06 Jun 1978
Page 1
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 06, 1978
Page
1
A front page roundup lists an agreement aimed at preventing interference with deliveries by non union truckers. Other items note a Boyson Road committee evaluating five alternatives, a fatal Central American plane crash involving an Iowan, a judge's ruling on a boy Nazi case, and regional weather with showers possible tonight and Wednesday.
Savings and loan associations in Cedar Rapids boost up front loan points with Perpetual Savings leading the increases. With the usury cap in legal dispute, lenders cite higher upfront costs and a 9 percent legal rate, while actual mortgage costs now run about 9.5 to 9.75 percent. Investments vary by loan size, and some banks cut non owner occupied housing lending.
The Linn County levy shows increases for most Cedar Rapids homeowners and decreases for Marion residents for fiscal year 1978-79. A $30,000 average Cedar Rapids home would pay about $829.79 at the proposed rate of 32.542, up from $823.72 this year. The tax bill reflects homestead exemptions and district rates for Cedar Rapids city and schools, Kirkwood College, and Linn County.
President Carter unveiled a sweeping water policy shifting costs to states for new federal projects. The plan would require states to cover 5 to 20 percent of project costs, expanding local influence while directing faster consideration for approved but unfunded projects. Western governors largely welcomed the shift amid past clashes over the so called hit list of projects.
President Carter’s advisers urge cutting the 1979 tax cut to about $15 billion from $19.4 billion and push for a $3 to $5 billion deficit cut to reduce 1979 deficits below 1978’s $53 billion. Officials note inflation pressure and Congress criticism as context.
Stock markets rise 5 10 percent in recent months prompting economists to warn that a new recession could arrive next year if inflation stays high. An administration source suggests Carter may accept a smaller tax cut to shrink the deficit, with Congress likely to handle actual spending cuts for the 1979 fiscal year starting October 1. It remains unclear how Congress will respond to this approach.
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