28 Oct 1987
Page 1
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 28, 1987
Page
1
A Cedar Rapids jury ruled that a Waterloo woman received her late husband's estate share. The case centered on allegations of a conspiracy involving a bank and an attorney. The decision clarifies entitlements and rights in the succession dispute.
A light chuckle notes how peach cobbler doubles as a pun about a person who makes shoes. The joke plays on the dual meaning of cobbler as both a sweet fruit dessert and a repairer of footwear.
Iowa lawmakers end months of battles with an 89-8 House vote and 38-10 Senate passage of an $868.8 million income tax reform package. Governor Branstad expects to sign as the measure lowers the top rate from 13 percent to 9.98 percent and aligns with recent federal changes. It raises average Iowa tax payments by about 2.57 percent for 1987.
Iowa lawmakers adopt a 1987 tax plan aligning with federal rules. Top rate drops to 9.98 percent with a 6.49 percent effective rate, brackets fall from 13 to nine, standard deduction rises, and a $7,500 no tax threshold is created for married couples and heads of households. An $8 million program refunds 60 percent of capital gains tax up to $10,500. Tax revenue rises $868.8 million.
Yvette Myers of Cedar Rapids was found guilty of second degree murder for beating her 60 year old mother Rosemary to death with a hammer during an argument over money loaned to a friend. Judge Lynne Brady ruled mental illness prevented first degree intent, sentencing set for Nov. 10 with potential prison term up to 50 years.
Nine year old Ryan Burns poses with a headless horseman figure he built on his porch on Kenridge Terrace NE as Halloween approaches. John McIvor captured the scene for the Gazette.
Moscow signals shift toward a summit with President Reagan this year despite lingering disputes over Star Wars. Gorbachev’s aide Anatoly Dobrynin says a treaty eliminating medium and short range missiles could be signed even if Star Wars issues stay unsettled, urging full talks on all strategic arms.
Tauke and Rep Penny outline a broad plan to cut 30 billion and raise 12 billion in taxes, excluding Social Security and certain entitlements. They sent the outline to President Reagan and House leaders as Congress debates a comprehensive budget-cutting package amid stalled talks. Negotiations resume with little progress as lawmakers seek broader measures.
The Dow fell 156 points on Monday and rose 52 on Tuesday as stocks begin a thinner mirrored week. Paine Webber’s David Faribault calls the drop a knee jerk reaction to Hong Kong, with further market uncertainty ahead and Congress budget action seen as key to renewed gains. Volume hit 260.22 million on the NYSE.
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