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Newspaper
Bronte Enterprise
Location
Bronte, Texas, United States of America
Date
Jan 28, 1972
Page
1
The President gave no clear VAT proposal in his State of the Union to Congress last week, though lawmakers speculate a value added tax might be considered later in an election year. The VAT would function as a sales tax embedded in prices, easing immediate pain.
A discussion of a value added tax as a method to fund Federal contributions to public schools outlines how the tax would apply at each production step, its potential to replace property taxes, and the political battles over fairness, growth, and federal control. Opponents warn of regressive effects and easy tax rises, while proponents cite revenue needs.
Farmers and ranchers in an 11 county area borrowed more than $14.3 million from Texas Production Credit Association in 1971, per PCA president Phil H. Lane. The figure covers 219 members across Coke, Crockett, Irion, Kimble, Menard, Schleicher, Sterling, Sutton, Terrell, Tom Green and Pecos counties with an office in San Angelo.
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