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New Braunfels Herald Zeitung Newspaper Archive: April 14, 1987 - Page 5

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Publication: New Braunfels Herald Zeitung

Location: New Braunfels, Texas

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   New Braunfels Herald-Zeitung (Newspaper) - April 14, 1987, New Braunfels, Texas                                April New Procrastinating tax filers can expect summer refund WASHINGTON AP If youve Waited until this close to the deadline to tie your federal tax you may get your refund just In time for the Fourth of With the midnight Wednesday deadline ap the Internal Revenue Service reports its 10 service centers are operating full time processing tax Backlogs of unprocessed returns are relative ly low and we expect no problems in dealing with the lasttninute IRS spokesman Larry Batdorf said But because of the crush the IRS expects 23 million returns will be filed between last Friday and the deadline you can no longer count on getting a re fund In four or five says it may take as long as 10 More than 58 million couples and individuals had fil ed their returns through April the last date for which figures are That Is a bit below last years and tax experts lay part of the blame to confusion about the tax law enacted last People have been bombarded about changes in the tax law from way back when they were just pro said Joan a tax adviser with Merrill Lynch In Some are not sure which of the changes have taken In hardly any of the changes approved last year will have any effect on the returns being filed by the typical taxpayer this Here is what the 1988 filing season is likely to pro duce Of the million Individual returns expected this 65 percent will be the long Form per cent the Form 1040A and 17 percent the onepage Form 1040EZ of every 10 who file the long form hired Texaco woe sotnebbdy to as did almost one of every four who filed the If yearIs any basis on which to people who filed the 11lirte 1040EZ were so unsure of themselves that they hired an 40 million telephone queries were fielded by IRS But because many of those IRS workers are temporary employees with limited train about onequarter of the answers were many as couples and individuals will withhold their tax returns deliberately to protest defense million Americans are overseas and automatically get a twomonth million dont have a return ready and will file a Form 4868 winning an automatic extension to They must estimate how much tax they owe and send a check with the extension than 80 million returns will call for tax averaging nearly million Americans will be notified about 20 months from now that they are being About 35 of every taxpayers earning under and 280 of every making more than can ex pect an More than 9 million families will cut their taxes by an average of almost each by claiming the child care credit for workrelated to Individual Retirement those popular tax shelters treasured by middle income will be claimed on more than 16 million The average deduction about payments will be reported and deducted by onehalf million The average alimony a will show more than billion in con tributions to charity from perhaps 65 million Congressional cutbacks up costs for elderly WASHINGTON AP Costcutting steps enacted by Congress in the past six years have substantially increas ed outofpocket medical expenses for the nations poor and a new study The report by the General Accounting Office finds that senior citizens in the Medicare program are paying about a third more than they used while poor people covered by Medicaid increasingly must contribute towards health The changes are the result of five spending and tax bills passed during the Reagan according to the nonpartisan Investigative arm of The Medicare increase came to about per enrollee In additional outofpocket expenses a 34 percent in crease from 1980 to according to statistics in the GAO Changes in outofpocket payments under Medicaid were unavailable because of program differences from state to GAO But the agency said 26 states have increased costsharing requirements for par ticipants as a result of the Tax Equity and Fiscal Respon sibility Act of Edward who requested the called it a convincing argument for congres sional and administration action to prevent further Medicare and Medicaid benficiary outofpocket cost in creases and avoid program chairman of the House Select Committee on Aging and a member of the House Appropriations Com said Medicaid currently reaches only half the na tions And he said senior citizens already spend 16 Bankruptcy court offers no quick relief NEW YORK iAP Texaco Inc joins Manville Corp and A H Robins Co in seeking the haven of bankrupt cy court not because it is but because it wants protection from a potentially huge liability that could cripple its future As Manville has however reorganizing under Chapter 11 of the federal bankruptcy laws does not necessarily provide quick or easy relief Texaco is jusl as Manvtlle and Kobms were when they filed But Texaco petitioned for Chapter 11 pro tecllon Sunday because it faces a judgment of ill 1 billion that a Texas court awarded smaller Pcnnzoil Co The judgment stemmed from Tex acos alleged interference in Penn zoils proposed merger with Get ty Oil which Texaco acquired in stead tor 1 billion Texaco is but in the meantime is required by Texas to post a bond equal to the damage amount Texaco contends the bond would bankrupt the company and says