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Cedar Rapids Gazette Newspaper Archive: August 23, 1974 - Page 1

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Publication: Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

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   Cedar Rapids Gazette (Newspaper) - August 23, 1974, Cedar Rapids, Iowa                                Weather- Clear tonight with lows In mid 50s. I'arlly cloudy Saturday with bigbs around 80. VOLUME 92- CITY FINAL 15 CENTS CKUAK KAI'IUS, IOWA. I'liiDAY, AUGUST 23. 1974 ASSOCIATED PRESS, UPI, .NEW YORK TIMES Tax Bill Is Advancing, Mills Says WASHINGTON (AP) Chair- man Mills (D-Ark.) of the tax- writing house ways and means committee is trying to spread some cheer along a gloomy Wall Street with a reminder that tax revision may be on the way. After the stock market closed Thursday at its lowest since July 14, 1970, Mills' office re- leased a statement that .noted the sag. It said the tax revision bill to "be given final consideration by the committee beginning Sept. 11 will include a number of provisions in the area of capital gains and losses which should be of material benefits to tax- payers and investors across the nation." Among these provisions will be a reduction in the capital gains tax for assets held more than five years so no more than 30 percent of the gain on sale of the assets would be subject to tax. Homeowner Relief The bill also would give all homeowners the relief now af- forded taxpayers over 65 on sale of a personal residence. If en- acted, the amendment would allow any gain on the sale price of a residence up to to escape taxation.' On amounts above that, a pro rata reduction would be provided. Mills also said the bill would the investment tax from 4 percent to 7 increase credit percent for property used mainly for supplying electricity or gas to local distribution sys- tems. That would put it at the level already available for other industries. He said he expects his com- mittee "to resume work prompt- ly on the final draft of tax leg- islation" Sept. 11 and swiftly send a bill to'the house, where "I believe it will be passed promptly in time for the senate to act favorably on it before adjournment." The bill also contains a new minimum tax proposal to take away from the wealthy an es- timated million more each year. In place of various- miscella- neous but popular deductions, such as the one for state gaso- line taxes, the average itemiz- U.S. Studying Soviet E3SCS Up Proposal on Cyprus j A Kflrpan Associated Press 'and foods stocks were almost1 VII VMS I Dissenters Jiy Secretary of State Kissinger [exhausted in two areas. says the U. S. government is! U. N. Secretary (1 c n e r a I studying the Soviet proposal was flying to Cyprus iin 18-nation conference to chai I i during the weekend to confer jlhe future of Cyprus. with President Glafcos Clerides, the leader of the Greek Cy-i SEOUL (AP) Korean Hut Western diplomats at the; N. dismissed the Russian and vice-president RaufiPresident Chung Hee Park 1-n- Wirephoto VA NOMINEE President Ford's choice for administrator of veterans affairs, Richard Roude- bush, right, is shown with Robert Eaton, American Legion commander, before addressing the Legion convention in Miami Beach. Pension Bill Awaits Ford Signature WASHINGTON (AP) A bill giving much stronger protection to people covered by private pension plans has been sent to President Ford, climaxing years of work by congress. The senate Thursday passed the compromise version 85-0. The house had cleared it Tues- day 407-2. Ford has indicated he will sign the bill when a ceremony can be arranged for the con- gressional sponsors to attend. The bill seeks to guarantee that the 35 million to 40 million people now covered by the plans get the retirement benefits they had expected. New Incentives Congressional studies had shown that most plans worked satisfactorily but thousands of persons never received pro- mised benefits. The measure also provides new tax incentives to self- improve ing taxpayer would find a to called simplification own pensjon programs and i. tn (f-ecn I _ for employes to set up individu- al programs when their compa- lelting him claim up to Standard Deduction do not have apian. Average taxpayers also would s o[ ,he legislation find a boost in the u was major step in (Continued: Page 8, Col. 2.) was a [improving the pension system Army Admits In Wrong Assignment WASHINGTON (AP) Thelsults in poor performance from army acknowledges that about soldiers are serving in wrong assignments at a time the said an internal but conceded they would like to see further progress. Some critics have said the measure is inadequate because it would not require companies to set up pension plans or raise the present level of payments. Half Covered About half the U. S. work force now is covered by plans. The average payment is ap- proximately a month. Major provisions of the bill: Eligibility All employes would have to be admitted to a pension plan, if the company has one, at age 25 and after one year of service. Vesting an employe's guaran- teed right to a pension after a specified period of service The company would have to adopt one of three alternatives under which the employe would have 100 percent vested rights after being