Senate Finance backs Reagan tax cut plan in split path
Senate Finance Committee votes 15-4 for Reagan 25 percent individual tax cut while House Ways and Means moves on a business package including a 33 billion bailout for distressed industries. Both panels to resume work next week as White House hails steps toward bipartisan tax reform.
MENTIONED IN THIS ARTICLE
Senate Finance Committee
House
Reagan
House Ways and Means Committee
Senate
White House
Finance Committee
House panel backs expensing plan and tax cut proposal
The House Ways and Means Committee approved a tax reform package that would allow immediate expensing of the first 25 000 of equipment, cut corporate rates from 46 to 34 percent starting in 1984, and phase in the expensing over 10 years. It also proposed refunds on unused investment tax credits for distressed industries totaling 3.3 billion and extended loss deductions to 10 years with various depreciation schedules for real estate utilities and vehicles.
MENTIONED IN THIS ARTICLE
House
Ways and Means
Reagan
Domestic car production up over last year
Domestic auto output rose 28 percent from last year as layoffs fell for the 20th week. Automakers plan limited plant closures and overtime to balance inventories amid 1982 model conversions. Ward's reports total weekly car production at 158,586, trucks 41,798, with year to date gains. Ohio unemployment rose to 8 percent in May, with 414,000 jobless and factory payroll down slightly from April.
MENTIONED IN THIS ARTICLE
Detroit
General Motors Corp
Ford Motor Co
Chrysler Corp
American Motors Corp
Volkswagen of America
WARD
Automotive Reports
Columbus
Oho
Ohio Bureau of Employment Services
Ohio
College degree loses edge as 1980s job outlook shifts
Government analysts warn college graduates face a shrinking professional market in the 1980s while computer training and skilled trades, notably machinists, loom as strong growth areas. Energy related engineering and health care roles are cited among sectors with rising demand.
MENTIONED IN THIS ARTICLE
New York
UPI
Ronald Kutscher
U.S. Bureau of Labor Statistics
Kutscher
Ohio to set winter wheat record with 80.6 million bushels
The Ohio Crop Reporting Service forecasts 1981 winter wheat at 80.6 million bushels, up 11 percent from 1977's record. The June forecast matches the May 1 estimate as most wheat is headed and some in south central Ohio begins to ripen. Ohio ranks 10th nationally, near Illinois, as a top soft red winter wheat producer.
MENTIONED IN THIS ARTICLE
Ohio
Columbus
Ohio Crop Reporting Service
Opening stocks lose ground amid rate worries in early trading
In New York the Dow shed 1.52 points to 993.63 as interest rate concerns weigh on traders. Banks lift broker loan rates signaling possible prime rate rises while bond market weakness delays debt sales. prices for Emery Air Freight Citicorp and Atlantic Richfield referenced amid a broad market slide. Ohio and Chicago egg and farm price data follow in market briefs.
MENTIONED IN THIS ARTICLE
New York
Emery Air Freight
Citicorp
Atlantic Richfield
Columbus
Ohio
Chicago
Peakwest
Nonferrous Metal Prices in New York Market
AP reports yesterday spot prices for nonferrous metals in New York with copper 83 to 85 cents a pound lead at 8 cents, zinc around 4.4 cents, tin at 6. six quarters per pound, aluminum about 76 to 80 cents, gold 459 per troy ounce, silver 9.99 per troy ounce, mercury 4.20 per flask, and platinum 439 per troy ounce. Handy & Harman listed daily quotes.
MENTIONED IN THIS ARTICLE
New York
Hand & Harman
Handy & Harman
Daly
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Chicago Car
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Rockwit
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Unioy
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Pierre R Smith Co
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WatPoint
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Bendix
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Emerson
Natl
Excello
Olin Cp
Lear Siegler
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Owen
Midland-Ross
Tat Penney
Parker Hanouin
Searle (Gd) Co
Cian Sineknd
Smucker
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Tso
Southern Co
Fraser
Toledo Etlison
Pacific
Cox Lab Mutco
Woolworth
HouseheldFina
Metromedia Inc
NiService
Wil Steel
Tal Petrolite C
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Simon Stores
Stevens JP SoCaltEdison
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Transamerica Co
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Stowart’s
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