09 Oct 1974
Page 1
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Newspaper
Bennington Banner
Location
Bennington, Vermont, United States of America
Date
Oct 09, 1974
Page
1
Ford's program relies on higher taxes for middle class and wealthy, tax credits to spur business, and exhortations to cut spending and drive less. It envisions a 5 percent surcharge on midrange taxable income with exemptions, plus $2.8 billion in incentives for business and new policies to aid unemployment, housing, and energy amid a high inflation backdrop.
Senate Democratic Leader Mike Mansfield said he could support a 5 percent surtax on higher incomes but Ford s anti inflation package remains too weak for middle earners. He expects limited tax action this year but supports jobless benefits and housing aid and notes the surcharge should target families earning over 20000 to 25000 dollars and individuals over 15000.
The Swedish Academy named Friedrich von Hayek and Gunnar Myrdal co recipients of the 1974 Nobel Prize in Economics for work on money, economic fluctuations, and interdependence of economic social and institutional phenomena. They share 123000 dollars and will receive diplomas December 10 in Stockholm. In a separate surprise, the Norwegian Parliament awarded the 1974 Nobel Peace Prize to Eisaku Sato and Sean MacBride for their work toward peace.
In Montpelier the Special Committee on Land Use Planning held a five hour public hearing with under 100 attendees and 14 witnesses. Chairman Robert E. Kinsey noted turnout matched expectations amid limited public interest as the panel prepares recommendations for October.
In Boston two METCO students and a black driver were hurt when a bus was stoned and a rock shattered a windshield on Dudley Street Roxbury. A gubernatorial debate was canceled due to rising racial tensions as three Hyde Park High students faced suspension.
Labor Secretary Peter Brennan told Congress the administration would spend 5.25 billion on unemployment insurance and a jobs program if unemployment reaches 7 percent this year. He outlined the National Employment Assistance Act of 1974, detailing funding for community projects and job pay, with rapid escalation as unemployment rises. Leaders from labor unions criticized the plan, arguing the measures and tax surcharges favor business and the wealthy and underplay relief for the jobless. Ford emphasized inflation casualties, prioritizing those with low and middle incomes.
On the Inside British elections near with Wilson out in front. Page 2. President Ford's testimony before a House committee is postponed due to the Watergate trial. Page 2. The widow of an unarmed man shot in Burlington is dissatisfied with Gov. Salmon's report. Page 3. An editorial discusses Ford's proposed economic cures. Page 4. In Hoosick Falls budget problems. Page 6. John Page offers tips on preventive maintenance for farm equipment and who can afford new gear. Page 8. Vermont Symphony Orchestra's new conductor will debut in an upcoming concert. Page 11. The A's pursue the pennant today, with hopes riding on Jim Hunter. Page 14.
Martha Abbott Liberty Union candidate runs in Vermont race promising state takeover of power generation and public ownership of utilities. She emphasizes tax reform through graduated income tax, abolishing sales tax, and replacing private monopolies with regional cooperative districts overseen by a consumer elected board.
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