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This newspaper page contains 7 articles. Subscribers can read the full text of each article.
Newspaper
Independent
Location
Long Beach, California, United States of America
Date
Feb 10, 1975
Page
9
Inflation driven tax burdens rose sharply in 1974 cutting real incomes for low and middle earners. A family earning 12 626 in 1973 faced higher taxes that year, with 25 percent tax rise from 1607 to 2033 and Social Security taxes up 22 percent, while inflation widened living costs.
A survey shows three of four Americans blame Arab nations for higher prices and recession concerns. Public opinion links the energy crisis to job losses and economic damage while sympathy for Israel climbs. Many oppose nationalizing Arab oil fields and warn Arab oil politics could shape U.S. policy.
Washington UPI reports after long delay the government plans a proposal to force beer wine and liquor bottles to list ingredients. Mail to the Bureau of Alcohol Tobacco and Firearms shows American drinkers want labeling while industry voices cautious acceptance of some form of ingredient disclosure.
San Francisco physician Laurens P. White, editor of the San Francisco Medical Society journal, accuses doctors of neglecting action on malpractice and slamming the legal system for high insurance costs. He argues physicians must halt practice if the burden remains, while criticizing insurers and lawyers amid rising damage awards.
The article advises readers to file their 1974 income tax return before the April 15 deadline and not deduct the rebate from taxes owed. It highlights new IRS rules, footnotes expanding income for sales tax deductions, simplifications on Schedule D, and upcoming coverage of audit chances and 1974 changes.
Ward's Automotive Reports shows January backlog down to 93 days from a 100 day record, with 1.65 million cars in stock and 14 plants closed. Industry-wide production and sales remain weak as rebates lift January demand but profits stay slim amid a murky outlook.
Rep. Les Aspin announced a bill to give Congress a veto over the proposed sale of six DD963 class destroyers to Iran, a deal valued at about 700 million dollars. The move follows growing opposition to arms sales in the Middle East and previous congressional veto provisions.
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