Proposals to raise Social Security taxes to solve solvency
Washington two former Social Security officials urged sharp tax hikes to keep the system solvent. Robert M. Ball and Robert J. Myers testified before the House Ways and Means subcommittee proposing different approaches. Ball favored raising the wage base for payroll tax to 24,000 in 1977 affecting higher earners. Myers sought a 6.35 percent combined employer and employee rate with 1976 maximum to 1,047.75. AFL-CIO urged broader base and general revenue support. Myers warned against general financing. Ball proposed preventing higher benefits than earned.
MENTIONED IN THIS ARTICLE
Washington
UPI
House
Ways and Means
Social Security
Robert M. Ball
Robert J. Myers
Ball
Myers
American Life Insurance Association
Afl-Cio
Labor Federation
United States
National Academy of Sciences’ Institute of Medicine
Three in Congress draw state pensions
Sacramento reports that Sen. Alan Cranston and Reps. John Moss and George Danielson, along with former Gov. Ronald Reagan, are among state pension recipients. Cranston earns 14,208 annually, Moss 2,209, Danielson 3,000, and Reagan 13,000, reflecting eligibility at ages and years in office. Five defeated or retired legislators also collect pensions.
MENTIONED IN THIS ARTICLE
Sacramento
UPI
California
Ronald Reagan
State Controller
Alan Cranston
John E. Moss
George E. Danielson
Los Angeles
Cranston
U.S. Senate
Moss
Assembly
Danielson
State Senate
Congress
Reagan
Clark Bradley
San Jose
Alan Short
Stockton
Harvey Johnson
el Monte
Ray E. Johnson
R-Chico
John P. Quimby
U.S. trade balance swings to record gain in Q1
The Commerce Department reported a $6 billion positive swing in the U.S. balance of payments from January to March, the largest quarterly shift in history. Improved foreign trade, reduced American investment dollars abroad, and advance arms payments from Middle East nations drove the gain, turning a $6.6 billion deficit last quarter into a $475 million deficit.
MENTIONED IN THIS ARTICLE
Washington
UPI
U.S
Commerce Department
Public records bill advances in California Senate
The Senate Rules Committee approved AB23 to require annual disclosures of legislative spending on calls trips and official costs with centralized access to records. It preserves private drafts and certain communications while pushing for written reasons when data is withheld and sets release procedures to each house Rules Committee.
MENTIONED IN THIS ARTICLE
Sacramento
UPI
Senate Rules Committee
Assembly Rules Committee
Leon Ralph
South Gate
Finance Committee
Rules Committee
House
Ralph
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Lee Roohing Co
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