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Newspaper
Pecos Enterprise
Location
Pecos, Texas, United States of America
Date
May 04, 1978
Page
1
Government data show a 1.3 percent April rise in wholesale prices the largest in 32 years with consumer foods up 1.9 percent. Jewelry and gold price jumps contributed to the gain while farm and retail prices also point higher for consumers later in the year.
The Pecos Jaycees banquet and installation for 1978 79 begins at 7 30 p m at Alpine Lodge Banquet Room. Guest speaker Charles Cotten president of the Texas Jaycees. New officers Dee Farnum Buster Mills Jerry Phillips Curtis Lee Jim Pep linski Saul Flores Mike Sheppard Tommy Henson Brett Barrett Steve Sweet to be installed.
The House Ways and Means Committee tentatively backs a $9 billion income tax cut option aimed at salvaging part of President Carter's tax plan. The proposal, smaller than Carter's, would also cut Social Security payroll taxes by at least $4 billion. Committee chair Al Ullman believes he has 19 votes, though no vote has occurred and unity is not total.
The FTC warns many tax deferred individual retirement accounts fall short of intent of the 1974 law. IRAs marketed by banks funds and insurers may mislead consumers through unclear disclosures and terms. Some products like CDs lock in terms across deposits and penalize early withdrawals. The report notes potential loss of thousands in expected interest and risks if an employee later joins a pension plan.
One day before voting, Governor Briscoe and Attorney General Hill volley accusations over property taxes. Hill claims local taxes would rise by about 1 billion if Briscoe wins. Briscoe mocks Hill’s turnout strategy and predicts a landslide with strong voter participation. Clements forecasts the GOP nomination. Krueger seeks 5 billion federal cuts. Christie ads appear. Mark White pledges a fighting energy stance.
County chair Howard Collier announced that Democratic precinct conventions will convene Saturday at 7:15 pm following the polls closing at 7 pm. Conventions choose delegates for the county gathering, with locations listed across Reeves and Pecos area schools and community sites.
Congress takes final action on a Senate approved compromise aid package for wheat and upland cotton. The measure would raise target prices and extend USDA loan credit, with potential gains for wheat and cotton farmers despite objections from President Carter and farm groups. The bill also allows California raisin cooperatives to fund brand advertising and expands USDA borrowing authority.
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