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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 23, 1986
Page
25
A news briefing explains that Congress tax reform will raise or lower taxes for different brackets in 1987 and 1988. It notes five new brackets from 11 percent to 38.5 percent and projected average tax cuts by year with certain high income groups facing increases.
The article outlines changes from the 1987 to 1988 tax structure including a three tier rate system with a 33 percent bracket expanding by 10,920 per exemption, standard deductions rising, personal exemptions increasing, and the elimination of several deductions and tax preferences. It notes marginal rates and how exemptions affect taxation, plus guidance to consult a tax adviser.
Hawkeye Bancorporation expects to be profitable in 1987 after a $20.5 million write-off from selling 23 units including 17 banks and six subsidiaries. President Paul Dunlap said the firm will likely raise about $30 million from asset sales by July 1 and that the worst losses are behind it, with creditors consenting to significant loan forgiveness.
Honeywell Inc. plans to exit its South Africa subsidiary, becoming the third major U S firm this week to pull back. Board decision made Tuesday in Scotland. negotiations near completion though no final agreement yet. About 159 employees, 49 black, affected. GM and IBM likewise announced plans to divest. Warner Communications to sell interests, Caterpillar no plans to exit.
All Nippon Airways plans to purchase 11 Boeing 747s for 1.56 billion dollars with deliveries from next July to late 1992. The carrier will choose between the 200 series and the advanced 400 series. Rockwell-Collins of Cedar Rapids will supply much of the cockpit equipment for the 747-400.
Meredith Corp plans a new class B voting stock that cannot be sold publicly to deter hostile takeovers. Each common share would convert to ten votes via class B, transferable only to spouses, relatives, a personal trust, or a charity, and eligible for market sale only after conversion to one-vote common stock. Stockholders vote at a special meeting on December 15.
Bankers Trust of Des Moines has taken over the stock of Kellogg Sully Bank and Trust, a member of Peoples Bankshares Ltd. The move follows bankruptcy records showing the stock was pledged as collateral for a loan used to finance the Kellogg bank purchase.
Volkswagen of America says no deal to assemble Chrysler small cars at its Westmoreland Pa plant. VW currently builds Golf and Jetta in the U S plant, which has unused capacity. Chrysler said VW was among several automakers asked to consider an assembly pact.
US gross national product rises 2.4 percent annual rate in the July-September quarter, below Reagan plan but above spring stagnation. Inflation quickens to 3.6 percent, led by food costs, while the auto buying surge props growth and trade deficit may have peaked, economists warn of possible recession ahead.
The Dow Jones industrial average edged up 2.67 to 1,808.35 as volume reached 13.99 million on the NYSE while American Bakeries jumped 10 percent to 44 dollars and General Motors rose modestly despite a worse than expected Q3. Major indices and the NASDAQ advanced slightly with mixed results across blue chips and exchanges.
Buyers fueled by patriotic fervor snapped up 800000 American Eagle coins in two days at the West Point Bullion Depository. Treasury halted sales briefly as officials scramble to boost output. experts cite gold as solid investment amid Krugerrand controversy and economic stability.
Yields on two year Treasury notes slid to 6.39 percent at Wednesday's auction, the lowest since August, easing from 6.44 percent at the September 23 sale. The 6 percent coupon bonds carry a $10 000 par with a $9 997 20 issue price.
General Motors Corp reports third quarter net income of 264 million, down 48.9 percent from 517 million a year earlier. Revenue rose to 22.8 billion, while earnings per share dropped to 56 cents from 1.53. The decline stems from capital investment costs and a 15 percent early-quarter sales drop amid deep discount incentives and low-interest GMAC loans. Net nine month income down 16.1 percent.
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