Newspapers / Daily Tar Heel (Chapel … / Jan. 28, 1975, edition 1 / Page 3
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Th Dally Tsr Kttl Panel looks .(idim?lt waimt at tax n V ." for middle -Plhiimoinni TP aim Frn o n 1L 11 11 Tussdsy. Jm. 23, 1875 TT C ;' V: elief by Don Phillips United Press International WASHINGTON-Rep. Al Ullman, D Ore.. recommended Monday his House Ways and Means Committee pass a quick tax cut of $15 billion to $18 billion, most of which would go to low and moderate income Americans. Seven prominent economists agreed in testimony to the committee that a tax cut of $15 billion to $20 billion is necessary to stimulate the economy toward recovery. All agreed that most or all of the cut should come through lower withholding rates rather than a one-shot rebate as President Ford proposes. As proposed by Ullman and later expanded on by staff experts, Ullman's bill would: Grant an immediate rebate of $5 billion to $7 billion to low income taxpayers. Lower income tax withholding rates by $8 billion to $10 billion, spread over the remainder of 1975, limited to low and moderate income persons. Perhaps give a portion of the cut in the form of a tax credit for a part of Social Security taxes paid. Cut business taxes by about $3 billion by increasing the investment tax credit from 7 per cent to 10 per cent. Ullman said he would like to make the tax credit increase permanent but said he did not believe the committee would go along with him. Ullman said the committee would begin drafting a tax cut bill next week, hoping to finish it by mid-February. He said he hoped also to have an energy-tax cut package completed by mid-May and a tax reform bill completed by September or October. P resident Ford has proposed a $ 1 2 billion tax rebate to individuals. ft' 'X"' ? A X ll '4 UP! Attorney General nominee testifies WASHINGTON Edward Levi (right) appears before the Senate Judiciary Committee Monday on his nomination to attorney general. Seated with him is Sen. Charles Percy, R-lll. A noted legal scholar, Levi said he favors reviving the death penalty for certain crimes and will, if confirmed, give the fight against urban crime very high priority. by Veng Eng United Press International PHENOM PENH American officials told Cambodia Monday the United States does not want to begin a Berlin-style airlift to keep Phnom Penh alive because of the danger to U.S. aircraft, gfcvernment sources said. The Americans urged Cambodian forces to launch a battlefield offensive to push Communist forces back from the banks of the Mekong River, so that supplies can reach the capital from South Vietnam by water, the sources said. The Cambodian high command told U.S. embassy officials they do not have the troops or the resources for such an operation, they siad. The fuel-short country was struck another hlow when saboteurs working under cover of darkness blew up four tanks containing up to 70.000 gallons of gasoline at the port city of Kompong Som, 1 1 1 miles southeast of Phnom Penh, military sources said. Four government soldiers guarding the fuel depot were killed in the blast and eight wounded, they saidi Rebel shelling of Phnom Penh's 74 trade deHdt secomid only to 72 s by Leonard Curry United Press International WASHINGTON - H igh-priced foreign oil forced a $3.1 billion world trade deficit in 1974 that was the United States' second worst showing in this century. Commerce Department data showed Monday. Commerce Secretary Frederick B. Dent said there would have been a $14 billion trade surplus without the burden of triple petroleum import costs. The nation paid an increase of $16.8 billion to import 79 million fewer barrels of petroleum than it did in 1973. A nation suffers a trade deficit when the value of its import exceeds the value of , its exports. , In 1974, the Commerce Department reported, higher oil prices wiped out the Sugar prices to drop United Press International In short supply and at record prices only two months ago, sugar suddenly is bloating warehouses and backing up shipping ir harbors, and industry spokesmen saki Monday prices in supermarkets wil decline at least temporarily. "We're dealing with a magnitude o: change many times greater than any time in the past." said Saul Kolodny, director ol economic research forvAmstar the nation's largest sugar refiners . : But tKe ovejppfyrfiay'be only TV temporary. A Department of Agriculture estimate indicates that world sugar production for 1974-75 would fall 100,000 tons short of demand. But for now, sugar is piling up in warehouses faster than it can be sold. The glut of sugar on the market comes only two months after sugar prices soared to as high as 90 cents a pound in mid November,. creating a consumer outcry and. in some areas, boycotts. stfepsc 107.1 i WDBS news is not all the same news and information you hear everywhere else. Hear 'The One O'clock News" with Celeste Wesson, Monday through Friday on WDBS... Progressive Radio for the Triangle at 107.1. frill m mm Chapel MiM jf phone 941-3061 f 3:50 6:25 9:00 t -jf r . ill 17BV J' M NEW HOURS Monday Tuesday 7 a.m. 4 p.m. Wednesday Thurs 7 a.m. 1 a.m. Friday Saturday Sunday 9 a.m. 10 p.m. 173 East Franklin St. 929-9192 HlMMMMMWail Th . Daily Tar Heel is published by