New Braunfels Herald Zeitung, April 14, 1987, Page 5

Publication: New Braunfels Herald Zeitung April 14, 1987

New Braunfels Herald Zeitung (Newspaper) - April 14, 1987, New Braunfels, Texas Insight Tuesday, April 14,1987    Horald-Zoffuftg,    New    Braunfels,    Texas    Pigs    5Procrastinating tax filers can expect sum mer refund WASHINGTON (AP) If you've waited until this close to the deadline to file your federal tax return, you may get your refund just in time for the Fourth of July With the midnight Wednesday deadline ap poaching, the Internal Revenue Service reports its IO service centers are operating full time processing tax returns Backlogs of unprocessed returns are relative Iv low and "we expect no problems in dealing with the last minute filers IRS spokesman Larry Batdorf said Monday But because of the crush the IRS expects 23 million returns will be file<1 between last Friday and the deadline you can no longer count on getting a re fund in four or five weeks Now says Batdorf it may take as long as lo weeks More than 58 million couples and indi\ (duals had fil ed their returns through April 3, the last date for which figures are available That is a bit below last year’s pace and tax experts lay part of the blame to confusion about the tax law enacted last year People have been bombarded afaint changes m the tax law from way back when they were just pro posals said Juan Stolpen a tax adviser with Merrill Lynch Inc in Princeton NJ Some are not sure which of the changes have taken effect In fact hardly any of the changes approved last year will have any effect on the returns being ‘lied by the typical taxpayer this year Here is what the h'H*- filing season is likely •<» pro duce (if tile lo> a million individual returns expected this year ba percent will tie the long Form HHH limier cent the Form lino \ and IT percent the one-page Form I040KZ Se yen of eyeiy lo who the the long form hired somebody to help, as did almost one of every four who filed the 1040A If Idst year is any basis on which to judge. 750.000 people who filed the 11-line 1040EZ were so unsure of themselves that they hired an accountant Around 40 million telephone queries were fielded bv IRS personnel. But because many of those IRS workers are temporary employees with limited training. about one quarter of the answers were wrong As many as 20,000 couples and individuals will w ithhold their tax returns deliberately to protest U S defense spending J 2 million Americans are overseas and automatically get a two-month extension 6 5 million don't have a return ready and will file a Form 4868 instead, w inning an automatic extension to Aug 15 They must estimate how much tax they owe and send a check w ith the extension request More than 80 million returns will call for tax refunds, averaging nearly $900 I I million Americans will be notified about 20 months from npw that they are being audited About 35 of every IO.you taxpay ers earning under $10,000 and 280 of every IO OOO making more than $50,000 can ex peel an audit More than 9 million families will cut their taxes by an average of almost S4oo each by claiming the child ( are credit for work related expenses Contributions to Individual Retirement Accounts, those popular tax shelters treasured by middle income Americans. vs ill be claimed on more than 16 million returns The average deduction about $2 400 Alimony payments will be reported and deducted by one half million taxpayers The average alimony $7 mu a year Returns will show more than $50 billion in con intuitions toch.tr it> from perhaps 65 million people Texaco woe Bankruptcy court offers no quick relief NI- VS V ORK SF Texaco Ii . joins Manville Corp and VU Robins i 'n in seeking the haven of bankrupt ex court not because it is broke but because it want* protection from a potentially huge liability tha’ cml * cripple its future A* Manville ha* shown however reorganizing under Chapter ti of the federal bankruptcy law* (ti*** not necessarily provide quick or ea*v • eltef Texaco I* solvent list a* Manville anil Robins xx»*u* when they tiled But Texaco petitioned for Chapter ll pro tectum sunday hoi au*** it faces a judgment of $11 I billion thata texas court awarded smaller Penn/uil Co The judgment stemmed from Tex nos alleged interference in Penn oil * pru(Hts«s! 1984 me: get with Get iv IHM o which Texaco acquires! in -'••ad for $ Ic I billion Texaco is appealing but m th* meantime is required by texas law to jstsi a Umd equal to tile damage amount texaco contends the bond would bankrupt the* company and sax* tho mere prospect of having to pay tho frond already ha* *tr.i i e<I th* company * relationship with its sup pliers aru! tenders Although it ha* billion in cash in assets readily convertible to t ash Texaco decided tho on v wax to pro toil its fullness wa* p. frieze Penn /oil s claim and the claims of all if1 creditors by