on the payroll no longer than 15 years. Funding Employers would have to put sufficient amounts into pension funds in the future to meet pension liabilities in- curred each year. To make up for any deficits for past service, employers would have to make annual payments so full funding Report Oi Decontrol Is Studied WASHINGTON (AP) _ The Washington Post reported Fri- day that the administration is studying whether to decontrol prices on about 75 percent of domestically-produced crude oil. Quoting what it called reliable government sources, the news- paper said the effect would be to permit the price of so-called "old" crude oil to float from the current ceiling of 85.25 a barrel to whatever level the market would bear, probably about or "Old" crude oil refers to that portion of currently-produced oil that is equal to or below 1972 army publication read largely j production levels, by enlisted men. j The Post said advocates of the I Soldiers caught in this bind j decontrol conceded it would 24 VCnr, I could lose out in promotions. havc a short-term inflationary In 'effect those men havejskill pay. selection for schooling feet but said it would reduce been put into jobs for whichiand even qualification for rc-1demand ,n the long run. Reduc- they fve not Ven enlistment, it said. or s is one trmnct ;md lOir own Skills linimhlv Piri-rnl _-, they trained and their own could go to waste. "This situation may lioughly 9 Percent Asked about the extent. method of fighting inflation. Officials said Thursday that administration is oonsider- poor job satisfacUon nhich ismafcncd a I0-cents-per-gallnn twos! L would be achieved in 30 years or 40 years in a few cases. Portability A voluntary portability plan would be set up under which an employe chang ing jobs could have his vestec credits transferred to his new employer. Alternatively, the credits could be transferred to a new government corporation which would establish separate accounts for individual workers. Plan termination insurance A new government corporation would be set up to pay benefits (Continued: Page 8, Col. 3.) Plane Crashes into Home, Killing Four CATASAUQUA, Pa. (AP) A light plane crashed into a home in this eastern Pennsylvania community early Friday, killing four persons and injuring three, one seriously. State police said four bodies were found in the wreckage of the house. Police said they believed the victims to be two brothers who lived iii the home, the pilot and a passenger. The parents of the boys and their daughter were injured. Police said the plane, possibly Bethlehem and the passenger as D a r r e 11 Hemphill, whose address was not immediatelj known. Shaefer said the plane crashed about a.m. abou four miles from the Queen City airport, from which it had taken off. The Himmlers and their daughter, Christine, 12. were taken to a hospital. Himmler and Christine were releasec after being treated for cuts burns and smoke inhalation They went to the home of a rel alive. uiove as a propaganda maneu ver. I "It drx-Hi't seem to be any- thing that will get off the one said. A Soviet government state- ment on Thursday said attempts by NATO members to settle the Cyprus crisis have failed. It itcd the "special responsi- jilities" for the maintenance of c a c e by the permanent members of the Security Coun- cil including the Soviet Union and said the time was right 'or a conference made up of the 15 council members plus Greece, Turkey and Cyprus. "We'll study Kissinger told newsmen who asked about U. S. reaction to the proposal. But a U. S. diplomat at U. N. headquarters said his government was strongly sup- porting British efforts to get Greece, Turkey and the Greek and Turkish Cypriots back to the peace conference table in Geneva. "This initiative ought to be given a chance to come to frui- he said. .MIJ Denktash, the head of the Turk-iday canceled two decrees that ish Cypriot minority. poliUcal dissent punish- Cleridcs was flying to Athens ahlc by dcatn Friday to confer with the Greek government. He and Denktash were also expected to meet dur- ing the weekend to discuss such humanitarian issues as the ex- change of prisoners and the plight of the refugees. The cease-fire in Cyprus con tinued to hold. But a U. N spokesman said the Turkial army refused to allow U. N troops in Famagusta to deliver food, water and medicine to the thousands of Greek Cypriot ref ugees around the captured por city. Later Friday, a U.N. spokes- man in Nicosia said the Turks had agreed to allow the U.N. to resupply its observation posts in the Famagusta district. One U. N. officer said the ref- ugees' situation was desperate, Rising 4 to 5% WASHINGTON (UPI) Con- sumers will see retail fooc prices in the second half of 1974 rising 4 to 5 percent instead ol declining as predicted before the drouth decreased harvest prospects, the agriculture de- partment said Friday. Analysts added that retail food prices for all 1974 are ex- pected to average about 15 per- cent above 1973 instead of the 12 percent forecast earlier. The increase would be slightly above last year's 14.5 percenl rise and would be the biggest one-year jump in 28 years. Another agriculture depart- ment report showed the cost ol a typical market basket ol farm-produced foods dipped 0.3 percent in July because food re- Kelly tailors and processors