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Eau Claire Leader Telegram Newspaper Archives May 9 1986, Page 1

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Eau Claire Leader Telegram (Newspaper) - May 9, 1986, Eau Claire, Wisconsin Friday May 9, 1986 serving eau Claire and West Central Wisconsin vol. 16 no. 283 2 sections 28 pages 35 cents business leaders see Rosy Economy ahead by Janet Staihar associated press hot Springs a. The country Stop business leaders saying the Economy is in an upbeat Mode today predicted that Over the next two years americans will Benefit from stable interest rates Low inflation and higher income. Despite the business executives glowing forecast they also sex Ressea a a sense of uneasiness because of weakness in business investment and hard times in the agricultural and Oil Rich areas of the nation. House agrees to up taxes Cut deficit by Steven Komarow associated press Washington the House budget committee approved a fiscal 1987 budget that endorses a tax increase but unlike the Senate puts most of that Money toward deficit cutting instead of Pentagon programs. Democrats on thursday pushed through a $994.2 billion spending plan despite Republican complaints that it would cripple the military and that democrats would spend any new tax dollars. The forecast came during the Spring meeting of the business Council made up of 200 executives from the country a largest corporations. The executives generally gave a nod of approval to the tax package adopted this week by the Senate finance committee. They did not see the added tax Burden on corporations As detrimental to business but expressed a sceptical wait and see attitude on any final version emerging from a conference with the democratic con trolled House. A if it passes its Shakedown cruise. And there Are no potholes. I would be supportive a said Council vice chairman James d. Robinson who is also chairman of american express co. In its semiannual report on the Economy the Council said it foresees a strengthening of the . Economy for the rest of the year a was the Economy moves out of the lethargy that has prevailed since the Middle of 1984. A the Council said the a Outlook is More upbeat than previously in part reflecting the expected effects of lower interest rates a lower Dollar and lower Oil and Energy the Council forecast economic growth of 2.7 percent a As measured by the Gross National product a for 1986, a a distinct improvement Over the 2.2 percent recorded in 1985. The executives said their predictions were based on the assumptions that there would be no tax overhaul Bill this year that no Oil import fee would be passed and that imports would not be restricted. The Gramm Rudman deficit reduction timetable would be repealed or declared unconstitutional but there still would be some budget cuts made by Congress. A the picture depicted for the next two years is a relatively pleasant one a the report said. It portrayed a healthy Economy with these factors better growth extraordinarily Low inflation Strong rises in income and business profits improving labor markets and relatively stable interest rates. Improve a group of Quick thinking memorial students work and play with improvisational comedy at school and for the Public. Page in lifestyles another key Assumption is that see executives Page 2a expert says waste problem for cities Only a single Republican rep. Vin Weber of Minnesota joined democrats in the 21-11 final vote to Send the package to the floor. Full House action could come next week. The budget proposed by Littee chairman William h. Committee chairman William h. Gray Iii d-pa., would increase taxes by $7.3 billion Over president Reagan a budget plan a the same increase passed by the Senate last week. Other similarities came in Domestic spending priorities for the year beginning oct. I. But while the Senate a bipartisan plan boosted military spending to cover inflation the House plan freezes military buildup. The deficit in the House plan is $137 billion $7 billion below the statutory limit which the Senate a budget just met. A they pumped All their dollars hit. A Quot a i committee budget a would result by Joe Knight Leader Telegram staff during the past three years an increasing number of communities have taken Steps to prevent hazardous waste contamination because Federal and state regulations Arentt always adequate a nationally recognized health expert said thursday in eau Claire. Wastes discarded by homeowners or businesses that Are too Small to be covered under Federal and state regulations often have created problems when disposed in sewage systems or City landfills not equipped to handle hazardous wastes said Sarah Kotchian chairwoman of the joint policy committee and environmental reference committee of the american Public health association. A in the Long run All