Newspapers / The New Bern Mirror … / June 9, 1972, edition 1 / Page 2
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Page Two THE NEW BERN MIRROR, NEW BERN, N. C. Friday, June 9, 1972 Tax reform in this Presidential election year has become a major campaign issue. The Nixon Ad ministration has for some time been making suggestions that there ought to be some shift in the tax burden. Last December; the President promised to try to "ease the crushing burden of property taxes" when he addressed an attentive audience of delegates to the White House Conference on Agi^: Several days ago, a tax memorandum became news. It was disclosed that Edwin S. Cohen, Assistant Treasury Secretary for Tax Policy, had suggested to the White House that Federal tax • laws undergo a major overhaul : to eliminate most personal : deductions including those for : mortgage interest payments on Thornes and those for medical ■ expenses to permit lower : overall tax rates. In the wake of these "tax reforms” comes the Mills proposal advocated by House Wajrs and Means Committee Chairman WUbur D. Mills and Senate Majority Leader Mike Mansfield. Cmigressman Mills, who has been campaigning for the Democratic Presidential nomination, has introduced a bill, referr^ to his tax-writing committee in the House, which would abolish virtually all tax deductions and credits in three stages by January 1,1976. What is odd about the timing of the measure is that Chairman Mills, usually a cautious man, wants his bill enacted before Congress recesses for the Democratic National Con vention. The House Ways and Means Chairman is also quoted as saying that while he favors certidn tax preferences. Congress ought to go ahead and terminate such preferences under his bill and then review them before the effective date of their abolition to see whether they should be continued. I certainly have no quarrel with the idea that Congress ought to constantly examine our tax structure to remove any inemities which unfairly ! burden any segment of our society. But it seems to me that three weeks is hardly time enough to give proper con sideration to any tax review of this magnitude, and par ticularly when the urgency of its passage seems to hinge on action before a political con- vqnTlon. The middle class is bearing the major burden of taxes today. It should be recognized before we get very far alrnig in the consideration of the Mills- Mansfield bill tlut it would be the outset terminate a lot of persmal deductions that affect the long-range plans of millions of hard-working, tax-paying Americans. It is one thing to talk about abolishing tax "loopholes," and quite another matter to get down to the specifics of a bili to terminate personal income tax deductions for charitable contributions, dependent care, medical expenses, personal and property taxes, interest on home mortgage payments. moving expenses, casualty losses, and many other ex penses that are embedded in daily living costs. All of the forgoing personal deductions would be wiped out should the mills bill be enacted by the Congress .and signed by the President. It would then be UD to the taxpayers to lobby for uie reinstatement of any of these tax deductions. This could throw the whole reform process out of kilter again. In a day when the government is spending far more than it takes in. it is minre than likely that "tax reform" will end up as a "tax increase" for millions of our people. This prospect is not calcidated to win votes and it is down-played in political oratory, l^t is of concern or ought to be to the people is that for years the government has seldom balanced its budgets and the leadership of the country has ignored the fact that most taxpayers are un willing to pay for a iot of the Federal programs that we now have or many of the new ones which are in prospect. When Americans start examining what is proposed as "tax reform," they may get some new ideas about a measure which would take away their right to determine how at iMs't a portion of their earnings sbotild be n>ent. Hie danger is that 'tax reform" simply become a new gambit to channel into the Federal Cfovernment personal earnings now earmarked for donations to the church, interest to Imy a home, and funds to provide chiid care while they work. Instant action on this tax measure would ignore the wisdom of the old proverb which says that "one should look before he leaps." N.K.LAND &«SON Complete Real Estate ^rvice tlKt WM.MNO DIAL M7-4U1 DIAL >- KEYS Ernul's Sport Shop 2006 0.iks Rd. KEYS - i/> The Bank of New Bern New Car Loan Rates Number of Installments 36 36 36 Amount of Loan $2,000.00 $2,500.00 $3,000.00 BNB Annual Percentage Rate 8.9 8.9 8.9 Finance Charge $286.00 $357.68 $429.00 Monthly Payment $63.50 $79.38 $9525 Total of All Payments $2,286.00 $2,857.68 $3,429.00 n Compare. We Have Nothing To Hide. yoS'thrbUrprTces'l’*^''®'' ® 9*ve ?t"NrBem“J^Mhe “> "8"'“ •“ The Bank p-p'* You know all there is to know about The Bank of New Bern’s new car loan rates. (And we’ve got some verv used car rates, too.) So compare. Even if you haven’t done business with us before, our ioan people are TroiD you* nice late-model waiting to hear 1 Number of Installments 36 36 36 2 Amount of Loan $2,000.00 $2,500.00 $3,000.00 1 Annual Percentage Rate 8.9 8.9 8.9 1 Finance Charge $286.00 $357.68 $429.00 ! Monthly Payment $63.50 $79.38 $95.25 1 Total of All Payments L $2,286.00 $2,857.68 $3,429.00 i— 1 Number of Installments 36 36 36 1 Amount of Loan 1 Annual Percentage Rate 1 I I I I I I I I I Finance Charge Monthly Payment Total of All Payments I I I I I I I I I Number of Installments Amount of Loan 36 36 36 1 1 1 Annual Percentage Rate Finance Charge — — 1 1 Monthly Payment \k”“ 1 1 Total of All Payments 1 1 Number of Installments Amount of Loan 36 36 36 1 1 1 Annual Percentage Rate Finance Charge — — — 1 1 1 Monthly Payment 1 1 Total of All Payments 1 ■ The Bank of New Bern, Craven County's Only Home Owned Bank, Has Convenient Locations at 313 Pollock St. and 2119 Neuse Blvd.
The New Bern Mirror (New Bern, N.C.)
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June 9, 1972, edition 1
2
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