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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 16, 1982
Page
6
J P Hladky Jr serves as Chairman of the Board of Directors while Joe Hladky III is listed as President and Publisher. Art Heusinkveld is identified as Editor and Editorial Pages chief with the Editorial Board Chair noted.
The editorial attacks five wealthy Dallas area investors who claimed 439,963 in depreciation and 55,739 in losses on a 1.85 million nonrecourse mortgage shelter. It notes IRS commissioner concern, Tax Court denial, and ABA board refusal to oppose the concept, calling it a dangerous, permanent shelter from taxation.
Public and lawmakers push back against looser hours for 14 and 15 year olds with new jobs and later quitting times. Critics warn it could pressure academics and delay education while supporters say it expands youth employment and eases employer rules. Educators note adolescence demands balancing work with high school.
The piece argues the 1980s deficits loom large even with deep cuts. Sen. Hollings cites 1985 projections with defense at 300 billion and social programs at 365 billion, showing a near 5 billion deficit if other measures fail. It outlines a Hollings freeze plan and critiques the president’s three-year tax cut as the main deficit driver.
The letters debate drug paraphernalia bans, Reaganomics, and the 3rd District congressional race. Writers criticize prohibition as ineffective, praise candidate Lynn Cutler, defend weight loss claims, and celebrate Iowa pride with local TV ads and hometown reverence.
The piece cites Ezekiel naming U S S R and Persia Ethiopia Libya as forecasted invaders and links it to modern headlines. It then shifts to a Reagan era budget analysis showing defense spending rises 1981 to 1985, with deficits, debt service, and social payments changing accordingly, and calls for policy limits and tax actions.
Discussion of a federal flat tax plan notes a major obstacle: the tax exemption on interest from municipal bonds. The piece argues constitutional limits prevent taxing state borrowing, and distinguishes revenue bonds from genuine municipal bonds. It questions political feasibility of a constitutional amendment and cites state rights and investment banking influence.
Periodic observations invite thoughtful comment from Eastern Iowans. The piece notes Muller Keeper farms near Alburnett and his former legal practice with Chapman and Cutler in Chicago. His farm work includes breeding and showing purebred Black Angus cattle, dachshunds, and German shepherds.
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