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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 29, 1981
Page
3
The Reagan administration offers a compromise to win Congress approval for selling AWACS radar planes to Saudi Arabia. The plan varies last week’s drafts by requiring joint U S Saudi manning of the Saudi aircraft, per an unidentified Senate source.
Editor notes the 1981 Economic Recovery Tax Act begins with a 5 percent withholding cut on Oct 1, reducing annual tax by about 14 percent for many filers. All Savers Certificates debut with 12.61 percent first yields. tax-exempt up to 1000 dollars of interest for individuals and 2000 for married couples. Brackets drop in three steps to 11 percent 50 percent, guiding timing of deductions and income.
Investigators believe Lorenzo Marcellini fueled a one story home fire at 217 Third Ave SE in Oelwein early Saturday. Fire Chief Wally Rundle says accelerant in living and dining rooms and a spark from a furnace or switch started the blaze. Marcellini, 61, was found dead in a rear bathroom and asphyxiated by smoke within ten minutes. He had planned to leave the scene before the explosion.
The 1981 Economic Recovery Tax Act provisions span 1981 to 1987 with key changes. Capital gains tax cuts begin June 9 1981 and others follow through 1987 including estate tax lifts, withholding cuts, IRA access, and inflation indexation affecting deduction limits and charitable contributions.
Abbott Lipsky withdrew air rights for the 90,000 square foot second floor retail area of the Ground Transportation Center citing financing and market concerns. The city will repurpose the space for office lobby use while pursuing a downtown mall funded by $10 million in industrial development bonds. tax impacts are limited by the district rules through 1995.
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