communities will have to grapple with some form of hazardous waste problem no matter How Small they Are a she warned during a University of Wisconsin eau Claire sponsored symposium on hazardous waste disposal wednesday and thursday at the civic Center inn. Household wastes such As window cleaners oven de greasers paints and Garden pesticides Are an unregulated source of hazardous wastes that is often overlooked she said. The wastes May present a Hazard to refuse haulers exposed to them daily and the materials Are generally disposed of in a Landfill not designed to accept hazardous wastes. A Survey in Albuquerque , where Kotchian works estimated that each household generated about 16 pounds of hazardous wastes per year she said. In eau Claire household wastes see program Page 2a Mother s Doy an eau Claire group will sell corsages to raise funds for remembrance books to help parents who have lost infants to miscarriage Stillbirth or Newborn death. Page 9a sports exotic Auto rally area car fanciers May get a close look at some unusual cars saturday As one Lap of America Road rally comes through eau Claire on its Way Back to Detroit. Page 11a Index weather.2a City/region.3a obituaries.4a bulletin board.5a opinion.6a religion.7a business. 8a lifestyles.9a comics.10a sports.11a classified.6b la your newspaper Horn i been delivered by s 30 p m weekdays 8 . Saturdays Coll 834 3477 phone open 5 to 6 30 p m weekdays Ond 6 to to saturdays Tornado injures 12 people in Oklahoma Community into military spending a Gray said of the Senate proposal while his in a lower deficit than the Senate plan and achieves this by spreading the cuts More equitably. Spending cuts Are divided almost equally Between defense and Domestic republicans said they go along with the military cuts or new taxes. A the defense department can to live with that budget a said rep. A., Delbert l. Latta of Ohio senior clip Alluin Qto und Republican on the committee. Latta proposed More cuts in Domestic programs to bring military spending up to the Senate a level but was Defeated by the democrats. Democrats also Defeated a Republican amendment to eliminate the tax boost. The committee plan cuts military budget authority next year to $285 billion $1.8 billion below this years level. The plan holds $3 billion of that aside until Pentagon audits show How past years increases were spent. The Senate approved a $301 billion budget for the military while president Reagan requested $320 billion. Budget authority includes some Money actually spent during several years so actual Cash spending totals differ. The Low House figure constrains new military programs while actual outlays of Cash during the year Rise $6.7 billion to $276.2 billion about $5.8 billion below the Senate a budget figure. Even before the final vote defense Secretary Caspar w. Weinberger said the House budget was designed for a political bargaining without regard to a the greatly improved . Military posture that adequate resources during the last five years have a amp a Weinberger Page 2a photo by Marion Knapp by Owen Canfield associated press Edmond okla. About too National guardsmen and trained dogs rummaged through rubble today to look for possible victims and downed Power lines after a Tornado ripped through a neighbourhood destroying dozens of Homes and injuring 12 people. A i done to know How we kept from being killed but we did a said Frances forehand 74, who suffered cuts and bruises when the Tornado Tore through the Home of her granddaughter Vicki Taylor on thursday night. A it looked like a big Ball of fire went through the forty five Homes were destroyed 35 had major damage and 63 had minor damage said police spokesman it. Mike Wooldridge whose Home was one of those damaged in southwestern Edmond. Twelve people were treated at a Hospital for minor injuries he said. Although there were no reports of fatalities fire marshal Ron Williamson said he could not be certain that everyone was accounted for. It. Gov. Spencer Bernard arrived at the Community of 35,000, just North of Oklahoma City late thursday and said he had asked gov. George nigh to put the National guard on Alert. The guardsmen were on the scene at Daybreak checking for downed Power lines and Gas leaks assisted by a canine unit to look for people possibly trapped beneath the debris. Police reported isolated cases of looting in damaged parts of Edmond and Oklahoma City and the areas were closed except to residents with identification. Nigh was to tour the area today by helicopter and car according to aide John Reid. A we have not at this time requested any Federal assistance. First we have to determine How much uninsured damage there is a Reid said. Authorities would make House to House checks to see that everyone got out safely Williamson said. He said All state agencies including the civil defense and state