filing for Chapter ll protection I lidoi Chaplet ll a company i* free to operate t»ut is protected limn creditors lawsuits while it works out a reorganization plan to pay its debts Most companies s»*ek bankruptly I oui t pi ut ext ion because they ate running out of money But on Vug 2* I ‘82 Manville t«*"k tile novel step of I ii lr g tor Chapter ll even though it was healthy Denver based Manville sought pro lection ,ium' it taced thousands of lawsuits alleging death or disease among worker** win* were exposed to Manville sasbestos precincts The company believed it could u**-t hapter ll to efficiently and quickly work out a plan to settle the claims m ne forum But neatly fix*- veals later Man v ilk* remains in < hapter 11 Manville * effort to fashion a sfrategv for paying asbestos victims has been tortuous and filled with lisputes t**twt*en Manx ilk- it* com merctal creditors and represen fauve* for the claimants Manx die now »i is a plan w it bi w Inch it hoj*** to emerge from Chapter ll within a year But analysts say it will t* a *ostly burden tor Manville for years to come The plan also i* lostlv for Man x lie    bs    sh< Sefs aho wii1 *4*e. their ownership ct the company near y erased Their combined equity is *0 tie slashed t»> only »> jx*ri ent a* mux I of Manville * common stock i* paid to present and future asi*»stos victims commerical cr»*d«tors and holder* of it* preferred stink Despite Manville s problems lea us took a similar step Vug 21 Tile Richmond Va based phut mal eutic.il com im n sought bankrupt v court to settle a Bunt of litigation relating to alleged health problems i uiise I by its Daikon Shield iii ’router me birth control dev ice Twenty months late! Rollins ha* vet to submit it* reorganization plan !>• the our! partly t*ecarise of delays i ousel! tty .rn unsuccessful takeover bid by American Home Product* Dorp Dean Gandy a Dallas lawyer and former bankruptcy judge said the Manville and Robins case* are not comparable to Texaco s m many respects In Manville and Robins the poten 11.ii liability involved thousands of current and future claims compared with rust one Pennzoil s m Tex ae© s case he noted The amount of Pennzoil'* claim t v) is clearly identifiable while Manville Robins and their respex five creditors and claimants have wrestled to devise an equitable pay men! for each of the claimants V el despite tin* clear cut nature of Texaco s potential liability it by no means faces an easy solution in bankrupted court Gandy said I- irst I’ennzoil is likely to argue 'hat I exaco is much list wealthy to tx* invoking the court s help and ask that Texaco s petition tx* thrown out he said Failing that I'emu oil might again s«*» K Help from Texas courts to tx*gm *eizing Texaco assets to enforce its udgment he said noting that bankruptcy courts bend over backwards nut to interfere in state law Fven if Texaco ki*eps IVnn/oil at t>a\ and enters (.'hapter ll it tai es complex problems Penn/oil migfit contend that even 'bough its claim is unsecured not (»id k*m1 by Texaco assets and thus sutNirdinate to Texaco s secured i reditors the claim still should receive a high priority when Texaco •lev isi*s its reorganization plan Texaco > secured creditors can Im* •*\j>«*i fell to .it gut* otherwise* The result could fie a protracted battle til a use it is the creditors that usual Iv lei lite which reorganization plan a company can in- to emerge from bankruptcy court Parental dropped Vt SMN VI’    sell.dot s    shopp mg lot support lor then ainu lion bill have dropfMil a provision ic quiring pregnant minors to get parental consent for aiioitions The bill as amended Monday would ban abortions after tile fetus has readied viability something that would tx* determined bv the at tending physician sen Judith /.affirm! a co sjh>ii*im said the viability issue is controvei sy enougit tor the abortion bill We realized that tile issue of parental consent and the issue of viability are two weighty matters which should tx* considered separately each on its own merits she said Co sponsor Sen Tim! Lyon. D Mesquite said the parental consent provision was removed because ’i'm a political realist and I realize that with that provision in the bill I do not believe I have a chance of passing that out of this committee A separate bill on parental con sent might be filed, but Ms Zaf consent provision from abortion bill fit im D I ai»‘do san! I doubt the possibility of it* passage during this session But she is conv meed the viability bill car. win legislative approval ll a JKI son at torts a fetus that could live outside the womb that is murdei plain and simple I do not believe thai many intelligent resjsmsible people could aglet* to abortions under su*‘h conditions,” slit* said T he Senate and House committees on slate affairs held separate hear tugs Monday on similar abortion fulls Neither committee took any action