiating Greece's position GROUP GUITAR LESSONS All teacher from College of Music in Miles Musk 434-M�9__ drriers for Daily News Record routes In Park Call 433-2702, Ext. 32 before 3 in the Cyprus is considered the person most able to maintain the shaky relationship between the government and the former military junta that handed power to on July 24 after seven years of The outgoing ministers represented some of the nation's most skilled technicians and politicians ranging in views from far right to extreme Many of the former ministers were outspoken opponents of the military junta and had either been exiled or maltreated during the Today's Index 2 27 6 4 5 Jeane 26 Local 15 3 22 TV 8 2 program would automatically go into effect in local labor markets with high unemployment even if the national remained below 6 per cent. Grants for jobs would be triggered vvhen local rates exceeded 6.5 per cent. The in recommended an extra 13 weeks of special unemployment insurance benefits for those who have used up their credits and 26 weeks of benefits for those not now covered by a regular unemployment insurance These would be financed from Treasury revenues and not from taxes on Ford also specified that to be eligible for a public service an individual would first have to exhaust all unemployment Treasury Secretary William E. Simon told newsmen the one-year surtax was expected to raise billion - billion from individuals and billion from Simon said the liberalized investment tax credit would bring corporations billion a year in benefits so the impact of the surtax on them would be more than offset by what would amount to companion tax The President produced no new plan to lower taxes for the poor but instead endorsed a tax revision now pending in the House Ways and Means Committee that he said would give the poor billion of tax In the energy Ford fixed a goal of imports of foreign oil by one million barrels a day by the end of 1975. This would be accomplished by increasing domestic energy production and by conserving To develop single national energy policy and Ford created a National Energy Board headed by Secretary of the Interior Rogers C. B. Ford was greeted with a full applause from senators and House members after he entered the House chamber for the One of the President's major proposals would set a 1980 target oil-fired plants from the nation's electrical by converting to coal and A fact sheet said the conversion would be accomplished voluntarily or the President would seek legislation to make it While rejecting proposals that he ration gasoline or increase the tax on Ford will meet with top management of the automobile industry to assure - either by agreement or by law - a firm program aimed at achieving a 40 per cent increase in gasoline mileage within a four-year development Urging that every citizen join the fight against Ford is what we must do what each and every one of you can help increase food and lower grow waste help save scarce fuel in the energy drive heat Ford specifically urged all Americans to the food you waste by 5 per and to reduce driving by a like One section of the President's address dealt with the slumping housing Urging Congress to make most home mortgages eligible for purchase by federal Ford said that if this is will make at least billion immediately available for mortgage enough to finance about 100,000 He also advanced a while it would apply to aU would in his words be especially helpful to energy-producing utilities that are hard-pressed to finance expansion needed to meet increasing power Ford asked Congress enact tax legislation to provide that all dividends on preferred stocks issued for cash be fully deductible by the issuing Continued on page 2, col. 1 AP Wirephoto The President outlines his ten-point plan to fight Senate Passes Campaign Reform AUTUMN ON SHORE - A solitary stroller can restore hib tranquillity during a quiet walk along Cannon AP Beach on the Oregon In the fog rolls in tu tuc WASHINGTON - The Senate passed 60 to 16 Tuesday night a to curb campaign contributions and spending and to finance presidential races with The compromise measure was sent to the House for final expected within a day or Both House and Senate earlier had approved similar but separate Senator Howard W. floor manager of the said the growing out of the Watergate was designed eliminate the problems so prevalent in the 1972 But Sen. Edward M. said he supported the compromise with mixed He said it set a double standard of reform by providing for use of tax funds to finance presidential campaigns but not Senate and House in which he said the need for public financing was probably Republican leader Hugh Scott said he also regretted the lack of public financing of congressional But he called it a reasonably good Like he said one of its key features is the establishment of an independent commission to administer the legislation and investigate alleged Senator James B. said he was forced to vote against the because of its public financing which he denounced as raid on the pocketbooks for the benefit of Common a self-styled citizens called the only major legislative response by the 93rd Congress to the Watergate President Ford's position on the measure is in But Scott said that in his judgment the President will sign it. The public financing of presidential campaigns and party nominating would be funded from tlie voluntary system established in 1971 under Floster Robert Sampson 52, of Details on page 28 Carrier for Daily News Record Route in Elkton Call 433 2702, Ext. 32 before 3 which taxpayers may earmark of their federal income taxes for campaign financing by checking a box on their federal Cannon said that as of July 1 the fund contained about Vz million and was projected to total about million by the time of the 1976 The would limit presidential candidates to spending million on their general election campaigns and million on seeking their party's presidential President's Testimony Postponed WASHINGTON - President Ford's historic appearance before a House Judiciary subcommittee was postponed Tuesday until a week from Thursday afford ample time for selection and sequestration of the Watergate Chairman William issued a brief announcement saying his subcommittee had made that decision with the concurrence of the White House and that Ford would appear before the at 10 a.m. EOT Oct. 17. Hungate said lie had talked with U.S. District Judge John J. Sirica on but not since Sirica is presiding over the Watergate cover-up trial which now is in the inquired at the courthouse if they had a jury as of the congressman said they He declined to identify to whom he had said Special Watergate Leon had concern Ford's on liis for Nixon be construed prejudicial to the trial of the former president's aides and SPECIAL TAILORING DISPLAY Men's and Raymond P. Expert Representative Haas of IhJ u Salur 12, linesi made to lit at Paul b court Square
