31 Mar 1975
Page 1
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Newspaper
Kingsport Times
Location
Kingsport, Tennessee, United States of America
Date
Mar 31, 1975
Page
1
IRS says early filers will receive their first rebate checks by mid May with amounts from 98 to 200 dollars. Some refunds plus rebate may arrive in June. The measure includes 7.8 billion in tax cuts and credits for working families and unemployment extensions.
President Ford signed a $24.8 billion tax cut bill, aiming to push an energy program through Congress by May Day. He planned to inspect Elk Hills oil reserve 110 miles north of Los Angeles to build civilian oil stocks while preserving military reserves. Navy and Standard Oil ownership details noted, with civilian development to be handled by smaller firms alongside Standard. Ford also commented on the South Vietnam crisis, asking Kissinger to continue through his term, and golfed with Leon Parma Earl Blaik and Frank Capra, then hosted a private dinner with Ronald and Nancy Reagan.
Former Treasury secretary John Connally faces a Tuesday trial on bribery and conspiracy charges linked to the AMPI milk fund. Jake Jacobsen, a key witness, pleaded guilty to an illegal payment count, with prosecutors arguing funds were moved and used to influence federal price supports in 1971.
President Ford signs a 22 billion tax cut bill calling it a compromise between 16 and 32 billion proposals. He stresses the aim to boost the economy with individual rebates, business incentives, and phased energy taxes, while Congress trims and revises Phase 1 provisions.
Ford urged tax relief for the public while slamming Congress for big spending. Congress passed a bill reducing taxes by 21.3 billion dollars, far below Ford's 39 billion proposal. Phase 1 aims to stimulate the economy, but details show a narrower path than the president’s plan.
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