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Newspaper
Lawton Constitution
Location
Lawton, Oklahoma, United States of America
Date
Mar 31, 1975
Page
12
President Ford signs a 24.8 billion tax cut amid a looming Congress clash over spending priorities and energy policy. Lawmakers split on delaying new social programs, with defense and foreign aid spending under dispute and energy independence cited as a national security exception.
President Ford signed the tax cut bill, risking ire from GOP conservatives while signaling moderation. Critics like Senator Barry Goldwater urged a veto to curb the growing deficit, while some Democrats argued the White House aimed to placate conservatives with a veto threat. If the tax cut spurs demand, Ford could gain political momentum into 1976.
President Ford tells Fortune in its bicentennial issue that transfer payments could pull half the population off the other 30 percent by 2000 if growth continues. He cites 9 percent rise in social assistance over 20 years and warns siphoning funds from defense risks national security.
The levy creates a 5 percent tax credit on new home purchases up to 2000 dollars with a rule tying the sale price to the lowest ever offered to prevent price inflation. Buyers must attach a seller certificate to their return. false certification could lead to penalties and treble recovery for the buyer. The credit targets new homes mobile homes and condo or co op units built before March 26 and purchased by March 12 or Dec 1. first occupants and principal residences qualify. Sellers gain 18 month to repurchase a new principal residence tax free, extended to 24 months if the home is built by the taxpayer.
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