New Braunfels Herald Zeitung, March 1, 1983, Page 3

New Braunfels Herald Zeitung

March 01, 1983

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Issue date: Tuesday, March 1, 1983

Pages available: 11

Previous edition: Sunday, February 27, 1983

Next edition: Wednesday, March 2, 1983

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Publication name: New Braunfels Herald Zeitung

Location: New Braunfels, Texas

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All text in the New Braunfels Herald Zeitung March 1, 1983, Page 3.

New Braunfels Herald-Zeitung (Newspaper) - March 1, 1983, New Braunfels, Texas 4 New Braunf els March Opinions HvraldZttamg Kn General Manager Editor Guest viewpoint Loeffler says no to new taxes ByTOMLOEFFLER 21 The looming budget deficits with which we must contend certainly present a clear and present as the President has our Budget Committee hearings are focusing on the potential impacts of these deficits and on alternatives that could help ease this enormous pressure on our at a time when our economic indicators show that recovery has Certainly Congress must consider all responsible means for responding to these My concern is that in the rush to address the problems of the some are responding by proposing wholesale tax One which has received a great deal of had been put forth by the Chairman of the tax writing Ways and Means Dan He recommends a freeze on all the tax reductions which were enacted in 1981 and are due to become effective after December While such an alternative would preserve the third year of scheduled tax reductions enacted under the Economic Recovery Tax other aspects of the Rostenkowski plan are cause for serious In his plan in increase taxes by billion through fiscal Most of the higher taxes would be paid by the average working and a substantial portion would fall on the backs of small family owned farms and and anyone who Among the in creases billion would be realized by repeal of the tax indexing provision scheduled to begin in Taxpayers earning less than make up 78 James Kilpatrick A surprising vote for withholding dividends When it was all over at back in 279 and the sun was setting on the and aide came up to General said the we whipped the Romans this Pyrrhus looked at the bloody He had lost twothirds of his He looked at his aide and uttered the sentence that made him immortal One more such said and we are It is an old but it is a story that American bankers might want to think The bankers have mounted a massive lobbying cam paign tu repeal the tax withholding law that Congress approved last The campaign has produced the heaviest mail on Capitol Hill since the 1978 fight over the Panama Says Carroll who represents the First District of Its But in the the bankers have taken on Cl the chairman of the Senate Finance 2 the chairman of House Ways and 3 the speaker of the House and 4 the president of the United At the because they have rounded up more than half of each chamber in support of their repeal it looks as if the bankers may If they attach their bill as a rider to some other legislation the White House sorely such as Social they may even push the president into a corner where he has to sign the measure Victory They will have whupped the Under the withholding scheduled to become effective in banks and corporations whould be requried to treat the payment of in terest and dividents in somewhat the same fashion that all employers treat wages and 10 percent would be withheld as income tax and paid over to the This is not a new tax in any Subject to certain in come from dividends and interest is taxable The trouble according to Bob that about 11 percent of interest payments and 15 percent of dividends never are reported on individual tax The withholding he will cut these noncompliance rates in and raise almost billion each I may be in a small but I see nothing wrong with the On the I see much that is To listen to the bankers propaganda you might suppose that the idea is to penalize millions of little old ladies in tennis Baloney The act provides a simple mechanism by which old folks in lowincome brackets may exempt themselves from the The bankers also are cultivating the impression that the act will cost them untold billions in This too is Banks and cor porations already are required to compile and report their payments of interest and In all but the smallest the transfer of withheld taxes can be accomplished in the flicker of a computers The repeal campaign has put some odd fellows in bed In the such conservatives as Kemp of New Paul of Texas and Ed wards of Oklahoma are cosponsors with such liberals as Mikulski of Simon of Illinois and Conyers of In the Helms of North Carolina and Tsongas of Massachusetts are walking hand in hand for Both Republicans and Democrats see an opportunity to put themselves on the side of the little old politically is a nice side to be But the act is not aimed at the little old It is aimed at the fat cats who have large incomes from dividends and interest and cheat on their income tax Once this truth is the political ad vantage will In a speech to the American Bankers Association on Senator Dole denounced the bankers advertising campaign as false and He gave them a pointed warning If the bankers succeed in knocking out the billion in estimated revenues from the bankers had better prepare themselves for alternative measures they will find even more For Pyrrhic one pays a heavy of those who would benefit from in billion would be realized from low and moderate income taxpayers who make charitable contributions but do not itemize their billion would come from the repeal of the new net interest ex clusion designed to increase the in centive to