the mere prospect of having to pay the bond already has strained the companys relationship Us sup pliers and lenders Although it has billion in cash or assets readily convertible to Texaco decided the only way to pro tecl Us business was to freeze Penn zoils and the claims o all its creditors In filing for Chapter II protection Under Chapter a is free to operate but is protected from creditors lawsuits while it works out a reorganization plan to pay its debts Most companies seek bankruptcs court protection because they are running out of money ButoiiAug Manville took the novel step of filing for Chapter 11 even though it was healthy Denverbased Manville sought pro tection because it faced thousands of lawsuits alleging death or disease among workers who were exposed to Manvilles asbestos products The company believed it could use Chapter 11 to efficiently and quickly work out a plan to settle the claims in one forum But nearly five years Man ville remains in Chapter 11 Manvtlles effort to fashion a strategy for paying asbestos victims has been tortuous and filled with disputes between its com mercial creditors and represen tatives for the claimants Manville has a plan with which it hopes to emerge from Chapter 11 within a year But analysts say it will be a costly burden or Manville for years to come The plan also is costly for Man villes svho will their ownership oi the company near ly erased Their combined equity is to be slashed to only 6 percent as much of Manvilles common slock is paid to present and future asbestos commerical creditors and holders of its preferred stock Despite Manvilles Uobins took a similar step Aug 1985 The Va based phar maceutical concern sought bankrupt c court to settle a flood of litigation relating to alleged health problems caused by its Dalkon Shield in traiiterme birth control device Twenty months later Hobms has to submit its reorganization plan to the partly because of delays caused by an unsuccessful takeover bid by American Home Products Corp Dean a Dallas lawyer and former bankruptcy said the Manville and Robins cases are not comparable to Texacos in many respects In Manville and the poten tial liability involved thousands of current and future compared with just one Pennzoils in Tex acos he noted The amount of Pennzoils claim also is clearly while Robins and their respec tive creditors and claimants have wrestled to devise an equitable pay ment for each of the Yet despite the clearcut nature of Texacos potential it by no means faces an easy solution in bankruptcy Gandy Pennzoil is likely to argue that Texaco is much too wealthy to be invoking the courts help and ask that Texacos petition be thrown he said Failing Pennzoil might again seek help from Texas courts to begin seizing Texaco assets to enforce its he noting that bankruptcy courts bend over backwards not to interfere in state Even if Texaco keeps Pennzoil at bay and enters Chapter it faces complex problems Pennzoil might contend that even though its claim is unsecured not backed by Texaco assets and thus subordinate to Texacos secured the claim still should receive a high priority when Texaco devises its reorganization Texacos secured creditors can be expected to argue otherwise The result could be a protracted battle because it is the creditors that usual ly decide which reorganization plan a company can use to emerge from bankruptcy court Parental consent provision dropped from abortion bi AlSTIN AP Senators shopp ing for support for their abortion bill have dropped a provision re quiring pregnant minors lo get parental consent for abortions The as amended would ban abortions after the fetus has reached something that would be determined by the at tending physician Sen Judith a said the viability issue is controver sy enough for the abortion bill We realized that the issue of parental consent and the issue of viability are two weighty matters which should be considered each on its own she Ted P saw Uje parental consent n was removed because Im political realist and i realize witfe toaji provision in the biJJ I faeljyeye I have 3 of Passing ol this comioiUee A fee MsZsJ D 1 doubt the possibilil of Us passage during this session But she is convinced the viability bill can win legislative If a person aborts a fetus that could live outside the that is plain and simple I do not believe that many responsible people could agree to abortions under such she said The Senate and House committees on slate affairs held separate hear ings Monday on similar abortion bills Neither committee took any action House sponsor Mike D Fort changed his bill Mon day lo require minors to get permis sion from only one i of But he said the permission section is a vita part of his bill To deny a parenj the right to give consent to surgery on their minor daughter that could sear physically or for percent of their income on outofpocket health care All five spending bills of the last few years encouraged states to curb soaring Medicare GAO The new laws led to a 49 percent increase in outof pocket payments for Part A Medicare including skilled nursing and home from 1980 to adjusted for the report The dollar In crease came to per enrollee over the For Part B including doctors lab work and outpatient hospital the tab rose 31 ad justed for the study The fiveyear dollar increase was per the study The outofpocket boosts were the result of increased premium payments and coinsurance amounts encouraged or required by the new GAO If the laws had not been enacted and prior growth