department of human services will be available to help. The Oklahoma City fire department estimated there was $1 million Worth of damage there see Tornado Page 2a i0 a j men Ucic in Lite scene at Raj lip slain around break checking for downed Power the Oklahoma City fire d Gregory Durst 3-year-old son of Bob Durst of 2231 Hatch st., enjoys forty five Homes were de lines and Gas leaks assisted by a payment estimated there was a trip Down a slide in Carson Park on a recent sunny Day. Or pc a pm or damage canine unit to look for people Poss million Worth of damage ther y or and 63 had minor damage said Lily trapped beneath the debris. Tornado Page k new tax plan would have varying effect re Tim t Ither g individual retirement the chief reason for the big tax Cut for Folio Cipr l St i a account. They pay state and local taxes that family would be the increase in per a3socia, press totalling $5,035, including $375 in sales Sonal exemptions and the Standard de. It Takir Tam j a a taxes auction. The personal exemption under Washington a an upper Middle my a a present Law is expected to be about come family of four with typical Deduc their mortgage interest runs $16,500 a $u60 per person in 1988 when the tons would get a 81.125 tax rut under the j Vear. The interest on their automobile r by Jim Luther associated press Washington a an upper Middle in come family of four with typical deductions would get a $1,125 tax Cut under the tax overhaul plan written by the Senate finance committee. On the other hand a two earner couple with no children and total income of $75,000 would pay about $2,200 More in taxes if the plan becomes Law according to calculations by Ira Shapiro director of National tax services for Coopers amp Lybrand accountants. A four member family with $25,000 in wages and too few deductions to itemize would pay $533 less a a tax Cut of 23 percent. A single person earning $25,000 wages and $500 interest would pay almost exactly the same taxes As under present Law Shapiro said. The four examples indicate How varying incomes and expenses make it nearly impossible to generalize about what groups of people would win or lose under the far reaching Bill which was approved by the committee wednesday. It is awaiting action by the Senate probably next month. Backers of the legislation including finance committee chairman Bob Packwood r-ore., say the big winners would be lower and Middle income families. The losers they say would be High income people accustomed to using various investment gimmicks to shield much of their earnings from taxes. But As Shapiro a calculations show a person or family with relatively modest income could end up paying More taxes even though they probably would not know what a tax shelter looks like. The $75,000 couple a a your Basic Yuppie couple a Shapiro says a is a Good example. The husband earns $35,000 and the wife $40,000. Each puts $2,000 a year into a tax deferred individual retirement account. They pay state and local taxes totalling $5,035, including $375 in sales taxes. Their mortgage interest runs $16,500 a year. The interest on their automobile loan and credit cards is $5,000. They deduct $500 As miscellaneous expenses the fee for having their tax return prepared. And they give $1,000 to Charity. Under the finance committee Bill the couple would lose the $3,000 deduction allowed two earner couples. The Bill would disallow the deduction for state and local sales taxes for the $5,000 of personal interest and the $4,000 deduction for iras. The Bottom line the couples $7,377 tax liability under present Law would Rise to $9,570. The closest thing they have to a tax shelter is the Ira and a Home with a High mortgage. The couple with two children and $25,000 of wages would continue not itemizing deductions under the finance committee proposal. The tax liability now $2,333, would drop to $1,800. The chief reason for the big tax Cut for that family would be the increase in personal exemptions and the Standard deduction. The personal exemption under present Law is expected to be about $1,160 per person in 1988, when the finance committee provisions would be fully in effect. Under the Bill the exemption would Rise to $2,000 per person. The Standard deduction for a joint return expected to be about $2,670 in 1988 under present Law would Rise to $5,000 under the Bill. Together the Standard deduction and the personal exemptions would mean the family could earn $13,000 before any income was subject to income tax. The $12,000 share of their income that is taxable would be taxed at a 15 percent rate. A single earner couple with two children and fairly typical deductions could earn up to $47,300 before any of their income would be subject to the higher 27 percent tax rate in the finance committee Bill. See some Page 2a

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