the University t. North Carolina Student Publications Board, daily, except Sunday, exam periods, vacation, and: summer periods. No Sunday Issue. The following; dates are to be the only Saturday Issues: September 14. October 5 & 19, and November 2, 16 & 23. , Offices are at the Student Union building, Univ. of North Carolina, Chapel Hill, N C. 27514. Telephone numbers: News, Sports 933-1011, 933-1012;' Business, Circulation, Advertising 933-1163. j Subscription rates: $20.00 per year; $10.00 pef semester. ; Second class postage paid at U.S. Post Office ini Chapei Hill. N C The Campus Governing Council shall have powers' to determine the Student Activities Fee and ta appropriate all revenue derived from the Student' Activities Fee (1.1.1.4 ol the Student Constitution).! The Dally Tar Heel reserves the right to regulate thej typographical tone ol all advertisements and toj revise or turn away copy H considers objectionable.) The Dally Tar Heel will not consider adjustments orj payments for any rypoflrsprecw error, or u..i.. ini. notice is aive to the Business Manager wHhln (1) one dayfter1h advertisement appears, or within one oay oi ine w sheets or subscription of the paper. The Dally Tarj Heel will not be responsiDie ror more wn mv incorrect insertion ol an aovenisemem tannmwv w run several times. Notice for such correction must be given before the next insertion. Reynolds Q. Bailey. Elizabeth F. Bailey... .Business Mgr. ..Adv. Manager 2:30 4:45 7:00 9:15 WINNER OF 8 ACADEMY AWARDS!! CABARET" STARRING LIZA MINNELLI & MICHAEL YORK GlEE)G 3:00 iBil'ff, 5:10 OT 7:20 f it AkaArian Frecbb endths 3:10 5:10 7:10 9:05 POJ United Artists benefits of export increases of $9.4 billion for machinery and $2.1 billion for food. Total exports were valued at $97.9 billion compared with $70.8 billion 1 973. The 38 per cent gain in the value of exports was exceeded by a 45 per cent surge in imports form $69.5 billion to $101 billion. The 1974 trade deficit of $3.1 billion was second only to the 1972 deficit of $6.4 billion for this century, a Commerce spokesman said. The 1974 deficit was also the third in four years. Trade weakness, in 1971 and 1972 led to dollar devaluations that made U.S. goods, including food, cheaper for the rest of the world to buy and conversely more expensive for Americans. But the devalued dollar turned the trade deficit into a $1.3 billion surplus in 1973 which should have meant good times for r 153 West King Street j Hillsborough, N.C. j Old South Cooking Since 1759 2 V.V. "Pete" Thompson, Innkeeper j PROBLEMS YES SOLUTIONS M -A RanelDiscussion on the Current Economic Crisis Tuesday, January 28 8:00 p.m. 213-215 Union DUKE UNIVERSITY UNION DRAMA COMMITTEE PrGSGnts THE TORIE OF. YOUR LflFE by William Saroyan With CITY CENTER ACTING COM PAW V Thurs.. Jan. 30 O 8:30 P.M. in Page Auditorium Fri.. Jan. 31 O Mask Demonstration 2:00 P.M. in Page Auditorium, Admission Free 4V i- ,.. : :: 4 Enjoy Coca-Cola. -The foh drink for people looking for the fun things in life. Vs th3 rol tft!ng.,Cg!cy!r-, 1 Durham Coca-Co! Ccttl Co. Americans in 1974. The unexpected and unprecedented surge in petroleum prices from $7.8 billion to $24.6 billion wiped out the gains made through the dollar devaluations. The balance of trade for December was $606 million deficit, largely because of declining exports of coal, wheat, soybeans, computers and power generating machinery. Pochentong airport went into its sixth day with four rockets slamming into the strip Monday, officers said. The daily shelling has already partially closed the airport. The diplomatic exchange came as stocks" of food in warehouses in the capital were falling to a precarious level, with government officials estimating supplies will reach the critical level within two weeks. No rice has reached Phnom Penh since Christmas Eve, when the last civilian supply convoy up the Mekong reached the capital. Two convoys have since attempted to make it up the river but only some ammunition barges have run the gauntlet of intense rebel gunfire. American planes, piloted by civilians', already are flying about 10 loads of ammunition to Phnom Penh daily, and. American officials have said they are considering an airlift to resupply the city. At least 30 flights of CI 30 Hercules transport planes a day would be required to provide enough rice for Phnom Penh to exist. TSH t.ii.nii J presents BREAKFAST 6 a.m. -11 a.m. Fronch Toast Made from our own egg bread, dunked generously in fresh egg batter, topped with powdered sugar and cinnamon: coffee or milk. im!.L i i A. t c .wra Willi nam, uat-uii ui aauayii T caub Regularly 950 Today 500 pqU Between Hector's end the Record Bar mi li4 j TONITE ONLY BT'S ' FREE III!.. " No Cover: Authentic "Glitter" Rock "come on and take a FREE ride it TOWN HALL FREE NO COVER DELIVERY I I 111 1 1 1 1 The PTA People are Di77a Ppnnlp. Period 'AnnQ P.lin Out and Usa P.T.A.'s COUPOW I . : V V Q Name. 5 Phone . If v on any large pizza (except cheese) (Not valid with any other offer) anCOUPONaooaasacjCOUPOIzina o.-Thtirs. open 'til 1 O Fri.-Sat. open 'til 2 P n n
Daily Tar Heel (Chapel Hill, N.C.)
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Jan. 28, 1975, edition 1
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