trends had GAO inflationadjusted Medicare costs would have been about billion higher than they actually were from 1981 to Congressional action in 1981 and 1982 encouraged states to control Medicaid costs through copayments and other The GAO was that the 15 percent cost growth rate of the program from 1973 to 1981 fell to about 8 percent in The trend from 1983 to 1985 was to expand Medicaid eligibility and partially due to a 1984 act that re quired coverage of certain lowincome pregnant women and GAO But it said the cost growth rates still were lower than the historical the rest of their lives is simply deslruclive of the family unit It goes against every principle regar ding the sanctity of the family No one should have the right to do this to my daughter or to the daughters of any Millsap said The bill was attacked by Sarah an Austin lawyer who successfully argued the Roe Wade case that led to the 1973 Supreme Court decision striking down state laws against abortion Ms Weddington pointed out that state staUsUcs show that in 1986 there were only abortions in Texas involving vrojnen beyond the 2iih week of told the House panel Uiat some of those pro baWy resulted from latepregnancy tests that showed severe problems with ihe Texas is one of ntee slates Uiat aUtes aJwtiofls al 9W stage of Gary Hart fires political salvos at White House in 88 presidential attempt By EVANS WITT AP Political Writer DENVER APi Gary Hart is leveling his fire at the policies and people of the Reagan administration as he begins his bid for the White with only a nod toward fellow Democrats also seeking the partys presidential nomination Hart formally entered the race with a pair of announcement speeches in his First amid the snows and red cliffs of the Rocky Mountains and then at a downtown the former Colorado senator talked of the idealism he hopes to spark during the Let us go forward from this day committed to restore this land to all of its to restore a sense of genuine true patriotism to And if we we will have done the greatest thing for this country any of us could ever Hart told the March on Hart said he was running for one single and that is because 1 love my he was starting his first official campaign swing with stops in and Des Iowa is the third candidate to join the race of but he is way ahead of all the other Democratic hopefuls in the early polls That is quite a contrast to his 198 when he barely registered in the polls but almost won the nomination On he gave scant reference to other 1988 Democratic focusing his attention on the Reagan administration We can have public officials who represent the ethics of Deaver and Boesky or we can de mand the highest standards for our elected official and say to those people in Washington and Wall You are out of Hart told the One choice is in the national interest and that choice is Raymond Donovan resigned as Reagans Secretary of Labor and is fighting charges stemming from his New Jersey construction Michael former deputy chief of staff at the White has been indicted for perjury in connection with testimony about his lobbying activities after he left the White Ivan Boesky is a Wall Street trader who has been the central figure in an insider trading On foreign agricultural policy and even patriotism Hart drew a distinction with We can have a defense policy that takes school lun ches away from poor children to pay for MX missiles or Bl or we can have a defense policy that reforms our conventional saves the tax payers dollars and makes this country he Hart joined former Arizona Bruce Babbitt and Richard Gephardt of Missouri on Monday as of ficially declared Massachusetts Michael Paul Simon of Joseph Biden of Delaware and the Jesse Jackson are expected to enter the race later in the spring The issue in 1988 is who is best qualified to vern this Hart said His aides say that Harts detailed positions on the political experience and the test of the 1984 campaign make him stand out from the rest of the Democratic World birth rate rising WASHINGTON AP The worlds birthrate has turned upwards with the number of people on the planet at 5 billion and a private study reports Currently there are an estimated 28 births annually lor 1 peo ple on up from 27 last year and reversing the downward trend of re cent according to the indepen dent Population Reference Bureau The reason for the turnaround a jump in the birthrate in where authorities eased strict controls of re cent the Bureau reports Chinas birthrate increased from 18 per people in 1986 lo 21 this year More than one in five people in the world are Chinese changes in that countrys birth rate can have a striking influence on averages said Bureau population expert Carl Haub The annual Population Data issued Monday by the estimates that the July 1 population of the world will be billion peo The United Nations has projected that the world will pass the 5 billion person milestone early in while another private study The Population calculated that that event occurred last year in its new the Population Reference Bureau estimated the worldwide birth rate at 28 births per up from 27 last year The worlds rate had bjeen 27 for two down from 28 in las and 29 m the bureau said Antonio s CLASSIC MqnFri 7 4 Sun 2 Won Fn 720910 Sat 4 Sun 56AT5QN AFTERNOON MATINIf TUESDAYS BARGAIN PRICE I Lone Star Theatres Walnut 6 New Braunfels 6296400 105305505 TIN Mm 7 Q5 Cinema 5 San Marcos 3533555 i 110310510 MS Suu I 003055 10 7 151120   

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