Tax cuts offset inflation for many but not all Americans
The bill would cut individual income taxes in 1979 by about 12.7 billion while cutting capital gains taxes by 2.1 billion and reducing business taxes. Inflation and Social Security tax hikes erase many gains, with 1 to 2 million couples and individuals facing slight increases. The Senate approved 72-3 and the House 337-38, but Carter's stance remained unclear. The package lowers exemptions and standard deductions, expands the earned income credit, and taxes some unemployment compensation for the first time. Couples earning about 20,000 would see a net loss after inflation and payroll changes. The plan also includes favorable provisions for long-term homeowners and renters selling homes.
MENTIONED IN THIS ARTICLE
Washington
Carter
Congress
Senate
House
Treasury
William V. Roth
R-Del
Senate House
No New Pope as Black Smoke Signals Conclave Impasse
Black smoke rose from the Sistine Chapel chimney signaling another failed papal ballot. About 30,000 gathered in St Peter's Square as cardinals reportedly held a fifth or sixth vote with no pope elected. A Vatican spokesman floated the possibility of procedural change to allow more thinking time before afternoon voting.
MENTIONED IN THIS ARTICLE
Vatican City
Sistine Chapel
St. Peter's Square
John Paul I
Vatican
James Roache
Chicago
Crime Alert Phone Number For Reporting Suspicious Activity
Police urge the public to call 425 7700 to report crimes or suspicious activity. The slogan emphasizes quick reporting to aid law enforcement and public safety efforts.
Love Canal evacuation grows as 179 families leave
Residents flee the poisoned Love Canal area in Niagara Falls as state agencies coordinate cleanup. About 179 families have moved, 43 plan to go, while 17 stay. The state funds boarding, rent, drainage and purification costs totaling around 22 million dollars with federal aid of 1.6 million so far.
MENTIONED IN THIS ARTICLE
Associated Press
Joanne
Terrence McCartney
Terra
Love Canal
Niagara Falls
N.Y
McCartney
97Th
99Th
Joanne McCartney
Jack Bryan
Urban Development Corp
State Health Department
Bryan
Federal Disaster Administration
McCartneys
Development Corporation
Karen Schroeder
Krabach named lottery director
Gov. Rhodes appoints Richard Krabach acting director of the Ohio Lottery Commission to replace the resigning David Harburger. Krabach, a Cincinnati resident and former state finance director, will cooperate with the attorney general, Highway Patrol, and Cuyahoga County prosecutors amid a probe into the grant of a game contract. Scientific Games contends MCA Games got the contract through political ties and has sued in Franklin County. First bids for a new daily lottery game, due Oct. 24, are postponed to December.
MENTIONED IN THIS ARTICLE
Columbus
Ohio
James A. Rhodes
Richard Krabach
Ohio Lottery Commission
David Harburger
Rhodes
Krabach
State Attorney General
Highway Patrol
Cuyahoga County
Scientific Games
Franklin County Common Pleas Court
Weekend Frost Forecast With Mild Midweek Warmup
Scattered frost is forecast tonight with a low in the low 30s and a high in the mid 50s on Tuesday under sunny skies. Yesterdays high was 54 and the morning low 38. Weekend rainfall totaled .41 inch. Mild conditions expected Wednesday with a high in the 60s. Thursday and Friday bring cooler highs in the 50s with lows around 40 Wednesday to the low 40s Friday.
American wins Nobel Prize in Economics for decision studies
American economist Herbert Simon received the 1978 Nobel Prize in Economic Science for pioneering work on decision making in complex organizations. The Carnegie Mellon professor noted his surprise and pleasure, highlighting theories that account for limited information and computational ability. Simon is the seventh American laureate in the prize’s decade and part of a year with other U.S. winners in literature and medicine.
MENTIONED IN THIS ARTICLE
Stockholm
Sweden
Herbert Simon
Swedish Academy of Sciences
Carnegie-Mellon University
Pittsburgh
Simon
Isaac Bashevis Singer
Daniel Nathans
Hamilton C Smith
Johns Hopkinds University
Baltimore
Also Mentioned on This Page
Russell B Long
D-La
Bernini Colonnade
Piazza
Marie Niollet
France
Ann Landers
Ee Comics
Eee
Eens Heloise
Seer Eene
Middletown
Area
Thomas Heisner
State
Tom Heisner
Cincinnati
State Department of Administrative Services
State Finance
Scientific Games Inc
Atlanta
MCA Games Inc
Westport, Conn
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