Holist* sponsor Mike Millsap I) Fort Worth changed his bill Mon day to require minors to get permis sum from only one parent, instead of both But fie said the parental permission section is a vital part of his bill To deny a parent the right to give consent to surgery on then minor daughter that could scar diem physically or emotionally forCongressional cutbacks up costs for poor, elderly WASHINGTON (AP) - Cost-cutting steps enacted by Congress in the past six years have substantially increased out-of pocket medical expenses for the nation's poor and elderly, a new study concludes • The report by the General Accounting Office finds that senior citizens in the Medicare program are paying about a third more than they used to. while poor people covered by Medicaid increasingly must contribute tow ards health care The changes are the result of five spending and tax bills passed during the Reagan administration, according to GAO. the non partisan investigative arm of Congress The Medicare increase came to about $162 per enrollee in additional out-of-pocket expenses a 24 percent in crease from 1980 to 1985. according to statistics in the GAO report Changes in out-of pocket pay ments under Medicaid were unavailable because of program differences from state to state GAO said But the agency said 26 states have increased cost-sharing requirements for par ticipantsasa result of the Tax Equity and Fiscal Respon sibility Act of 1982 Rep Fdward Roybal I)Calif who requested the report called it ‘ a convincing argument for congressional and administration action to prevent further Medicare and Medicaid benficiary out of pocket cost in creases and avoid program cuts Roybal, chairman of the House Select Committee on Aging and a member of the House Appropriations Com mittee said Medicaid currently reaches only half the na turn s poor And he said senior citizens already spend 16 percent of their income on out-of-pocket health care costs All five spending bills of the last few years encouraged states to curb soaring Medicare costs GAO said The new laws led to a 49 percent increase in out-of-pocket payments for Fart A Medicare services including hospital, skilled nursing and home care from 1980 to 1985. adjusted for inflation the report said The dollar increase came to $41 per enrollee over the five-year period For Part B services, including doctors' fees, lab work and outpatient hospital visits, the tab rose 31 percent, adjusted for inflation the study said The five-year dollar increase was $121 per enrollee the study said The out-of-pocket boosts were the result of increased deductibles, premium payments and coinsurance amounts encouraged or required by the new laws. GAO said If the laws had not been enacted and prior growth trends had continued GAO said, inflation-adjusted Medicare costs would have been about $13 billion higher than they actually were from 1981 to 1985 Congressional action in 1981 and 1982 encouraged states to control Medicaid costs through co payments and other means The result (LAO said was that the 15 percent cost growth rate of the program from 1973 to 1981 fell to about 8 percent in 1982 The trend from 1983 to 1985 was to expand Medicaid eligibility and services partially due to a 1984 act that required coverage of certain low income pregnant women and children (LAO said But it said the cost grow th rates still were lower than the historical trend Gary Hart fires political salvos at White House in '88 presidential attempt B, EVANS WITT AP Political Writer DEW ER AF Gary Hart i* leveling hi* fire at Uh* policies and people of the Reagan administration as he tiegins his hid tor the Whitt* Roust* with only a nod toward fellow l>emocrats also seeking the party * presidential nomination Hart formally entered the rate Monday with a pair ot anticum ement speeches in Denver hi* hometown First amid the snow* and red cdf I* oi the Rocky Mountains and then at a downtown rally Uh* former Colorado senator talked of the ideal *m he hopes to spark during the campaign I-et us go forward from this day committed to restore this land to all of it* people to restore a sense of genuine true patriotism to America And it we do we will have done the greatest thing for this country any of u* could ever do Hart told the rally March on” Hart *atd he wa* running for one single reason and that is because I love my country Today he was starting his tirst official campaign swing witti stops in Amarillo Texas and De* Moines Iowa Hart >u is the third candidate to join the race of Mcially hut tie is way ahead of all the other Democratic hopefuls in the early polls That is quite a contrast to hi* 1984 campaign xx her, fie barely registered in Uh* jtolls but almost won Uh* nomination (In Monday fie gave scant reference to other 1988 lk*mocratn hopefuls lox.using til* Mention on the Reagan administration ■We can have public officials who represent