Harrisonburg Daily News Record, October 9, 1974

Harrisonburg Daily News Record

October 09, 1974

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Issue date: Wednesday, October 9, 1974

Pages available: 56

Previous edition: Tuesday, October 8, 1974

Next edition: Thursday, October 10, 1974

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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. Ptiotofax Service Harrisonburg, Virginia, Wednesday, October 9, 1974 For Businessor ylOO O7AO News Department-Dial *�00-Z/UZ Ten Cents Ford Unveils Economic Package Selected Tax Shifts, Fuel Saving Highlighted AP tWIrtptMte Ford addresses Congress. WASHINGTON (AP) - Warning that inflation can "destroy our country, our homes, our liberties," President Ford proposed Tuesday a broad-ranging anti-inflation package that would combine selected tax cuts with selected tax increases, special help for the unemployed and new moves to conserve energy. In a nationally broadcast address before a joint session of Congress, Ford unveiled recommendations that varied little from what had been expected. As was widely reported in advance, Ford asked Congress to impose a temporary, one-year tax surcharge of 5 per cent on corporations and middle and upper-income taxpayers. The President also sought a liberalized, across-the-board investment tax credit of 10 per cent to encourage expansion of factories and businesses. 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 nationally. The current rate is 5.8 per cent and is expected to increase. Under the Ford plan, the one-year jobs Congress Unmoved By Surcharge Plea WASHINGTON (AP) - President Ford's plan to increase taxes appeared headed for trouble Tuesday as Congress promised swift action on his sweeping new anti-inflation package, Following Ford's address to a joint session of Congress, 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 proposals. Other Democratic leaders said Congress could act before Friday's scheduled recess on Ford's call for a $300-billion spending ceiling and increased federal support for home mortgages. Howeyer, Ford's request for a one-year tax surcharge on middle and upper-income taxpayers met with widespread opposition. Senate Republican Leader Hugh Scott and Sen. Jacob K. Javits, R-N.Y., said the $15,000 family income level that would trigger the 5 per cent surtax was too low. Senate Democratic Whip Robert C. Byrd said the proposed surtax would "soak the middle and working classes," while Senator Henry M. Jackson, D-Wash., said he could not support it until loopholes in the existing tax structure are plugged. Senator John C. Stennis, D-Miss., called the proposed tax "a good recommendation." Senator Russell B. Long, D-La., chairman of the Senate Finance Committee, said the 10 per cent investment credit recommended by Ford undoubtedly would stunulate business spending. But he added that it is doubtful Congress would enact' such a measure without giving additional tax relief to low-income families. The tax-drafting House Ways and Means Committee will meet Wednesday to hear Treasury officials "spell out the details" of Ford's suggestions, according to Rep. Al Ullman, the panel's No. 2 Democrat. The President's proposals met. with a mixed reaction from business and labor leaders. Greeks Prepare For New Election ATHENS, Greece (AP) - The national unity cabinet of Premier Constantine Caramanlis resigned Tuesday to make way for a caretaker government that will conduct Greece's first parliamentary elections in almost 11 years. Caramanlis, 67, a veteran of more than 30 years of Greek politics, will head the interim regime scheduled to be sworn in Wednesday! He returned from exile in July with the fall of the military dictatorship. The election is scheduled for Nov. 17. Caramanlis asked Foreign Minister George Mavros and Defense Minister Evanghelos Averoff-Tositsas to remain in office even^ though both men are candidates for parliament, as is Caramanlis. He said he wanted them to continue in office "so as not to interrupt their mission." Mavros is negotiating Greece's position GROUP GUITAR LESSONS All ages, teacher from Berklee College of Music in Boston. Miles Musk Co., Harrisonburg. 434-M�9__ PARKVIEW drriers for Daily News Record routes In Park View. Call 433-2702, Ext. 32 before 3 PM. in the Cyprus dispute. Averoff-Tositsas is considered the person most able to maintain the shaky relationship between the government and the former military junta that handed power to Caramanlis on July 24 after seven years of dictatorship. The outgoing ministers represented some of the nation's most skilled technicians and politicians ranging in views from far right to extreme left. Many of the former ministers were outspoken opponents of the military junta and had either been imprisoned, exiled or maltreated during the dictatorship. Today's Index Calendar........................Page 2 Comics..........................Page 27 Crossword.......................Page 6 DearAbby.......................Page 4 Helolse................. ........Page 5 Jeane Dixon.....................Page 26 Local News......................Page 15 Markets.........................Page 3 Sports...........................Page 22 TV Listings......................Page 8 Weather.........................Page 2 program would automatically go into effect in local labor markets with high unemployment even if the national average' remained below 6 per cent. Grants for jobs would be triggered vvhen local rates exceeded 6.5 per cent. The President, in addition, 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 program. These would be financed from Treasury revenues and not from taxes on employers. Ford also specified that to be eligible for a public service job, an individual would first have to exhaust all unemployment benefits. Treasury Secretary William E. Simon told newsmen the one-year surtax was expected to raise $4.7 billion - $2.6 billion from individuals and $2.1 billion from corporations. Simon said the liberalized investment tax credit would bring corporations $2.7 