billion would come from limits on the expensing and in vestment tax credit provisions which were designed to aid small billion would come from higher estate and gift a protion of which will fall on small businesses and familyowned farms and billion of the tax increase would affect royalty owners and producers of newlydiscovered As one who has been at the forefront of the fight for tax reduction and reform I see the Rostenkowski plan as a tragic For without only the Federal Government will benefit from higher inflation by collecting more and more revenue as taxpayers are pushed into higher If indexing is we will have lost our discipline to control spending in the future and Congress will have been given a blank check to inflate the economy in order to collect more of the taxpayers hardearned The estate and gift tax is a punitive tax in the has denied us the incentive to build up anything of value to pass along to our our heirs and our other The windfall profit which is really an excise is the most heinous and ridiculous tax ever levied and the proposed tax freeze would effectively wipe out hardwon gains in the necessary phased enhancement of the royalty exemption slated to in crease from two barrels per day in 1983 to three barrels per day after the windfall profit tax on newly discovered oil is presently scheduled to decline from 25 in to in to 20 in 1985 and 15 in subsequent The freeze would prevent that I helped lead the fight in past Congresses to assure that additional taxes not be imposed so unfairly on our beleagured energy and I am preparedto lead the fight if Tax proposals such as these threaten the very real adcances made over the past two A recovery that rests on the principles of budget reductions and tax In rushing too hastily to we would un dermine these very strong econimic principles of recovery for we will never balance the budget without economic We must not act Instead we must consider all proposals with great caution to assure that our economic recovery is not just as we are beginning to see the fruits of our Tax proposals such as these threaten the very real adcances made over the past two A recovery that rests on the principles of budget reductions and tax In rushing too hastily to we would un dermine these very strong econimic principles of recovery for we will never balance the budget without economic We must not act Instead we must consider all proposals with great caution to assure that our economic recovery is not just as we are beginning to see the fruits of our EN THE HEALTH OF MILLIONS Andy Rooncy Fewer jobless through defense In an argument with Michigan Donald Riegle last Defense Secretary Caspar Weinberger reminded the legislator that jobs depended on defense contracts in I guess I didnt realize that unemployment was a consideration in the Defense Departments If Secretary Weinberger sees his budget of billion as primarily a jobs he should have told us that We might all feel differently about spending that much money if we understood that we are basically building airplanes and nuclear submarines as a means of reducing The Pentagon would have some persuasive arguments on its side if it said over a long making weapons would lead to fewer people being out of For one if we keep making weapons and the Russians match weapon for it could lead to a lot fewer people in the This alone would be a major factor in reducing the number of It at the same reduce the number of employed burno program is 3v WHAT is WINTER ALMOST I t I I j REALLY HOW CAM IT i THERE ME HOW TO GET TO I had no idea tha Casper Wein bergers interest in weapons was purely Apparently he just cant stand to see long lines of unemployed people on television every night and he thinks making weapons is the best way to shorten the More power to Cap Wein I If we actually get into a shooting unemployment could be reduced to along with the population in The question of where to put the MX missies has never been If Weinberger is consistent in his thinking and wants to use defense spending as a means of reducing he will recommend that those MX missiles be placed where unemployment is For if a cluster of MX missiles were placed in downtown their presence would have a twofold effect on the labor a lot of unemployed people would leave thus improving Detroits image as a place where there are long lines of people not A more drastic possibility would of if the Russians decided to eliminate those missile Some people might not think a nuclear missile strike on midtown Detroit would be good for the but it un cut down on those There are people who dont agree with Weinberger that making weapons is a good way to reduce A great many Americans whom Weinberger might consider fuzzy believe that there are more important things to be done with our They suggest that repairing our searching space and improving the nations educational system would be better things to spend money on than The President himself has proposed a bilion emergency jobs The argument how do you spend it so the most people get jobs they doing work that benefits us all Most public service jobs in any emergency program usually involve physical This is terribly unfair because it isnt necessarily laborers who are Today there are so few people left in the country doing any physical labor that if all of them lost their jobs it wouldnt make a line long enough to show on a television news You cant expect an unemployed an accountant or a secretary to take an emergency job filling potholes with Unemployment is such a difficult problem that you can see how Weinberger apparently came to the conclusion that making weapons is an effective way of keeping people ;

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