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Newspaper
Ottawa Herald
Location
Ottawa, Kansas, United States of America
Date
Aug 14, 1982
Page
6
Ottawa claims victory in the first round of the State Women's Class A Slow-Pitch Softball tournament at Forest Park. The report highlights a decisive win and advances the team to the next round.
Americans have placed billions into new tax sheltered IRAs since January. The IRA and Keogh plans allow up to $2,000 yearly, with tax deferral until withdrawal. Deposits rose in banks to 14.9 billion by June and in mutual funds to 4.1 billion by May, with a predicted surge again later year.
House and Senate negotiators near final agreement on a defense authorization bill. They plan to continue into the night, with a report likely by Monday. Key issues include MX missile production and the Lockheed C-5B cargo plane funding amid cost disputes.
A Senate House committeeapproved major cuts to medical expense deductions including ending the $150 health insurance premium write off. The plan would lift taxes on about 18 million filers and raise revenue by about $99 billion over three years. Changes include a 5 percent AGI threshold for medical deductions and elimination of nonprescription drug deductibility starting 1984.
The Federal Reserve Board voted to lower the discount rate from 11 percent to 10.5 percent, effective Monday, the lowest since 1980. The move signals expectations of further rate declines as money growth moderates and credit demand softens. Prime lending rates at several banks also fell from 15 to 14.5 percent amid broad rate easing affecting short-term borrowing and Treasury yields.
Kansas electricity and natural gas bills remain far below national levels the Kansas Corporation Commission reported. July average electricity was 6.49 dollars, 13 percent under the national survey, while June natural gas prices ranged 17 to 83 percent below average.
KG&E requested a 48 million dollar rate hike from the state Corporation Commission. If approved, average residential electric bills would rise by 8.52 dollars per month. KG&E, based in Wichita, serves 233000 customers in south central and southeastern Kansas and is part of the Wolf Creek nuclear plant project near Burlington. President Wilson Cadman said the rise is needed to offset rising electrical service costs.
The Associated Press reports Israel now seeks 13 000 guerrillas evacuated from west Beirut with Lebanese army deployment first. Talks with Habib resume as U S, French and Italian troops proposed. PLO and Lebanese officials note changes and names demanded. Estimates place 13 000 fighters across PLO factions, PLA, and foreign volunteers, plus Syrian troops in Beirut.
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