iJ iCifwji Bd ■2()j i Thursday, January 6, 1972 Washington Report BCONOM'EC 'WIRA'P-U'P dential campaiffhs, beginning As L .L‘ Congress neared ad- with llio 1972 election, i’unds for joaiiKiic'iil lasT vveeJe it began to livis purpose would have been al- \vi\i) ij ■ st^veral loose ends to lo<.'atcd through a $1 lax check- c ple’.e ajiion on th^e economic oj* '^n individual income tax re- p;.i *.ge pressed by the Presi- eU-rns. i^n offe.t, Federal lax d<*nt last August. Both the House revenues would have been au- and Senate i^n'e flna;'approval to tomatioally allocated to political the tax bill and sent it to the Pre- c-ani,aign i.nds, bypiassing the sident f jr signature into law. Ai- Federal budget process and ap* thor-'h the final bill contained propriaUon by the Congress. I many dep:Tture.s from the origin-, strongly opposed 'this addition to al i .iv.po.sal sent to the Congress,' the bill. This section was chang- it Ls a sound 'pi«yco of lepislation ed in the conference report to de- and should w .vk to provide tax ’ay the effectiveness until the rel ef for individuals and tax in* ,197r» Presidential election. In ad- cent*ves to increase biusiness ac- dition, provision wis made for tivity. I such politileal campaign funds to be appropriated by the Congress, Tax Provisions; To reach a* in an amount not to exiceed that ' reement on a final version of indPated by the tax check-off. I the tox bill, it 'vas necessary to Avould have preferred that even resolve a large numlher of differ- this datered down version be de- on 'cs between the 'House and Se- leted. Hewever, 'it is my frank o* nato versions, many of a very pinion that the Congress will tochn^ioal nature. One provision -rNwoi* vote such an appropriat- in the Senate bill which received ion. ^ a great deal of attention would have establ'ished a procedure for! Another section of the'tax bill the Federal financing of Presi- provides encourai^emenl for tn THE KINGS MOUNTAIN HERALD, KINGS MOUNTAiN, N. C. Want To BUY? SELL? RENT? HIRE? Tiy HERALD WANT ADS THEY GET RESULTS! Phone 739-5441 dividual taxpayers to contribute to political campaigns by allow ing a tax credit for one-half of the political contrlibutions made during a tax year. The maximum jred't allov/ed would be $25 for a 'j ■)inl return and $12.50 for an ! individual tax return. ThiB sec- ! tion also provides that, instead ! of the tax credit, a taxpayer may > take a deduction for the full a- j mount of political contrthution.s, . n t to ex-eed $30 for tan individ- i ual r Sl'^O f- r a counle. The po- 1 Utical contrilbution Pm which a 1 tax credit or a deduction is claim- led can be to a candidate for e- I lection to a Federal, state, or I local orfi.-e, or to a p-Mtical com- t mittee. This new section of the ' Tax Cade should emcourvige more meaningful Individual participa tion in the financing of election campaigns. The campaign financing pro- visbns, however, are only a small part of jthis important tax measure. Other sections provide for the repeal of the seven per- '*ent ex .se tax on ajittomobl’es and light tru:.ks, the reinstate ment of the seven percent in vestment lax credit, and in creases in the personal income tax exemption to $575 for 1971 ind $750 and 1972 and s.bse- ^uent years. Wage and Price Control Au thority: Another important seg ment of the economic package retiuesled by the President the authority to impose waige and price controls. This Act, passed by the Congress last year, will expire on April 30, 1972. The bill now before Congress would ex tend the act for one year, until April 30, 1973. This measure has been passed in different version.s by both the House and Senate, and final details remain to be re solved in a conference,committee. Now the 90-day freeze on wag es, prices, and rents is over and the nation is embarked on Phase II of the economic stabilization program. Many restrictions have .Acen lifted and exemptions grant-1 ed by the Pay Board and the Price Commission. However, in order to achieve the long-rau^e goal of the reduction and event ual elimination of inflation, it is | felt by the Administration and j by the Congress that so-me de gree of economic control will need to be exercised through out the coming year. I feel that this year has ocen a landmark in the development of the U. S. economy. The aptions of the President and the Con gress in formulating 'these new policies have been a great con- trilb. tion to this development. Cdiiaua become the world leader in paper procT.’ction. Living Show Set lek 26 said Robert ZDmmerman, presi dent of Southeastern Shows, Inc., and director of the show. There will be patio gardens, small formal gardens, rastic vis tas, and a garden and greenhou'^o full of orclikbs. Many of the plants will be identified. CHARLOrrE, N. C. -- Spring time comes to the Caralinas Feb ruary 26 when the 12th annual .. , . • ty i Southern Living Sho-v a.xn.s at, . ‘Jhe .Naliunal .YWimming Pool the Charlotte Merchandise Mart. . Utc is metalling a full-s^lc Already the first tulips, the first i daffodils, dagwoods, rhododen- /’ drons and other flowers are be- ^-m aorman said.‘ Florida Cactus the event which wiH run through ' ing nurtured into early bloom for United SlJte.s u.th eveiy slate lii^ uuitM* V4 * ^ made up o. diiwercnt varu .es of .. fictile” Sbeteen large gardens insido; the Mart wdll be designed and u 3, Forestry Service will landscaped by some of the ^uth j a mountain bi’>^>k camp- east's finest landscape ai'chitcels. 1 ryj-,,and with waterfall, gu-^hing Two dozen room vibnettes ere ] j^rook, and live mountain trout, ated by the Carolinas Chapter ol the American Institute of Interior Designers and two i | erior design student groups will offer many ideas for freshening up a room 01 changing color schemes to a chieve a new look. Not only is the 1972 Southern Reidsville, and James Patterson. Living Show larger in landscaped , Richard Bell and -Vssociate.-^ of garden area but will have “.some Raleigh are de.signing a garden of the finest feature gardens ever for Southern Living Magazine, put together in any enclo-ure,’ which is sponsoring the Southern Among the noted landsc.ipers putting in gardens are Hugii Smith of Cornelius, holder 0 na tional awards fOr landscaping, James Furr, Warren Redd, James Stiles, the Men’.-; Girlcn Club (. Living Show with the Chorlotle Observer. Richard Bell designed all the gardens for the first South east Flower and Garden Show, predwessor of the present show, in Raleigh, N. C„ 12 years ago. The Charlotte Observer will a- gain man an information bo-h wheie que.sC-.ns about gardening or the show will b(‘ answered. A new feature in thi.s year’s show’ Will 00 Camera Day on WiKlnesday, March 1. Film pro cessors and dealers in the Caro linas and Virginia will di.vlribute 800,0(X) coupons. Persons coming to th(‘ shew on Camera DaIv with one of the coupons and a camera in hand will toe admitted for .$1.50. The usual gate price is $2.50. 1 Blue Ridge Hearthside Crafts As.srKdation of Sugar Grove, N. C., will occupy more than 10,000 square feet of the Mart w ’h I unique mountain crafts and dem onstrations. Crall.-mcMi Uin uc making such things as dolls, can dles, clocks, leather goods an.l glassware. Regular features of the South ern Living Show are a standard flower show, which won national re ognition la.sti^ year, fashion I .show’s and cooking clinics held I daily, and free cart.'wns for the children presented by WRET-TV, Channel 36, Charlotte,, Several furnished mobile homes, ian