September Tax Hike Begins With Airline and Phone Rates
Washington AP reports the first bite of a large peacetime tax increase takes effect September 1 with an 8 percent federal tax on airline tickets, a 5 percent air freight tax, and higher fuel costs for private pilots, while most other tax changes hit next January. The package targets cigarettes, telephone service, medical deductions, and corporate breaks to raise about $98-100 billion over three years. President Reagan aims to cut deficits and revive the economy, with signing possible during a California vacation.
MENTIONED IN THIS ARTICLE
Washington
Congress
Reagan
California
White House
House
Senate
Bob Dole
R-Kan
Dole Moves to Ban In House Lobbying and Tax Loopholes
Senator Bob Dole outlines a plan to outlaw government agency lobbying of Congress including the Pentagon and contractors, while targeting tax loopholes in a broad budget review. He notes difficulty distinguishing lobbying from normal government contact and highlights defense related examples. The bill includes a Sunflower Electric Cooperative provision worth about 20 million dollars.
MENTIONED IN THIS ARTICLE
Washington
Bob Dole
The
Pentagon
Congress
Senate
Howard Baker
Dole
Sunflower Electric Cooperative
Hays
Sunflower
Stock Market Ends Busy Week With Flourish
New York AP reports the stock market closed the best and busiest week in NYSE history with the Dow up 30.72 to 869.29, an 81.24 point weekly gain. Volume surged to 95.89 million on Friday and 455.13 million for the week as banks cut prime rates and tax legislation boosted sentiment. Big names like Sears Roebuck IBM GM AT&T led gains along with utilities and brokers. Gold stocks rose as rates fell, while indices at S&P and NASDAQ advanced amid broad market strength.
MENTIONED IN THIS ARTICLE
NEW York
New York Stock Exchange
NYSE
Congress
Reagan
Commerce Department
Sears Roebuck
International Business Machines
General Motors
American Telephone & Telegraph
Merrill Lynch
E.F. Hutton
ASA
Dome
Exchange
Standard & Poor
S&p
Money supply shows rare stability amid volatile rates
The Fed reported M1 at 453.4 billion for the week ended August 11, with the eighth straight week of growth within target. Analysts note money supply moves little unless direction shifts, while discount rate cuts and prime rates easing fueled mixed responses from investors and banks.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve Board
Fed
Robert Sindhe
Bear, Stearns & Co
Sinche
Attempted Extortion Fails in Junction City Bank Heist
An AWOL sailor, Jerry W. Milter, 19, was charged in Geary County District Court with robbery and issuing a terroristic threat after authorities say he attempted to extort 20000 dollars from the First National Bank and Trust. Officials found no bombs after staking out a trash bin where the money was placed.
MENTIONED IN THIS ARTICLE
Junction City
Kan
Jerry W. Milter
Geary County
Steve Opat
Miller
Portsmouth
William Kennedy
First National Bank and Trust
Tom Clark
Phil Zeller
Postal Robbery Charge Filed in Topeka Case
A rural Scranton man, Brian B. Frakes, 23, was charged in U.S. District Court with one count of robbing a Carbondale postal clerk of an undetermined amount of money orders. He allegedly held up the postal station Monday, was arrested after a failed high speed chase and wreck, and after aTopeka store attempt to use stolen money orders.
MENTIONED IN THIS ARTICLE
Topeka, Kan
Scranton
U.S
Carbondale
Brian B. Frakes
Frakes
Topeka
Chase Manhattan Bank cuts prime lending rate to 13.5 percent
Chase Manhattan Bank lowered its prime rate to 13.5 percent marking the third drop this week and the lowest since October 1980. Banks reduced prime rates from 16 percent in mid July as costs of funds fell, with federal funds also sliding to 8.75 percent and CDs near 9 percent.
MENTIONED IN THIS ARTICLE
New York
Chase Manhattan Bank
Pentagon official denies Boeing punished over 747 push
A Pentagon official said the Air Force is not punishing Boeing for its push to replace C-141 and C-130 transports with 747s. Col Otis Bryan Jr. noted long range procurement and pending contracts make future Boeing awards unlikely, while opportunities remain for Wichita firms.
MENTIONED IN THIS ARTICLE
Wichita
Kan
Pentagon
Air Force
Boeing Military Airplane Co
Boeing
Otis Bryan Jr
BMAC
Bryan
Wichita Eagle Beacon
Congress
Associated Press
Washington
Seattle
Pete Bush
Col
Bush
McDonnell Douglas Corp
Oil Giants Consider Buying Cities Service Assets
New York AP Two major oil companies Mobil Corp and Amerada Hess Corp study separately the possibility of buying assets of Cities Service Co after Gulf Oil abandoned a 4.8 billion bid. Occidental Petroleum has formally offered 50 dollars a share for half of Cities stock. Cities directors to review Occidental offer as board previously rejected a merger at 50 dollars per share. Cities, the 20th largest U.S. oil firm, posted 1981 sales of 8.6 billion.
MENTIONED IN THIS ARTICLE
New York
Mobil Corp
Amerada Hess Corp
Cities Service Co
Cities
Gulf Oil Corp
Gulf
Occidental Petroleum Corp
Occidental
Cities Board
Kent Young
Young
Also Mentioned on This Page
Supreme Court
Defense Department
Navy
Lockheed Corp
Dote
Finance Committee
Treasury
Payxles
Hillcrest Shopping Center
Biowa
Ottawa
City
Kansas
USAF
Chisize Daily
FSLIC
Ation
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