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Newspaper
Corry Evening Journal
Location
Corry, Pennsylvania, United States of America
Date
Feb 13, 1974
Page
2
A long standing emergency liquor tax, 18 percent levy funding about $73 million yearly, is attacked as unnecessary due to newer taxes like sales and state income tax. Rep. Stanley Kester proposes eliminating the liquor levy. Separately, Ralph Nader criticizes oil industry tax breaks, claiming $6 billion in unwarranted subsidies and high profits in 1974, urging reform and scrapping depletion allowances and drilling cost writeoffs.
A 1970s tax critique argues six billion dollar write-offs shift costs to taxpayers. Royalties from foreign subsidiaries could slash U.S. taxes by three billion in 1974. The report attacks Nixon’s windfall plan, notes oil firm influence over hearings, cites major industry donors to Mills, and claims firms hide profits in shipping or refining to avoid taxes.
In a lively race day account at Gulfstream Park, Father Joseph Kerr of Perth Amboy joins Kelly and friends to bet on Highland Morn, Strong Son, and other horses. Despite hopeful bets and a famed jockey Gene St. Leon, Kerr loses as horses falter, including Prince Berrell who breaks a leg, ending with a quiet exit from the turf.
A reader asks if higher auto insurance rates can follow two claims and if a prior insurer can renew. The answer notes insurers may ignore past claims if not at fault, but many will rate higher, and some may still issue a policy at similar rates. The second query asks about tax on gains from selling homes for inflation profits. It explains principal residence sale rules, excluding up to $20,000 for seniors, and that gains may be tax free if proceeds were reinvested in a new home within a year.
New York report discusses a theory that big banks control a few megacap firms, forcing second tier companies to borrow at high rates. Wheelabrator-Frye president Michael Dingman cites stock value, earnings growth, and a low price relative to book, while lawmakers push limits on pension fund concentration to curb bank dominance and bolster 30 million workers.
Directory style notice lists key lawmakers including United States Senators Richard Schweiker Hugh Scott and Representative Joseph P. Vigorito. It provides the Governor Milton Shapp address in Harrisburg and toll free line 1 800 932 0784. Names R Budd Dwyer and Forest Hopkins appear with legislative offices in Harrisburg.
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