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Newspaper
Southern Illinoisan
Location
Carbondale, Illinois, United States of America
Date
Aug 11, 1981
Page
9
The Reagan tax law trims estate taxes sharply, exempting most estates from death taxes. By 1987 the tax-free threshold reaches 600000 after deductions, with only about 0.5 percent of decedents taxed, reducing annual revenues by about 15.4 billion dollars.
The article previews tax shifts through 1986 showing estate taxes dropping for estates of 1 million to 150000 and 100 million to about 50 million under 1987 rules. It notes history dating to 1797 and details marital deduction, farmland exemption, and gifts treated as part of the estate for death tax calculations.
Defense Secretary Caspar Weinberger said US neutron weapons stockpiled at home could be sent to troops in Europe within a few hours after allies accept them in a crisis. He argued the weapon's reduced blast and radiation would deter conventional war and protect civilians, easing NATO sensitivities.
U S naval commander Rear Admiral Robert P McKenzie warns Soviet assistance is transforming Cuba's navy from defensive to offensive interdiction capability. He cites Foxtrot submarines, missile gunboats, a frigate delivery, and a larger ship planned as signs of increased threat to Caribbean sea lanes vital for oil and minerals. Ocean Venture exercises continue despite tropical storm Dennis.
At the 73rd National Governors Association gathering in Atlantic City New Jersey agriculture officials urged prioritizing conservation as the Reagan administration promised renewed soil protection. California Governor Jerry Brown cautioned against an industry end run around stricter state rules on herbicides and pesticides while Richard Lyng pledged expanded soil conservation efforts and a $1 billion annual baseline.
Multi million dollar firm seeks motivated individuals for a professional management program either full or part time. Training includes marketing a financial counseling service using up to date products. Offers training pay, stock program, group insurance, no travel, strong advancement, potential six figure income. Call Bob Shannon for interview details.
The Department of Labor reports a typical retired couple saw a 10.2 percent increase in expenses for the year ending last November, from 8561 to 9434 dollars. Transportation and medical care drove the rise, potentially pressuring Congress to adjust Social Security cost of living benefits tied to the Consumer Price Index. The report notes that costs for a couple 65 or older did not climb as fast as overall prices.
Predictions of financial failure of the Social Security system drew stern rebuke at a Senate aging subcommittee hearing in Evanston. Sen. Charles H. Percy chaired the session and warned the system may run short of funds to pay benefits by late next year unless changes are made, a point echoed by Paul B. Simmons, deputy commissioner of Social Security.
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