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 cuts. The President produced no new plan to lower taxes for the poor but instead endorsed a tax revision bill now pending in the House Ways and Means Committee that he said would give the poor $1.6 billion of tax relief. In the energy area. Ford fixed a goal of reducmg 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 oil. To develop "a single national energy policy and program," Ford created a National Energy Board headed by Secretary of the Interior Rogers C. B. Morton. Ford was greeted with a full minute's applause from senators and House members after he entered the nearly-filled House chamber for the address. One of the President's major proposals would set a 1980 target for' 'eliminating oil-fired plants from the nation's baseloaded electrical capacity" by converting to coal and uranium. A fact sheet said the conversion would be accomplished voluntarily or the President would seek legislation to make it happen. While rejecting proposals that he ration gasoline or increase the tax on gas. Ford said: "I 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 deadline." Urging that every citizen join the fight against inflation. Ford said: "Here is what we must do ... what each and every one of you can do. "To help increase food and lower prices, grow more, waste less. "To help save scarce fuel in the energy crisis, drive less, heat less." Ford specifically urged all Americans to "cut the food you waste by 5 per cent" and to reduce driving by a like amount. One section of the President's address dealt with the slumping housing industry. Urging Congress to make most home mortgages eligible for purchase by federal agencies, Ford said that if this is done, "I will make at least $3 billion immediately available for mortgage purchases, enough to finance about 100,000 homes." He also advanced a reconmiendation that, while it would apply to aU corporations, would in his words be especially helpful to energy-producing utilities that are hard-pressed to finance expansion needed to meet increasing power needs. Ford asked Congress "to enact tax legislation to provide that all dividends on preferred stocks issued for cash be fully deductible by the issuing company." Continued on page 2, col. 1 AP Wirephoto The President outlines his ten-point plan to fight inflation. Senate Passes Campaign Reform AUTUMN ON SHORE - A solitary stroller can restore hib tranquillity during a quiet walk along Cannon AP Wirtiiiioto Beach on the Oregon shore. In fall, the fog rolls in tu iiUcr tuc iuuiug sunlight. WASHINGTON (AP) - The Senate passed 60 to 16 Tuesday night a sweeping, ,Watergate-stimulated bill to curb campaign contributions and spending and to finance presidential races with pubhc funds. The compromise measure was sent to the House for final action, expected within a day or two. Both House and Senate earlier had approved similar but separate versions. Senator Howard W. Cannon, D-Nev., floor manager of the bill, said the legislation, growing out of the Watergate scandals, was designed ."to eliminate the problems so prevalent in the 1972 campaign." But Sen. Edward M. Kennedy, D-Mass., said he supported the compromise with mixed feelings. 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 races, in which he said the need for public financing was probably greater. Republican leader Hugh Scott said he also regretted the lack of public financing of congressional races. But he called it a reasonably good bill over-all. Like Kennedy, he said one of its key features is the establishment of an independent commission to administer the legislation and investigate alleged violations. Senator James B. Allen, D-Ala., said he was forced to vote against the bill because of its public financing provisions, which he denounced as "a raid on the taxpayers' pocketbooks for the benefit of politicians." Common Cause, a self-styled citizens lobby, called the bill "the only major legislative response by the 93rd Congress to the Watergate scandals." President Ford's position on the com-,promise measure is in doubt. But Scott said that in his judgment the President will sign it. The public financing of presidential campaigns and party nominating cun-ventions would be funded from tlie voluntary system established in 1971 under Va//ey Deafhs Floster Robert Sampson Jr., 52, of Harrisonburg. Details on page 28 ELKFON Carrier for Daily News Record Route in Elkton Call 433 2702, Ext. 32 before 3 PM. which taxpayers may earmark $1 of their federal income taxes for campaign financing by checking a box on their federal returns. Cannon said that as of July 1 the fund contained about $29 Vz million and was projected to total about $75 million by the time of the 1976 election. The bill would limit presidential candidates to spending $20 million on their general election campaigns and $10 million on seeking their party's presidential nomination. President's Testimony Postponed WASHINGTON (APj - President Ford's historic appearance before a House Judiciary subcommittee was postponed Tuesday until a week from Thursday 'to afford ample time for selection and sequestration of the Watergate jury." Chairman William Hungate, D-Mc, 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 sub-conuTiittee at 10 a.m. EOT Oct. 17. Hungate said lie had talked with U.S. District Judge John J. Sirica on Monday, but not since then. Sirica is presiding over the Watergate cover-up trial which now is in the jury-selection stage. "We inquired at the courthouse if they had a jury as of today," the congressman said. "They said they didn't." He declined to identify to whom he had talked. llungate said Special Watergate I^rosecutor Leon Jawtirski had e.Kpressed concern Ford's U'stimoriy on liis paid"! for Nixon iiuglil be construed prejudicial to the trial of the former president's aides and caiupaigii officials. SPECIAL CUSTOfV� TAILORING DISPLAY Men's and women's. Raymond P. Mitchell, Expert Representative Haas Tdilonny Cr, of Baltimore, lliuibday IhJ u Salur day, Ci-I h', II, 12, linesi tabricb made to lit at Paul b court Square Haberdastiers ;