offset- Thursday. "They fpit File Access Is Granted Nixon Aides WASHINGTON (AP) The Vhite House will permit former op aides to President Nixon to examine their White House lies, a spokesman said Friday. Access to the papers by such brmer aides as John Ehrlich- man and H. R. Haldeman had been cut off in the waning days of the Nixon administration. A White House spokesman said the access "has been agreed to by the former Pres ident" Nixon aides for a time hac been permitted to examine the! papers under the watchful eyi of secret service agents but ha not been permitted to copy o reproduce them. "We are in the process o reinstating the previous policj on access to the spokesman said. The former aides seek access o the materials in connection with their defense hi the Water- gate cover-up trial. The new policy came after review by the White House counsel, Philip Buchen. He was named to that job las' week shortly after his predeces- sor, J. Fred Buzhardt, hat joined in issuing an opinion thai White House tape recordings and papers belonged to former President Nixon. Hometown Paper Cuts Nixon Name YORBA LINDA, Calif. (AP The newspaper in former President Nixon's hometown iias decided to compromise an< use the slogan "Birthplace o our 37th dropping Nixon's name. Publisher Ed Kelly said he iad received hundreds of com plaints after announcing that h< was removing the previous slo gan, "The Birthplace of Pres :dent from his Yorba Linda Star. "A lot of the comments were pretty objective, and brought up said on felt that we His opponents urged him to declare an amnesty for those convicted of violating the de- crees and to abandon two other mergency edicts. Politicians from all parties cnerally praised Park's action, vhich he said was possible be- ause last week's assassination ittempt against him had unified he country and convinced South Koreans of the threat of Com- munist subversion. But the New Democrats, the chief opposition party, called for ibandonment of two other de- :rees that Park issued between fanuary and April of this year. The smaller Democratic Unifi- cation party urged amnesty for :he 171 people convicted under :he canceled decrees and re- ease from custody of those awaiting trial. Not Affected Presidential Spokesman Kim Seong-jin said repeal of the de- crees will not affect cases that are still pending. The repealed decrees were No. 1, issued Jan. 8, and No. 4, issued April 3. The January de- cree banned acts "to deny, op- pose, misrepresent or defame" Park's rule and made violations punishable by five years in pris- on. Decree No. 4 raised the al- owable penalty to death. The first decree followed 14 weeks of steadily-growing dem- onstrations by students, Chris- ian church leaders, intellec- .uals and opposition politicians urging restoration of democracy .0 Korea. Park said the demon- strations were fomented by Communist subversives. 14 Death Sentences Of the 171 convicted, 14 were sentenced to death and the others to prison terms ranging, from three years to life. Five of the death sentences were com- muted to life imprisonment and the other nine have not been carried out. Among those convicted were a former president, Yun Po-sun; Roman Catholic Bishop Daniel Tji; a poet, Kim Chi-ha; and Paik Ki-wan, a nationally-known political scientist. Of the two decrees Park left in effect, one gives the govern- ment extraordinary powers over [he economy and the other or- dered trial by court-martial for persons charged with violating .he decrees. bound for the Allentown-Easton-l A hospital spokesman an increase in the cost putting down the commu- Bethlehem airport in light Himmler was in serious raw farm products as as Nixnn Ford Meets with Syrian Official WASHINGTON (UPI) In he spirit of renewed diplomatic condition with burns over 40 thcir margins 3 percent ''We thought about that quite a relations with Syria, President percent of her body. the record June level. bit and agreed that we didn't! Ford Friday welcomed the crashed into the rear of home of Mr. and Mrs. William Himmler, setting it on fire. Frank Shaefer, tower super- visor at the airport, identified'Aulhoritics said their approxi-1 see for some time, the food a middle-of-the-road ap-jpccts for peace in the Middle The boys were identified asj The July decline, however, j want to do anything like that. So I country's foreign minister to the .Michael and William Himmlor.imay be the last consumers decided on the slogan as sort White House to discuss the pros- the pilot as Amos Rothchild of; mate ages were fi and 10. i at ion summary indicated. iproach." Link First Americans to Siberia Comics Crossword Daily Ilecord Deaths Kditnri.il Features Mnrlnii Movies Slntc Television Wnnt Ads STORRS, Conn. (AP) So- viet and American scientists have discovered in this fix, roughly 9 percent offline as a possible anti-inflation! Aleutian artifacts they call all its enlisted men. j move. j Hie "first direct link" showing II said il is working to correct j Tlle Times quot-j that North America's original the problem and the "mismatch trend is improving." unidentified administration! inhabitants came from officials as saying higher gaso- beria. Two years ago there were! improperly-assigned sol- diers, 
                            

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