the ethic* of Donov an Deaver and Boesky or we can demand the highest standards for our elected official and say to those people in W ashington and Wall Street You are out of business Hart told the rally -One choice is in the national interest and that choice is dear ” Raymond I k>no\an resigned a* Reagan s Secretary of Labor and i* fighting charge* stemming from his New Jersey construction firm Michael Deaver former deputy chief of staff at the White House, has been indicted for perjury in connection w ith testimony about his lobbying activities after he left the White House Ivan Boesky is a Wad street trader who has tx*en the central figure in an insider trading scandal On defense foreign policy agricultural policy and even patriotism itself Hart drew a distinction with Reagan We can have a defense policy that takes school lun ches away from poor children to pay for MN missiles or B I bomber* or we can have a defense policy that reform* our conventional defenses saves the tax payers dollars and makes this country sale lie said Hart joined former Arizona Gov Bruce Babbitt and Rep Richard Gephardt of Missouri on Monday as of finally declared candidates Massachusetts Gov Michael Dukakis sen Paul Simon of Illinois. Sen Joseph Biden of Delaware and the Rev Jesse Jackson are expected to enter the race later in the sprint! The i.**ue in 1988 I* who is be*t qualified 'o em this country Hart said His aides say lf it Hart s detailed positions on Uh* issues political experience and Uh* test of the 1984 campaign make him stand out from Uh* rt st of the I >emix ratic field Uh* rest of their lives I* simply destructive ut Uh* family unit It giK*s against x very principle regal ding the sanctity of the family No one should have the right to do tins to my daughter or to the daughters of any Texan Millsap said The bill was attacked by Sarah Weddington an Austin lawyer who successfully aigued the Rix* vs Wade case that led to Uh* 1973 I S Supreme Court decision striking down state laws against abortion Ms Weddington pointed out that state statistics show that in I98u there were only six abortions in Texas involving women beyond the 24111 wt*ek of pregnancy She told Hie House panel that some of those pro baldy resulted from late pregnancy tests that showed severe problems w itti the fetus T exas is one of nine states that allows abortions at any stage ot pregnancy World birth rate rising WASHINGTON AF    The world s birthrate has turned upwards again with the number of people un th** planet at 5 billion and growing a pnv ate study reports Currently there are an estimated 28 births annually for every I ounpeo pie on Earth upfront last year and reversing the downward trend of re cent years according to Uh* indepen dent Population Reference Bureau The reason tor the turnaround a jump in the birthrate in Clima where authorities eased strict controls of re cent years the Bureau reports China s birthrate increased nom 18 poi l oon people in |98»* to 21 Un* year More than one in live people in the world are Chinese Thus change* in that country * birth rate can have a striking influence on average* worldwide said Bureau population expert Carl Haul) The annual Population Data shx*et issued Munday by the Bureau estimates that Uh* July I population ot Uh* world will fie > 02‘> billion peo pie The I nited Nations has projected that Hie world will pas* the a billion person milestone early in July while anothei private study group The Population Institute calculated that that event occurred last year In its in*w report the Population Reference Bureau estimated Uh* worldwide birth rate at 28 births per I.ooo people up from 27 last veal The world s rate had been 2^ for two years down from 28 iii 1x84 and :**.* in 1983 the but eau said BHAUNTEX TWIN U290W San Antonio 625 441 ij (tW    Ct    'SSK J 1111 . I /,*/.*'/IM: (/> rn. JO* POLICE a ACADEMY^ (Mon fn 7 10 9 OO Sal & Sun 2 10 4 OO 7 10 9 OO aul scats on    afternoon matinee I MONDAYS > TUESDAYS t? DC BARGAIN PRICE I f Mon fn 7 20 9 IO    | I I Sal & Sun 2 20 4 IO 7 20 9 IO J TINEE^' “■y .L« Lone Star Theatres Walnut b I New Braunfels 629-6400 I Cinema 5 San Marcos 353 35551 ** FIJQMI ««• ’NIM ' al ’MMM* •«»•» na ifMli **AAn i*4a warm 7 OM VMM _____ • »*•* s«« ms.. anana khummUm i ■/©i /owo St® sm ft s.. wnxo. I 101 IBS IO ALUMf S IO 7 IO 7 IO* IO 4 I 9 1# ***« & suu Uetkdavs I OS 4 US S OS JIH mn S (IS 7 OS 7 OS SOS SOS S.I A Sui. ’*» U- m' Ut VXrrkdty* I OO 4 OS S IO SUCCiSS b MS 7 i s s zo —. ro **< * Sun VXrri<4«>v* I ISS ISS SUCCESS MVT IS 7 isv is wlrWSyw v |S I Mf MMM MMM TMM • MM /TI- t T MM (MM s.l ft Sun Wr«4>d.v* I HI J IO S 40 lam. M S IO 7 VO 7 JO SJO 9 i0 M IO IO OO ,|r gg iUBEL % im i u»a 7iita sit 4 Sm Disney * wr.n.y s oo 7 ou Ai istle als 4 007 00 ;

Share Page

Publication: New Braunfels Herald Zeitung

Location: New Braunfels, Texas

Issue Date: April 14, 1987

RealCheck