14 Jan 1975
Page 1
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Newspaper
Middletown Journal
Location
Middletown, Ohio, United States of America
Date
Jan 14, 1975
Page
1
President Ford and the Democratic 94th Congress align on an immediate tax relief plan. The package offers a 12 percent rebate on 1974 tax payments up to 1000 dollars, with 12 billion in personal relief and 4 billion for corporations, plus a 30 billion oil and energy tax proposal to be offset later by rate cuts and expanded allowances.
The Pentagon chose General Dynamics YF16 over Northrop YF17 for full scale development. NATO nations Belgium Netherlands Norway and Denmark consider 350 planes to replace aging F104s. U.S. plans to buy at least 650 YF16s with potential world sales up to 20 billion dollars.
Rep. Lawrence Coughlin announces a major tax reform bill in Congress that would adjust income tax rates standard deductions exemptions and depreciation annually to reflect cost of living as measured by the CPI. He says it would end the government tax windfall from bracket creep and would provide a 17.6 billion income tax cut.
President Ford and House Democrats push large tax cuts but differ on how to deliver relief. Ford seeks a $12 billion 1974 rebate up to $1,000 per taxpayer plus energy tax offset and a 12 percent investment tax credit for utilities and other businesses. Democrats propose a $10 to $20 billion cut for low to moderate income families, plus interest subsidies and small business housing aid though without precise mechanisms.
The weekend blizzard ravaged the Midwest and spread to the Northeast with 55 fatalities confirmed. Minnesota, Nebraska and Iowa reported the highest totals while Michigan Illinois Wisconsin and the Dakotas recorded additional deaths. Snow and cold battered the region as coastal gale warnings persisted.
Partly cloudy tonight with low teens in the Middletown area. Wednesday will see cloudy skies with highs in the mid-20s. An extended outlook shows a chance of snowThursday and Friday and clearing skies Saturday.
Gov. James A. Rhodes remained at home ill with a temperature over 100. An aide said it was uncertain if he could attend the 2:30 p.m. cabinet meeting. Rhodes previously spoke in cold weather and skipped afternoon receptions and the Governor's Ball Monday.
A Philadelphia patrolman traveling home from the Super Bowl helped subdue Laughlin Wright, 46, of Atlanta who tried to divert an Eastern Airlines 727 to Puerto Rico. Wright faced air piracy and interference charges after being held at Dulles Airport following the plane’s refueling stop en route to Philadelphia from Florida via Atlanta. Officer John Warburton, 47, a 20 year veteran, and a crew member restrained the offender before landing.
Police in San Francisco investigate whether the Oakland Ocean Beach shooting of Janet Rodgers and companion Julia Kebling mirrors last year’s Zebra killings. Inspector Falzon notes the motiveless, random nature and possible connection to the 1974 attack spree. Kebling survived after playing dead. Rodgers, 20, was killed.
Chrysler Corp plans about a one third reduction to align overhead with a six million annual U S car market. Chairman Lynn Townsend cites 1974 sales at 1,203,636 units and notes most cuts would hit fixed costs with few specifics on headcount.
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