•

18 Friday, November 26, 1976

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THE DETROIT JEWISH NEWS

Israel Quickly Responds to Arab 'Peace Offensive

(Continued from Page 1)

terms were better then,
since he did not condition
peace in 1971 when Gun- an Israel-Egyptian ag-
nar Jarring, the special reement on similar ac-
United Nations envoy, cords with the other Arab
tried to mediate in the states nor did he push for
Mideast. He said Sadat's . a Palestinian state.
"Thus I have not found
any changes in the Egyp-
tian policy," Rabin said,
"and- certainly not posi-
tive changes."
During the last two or
three years, Israel has
adopted a general con-
cept of the targets to aim
for in the search for
peace, Rabin said. "There
is no justification for the

W.)

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Federal Inc
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repeated demand of some
liberals for a new Israeli
initiative that would be
accepted by the Arabs."
Foreign Minister Yigal
Allon on Tuesday invited
his Egyptian counter-
part, Ismail Fahmy, to
meet with him next week
to start preparing for
peace talks "any time at
any place."
In Washington, Presi-
dent-Elect Jimmy Carter
met with Sen. Abraham
Ribbicoff (D-Conn.)
briefly Tuesday, and Rib-
bicoff mentioned his idea
of last week to retain Sec-

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With a Tax Sheltered
Retirement Savings Account
at Standard Federal Savings

Individual Retirement ACcountsr

An individual Retirement Account (IRA) is a per-
sonal tax-sheltered retirement savings plan for people
who are not covered by a pension or profit sharing
plan. The IRA plan allows you to deposit up to $1,500
annually, or 15% of your earned income, whichever
is less, in a tax-sheltered savings account. Your
annual deposit is deductible from your gross income
when computing your Federal Income Tax and your
IRA savings account interest is tax-deferred until
you redeem your account.

Any wage earner who is not a participant in a retire-
ment plan may set up an IRA. This includes:
• individuals working for firms that do not have
pension or profit sharing plans.
• "new" employees who do not qualify for a pension
plan at their place of employment.
• self-employed persons who prefer an IRA to a
Keogh plan.
• employees leaving a pension or profit sharing plan
can rollover into an IRA account.

How IRA grows compared to normal savings

INTEREST
RATE

5 1/4 %
61/2%*
1 yr. Certificate
73/4 % *
6 yr. Certificate

AFTER 6 YEARS
Normal
IRA
Savings
$8,134
$10,845

11,347

11,875

,

AFTER 12 YEARS
Normal
IRA
Savings
$19,257
$25,676

AFTER 18 YEARS
Normal
IRA
Savings
$34,467
$45,956

AFTER 24 YEARS
Normal
IRA
Savings
$55,267
$ 73,689

8,510

28,054

21,040

52,652

39,489

88,870

66,653

8,906

30,697

23,023

60,529

45,396

107,810

80,858

The chart assumes wage earner is in the 25% tax bracket and wants to save $1500 annually with a deposit in each calendar year. With
IRA the full $1500 (no tax payable) is deposited and the interest accumulates tax sheltered until retirement. Without IRA, the $1500 pre-tax
dollars would be reduced by taxes to a net deposit of $1125 and all interest accumulations would be taxed during the current tax period.

Keogh Plan

The Keogh plan allows self-employed persons to set aside
tax-sheltered dollars up to $7,500 each year, or 15% of your
earned income, whichever is less. The amount you set aside
is tax deductible and the interest earned is tax-deferred until
you retire. Income taxes on both principal and interest are
payable only when benefits are withdrawn from your account.

North

50 West Big Beaver, Birmingham
99 West Maple, Birmingham
825 West Long Lake, Bloomfield Hills
3700 West Maple, Bloomfield Twp.
25950 Middlebelt, Farmington Hills
1310 Rochester Road, Rochester
1406 North Woodward, Royal Oak
29405 Greenfield, Southfield
25123 Southfield, Southfield
2401 West Big Beaver, Troy
2699 West Big Beaver, Troy
940 East Long Lake Road, Troy

STAN
DAR D
FEDERAL SAVINGS

West
17540 Grand River near Southfield
25712 Grand River near Beech Road
14221 Greenfield near Grand River
10641 Joy Road at Manor
24224 Joy Road near Telegraph
16841 Schaefer Road near McNichols
186 Main Street, -Belleville
44101 Ford Road, Canton Township
5811 Middlebelt Road, Garden City
17230 Farmington Road, Livonia
2069 Rawsonville Road, Van Buren Twp.
35150 Michigan Avenue, Wayne

People
helping
people

315 South Wayne Road, Westland
123 West Michigan, Ypsilanti

East
14628 East Jefferson at Manistique
16530 East Warren near Outer Drive
11511 Kelly Road at Whittier
25501 Harper, St. Clair Shores
4660 Twenty-Four Mile Road, Shelby Twp.
3900 Fourteen Mile Road, Warren
30700 Schoenherr, Warren

Downtown Detroit

405 Griswold at Jefferson

9

retary of State Henry conditions and presented
Kissinger in a Mideast them "in a way which
advisory role.
made them both undig-
Carter asked Ribicoff to nified and counter-
meet with him again to productive."
discuss the idea at length.
Meanwhile, news media
Rabbi Alexander Schin- reported an angry ex-
dler, chairman of the Con-
change between Rabin and
ference of Presidents of
Kreisky. The latter repor-
Major American Jewish
tedly accused the Israeli
Organizations, has con- leader of jeopardizing
firmed Premier Rabin's Jewish contacts with
statement of last week that
Sadat.
Israel did nothing to block
Rabin's press advisor
a possible meeting bet-
Dan Pattir said that th
ween American Jewish
. Premier has no interest
leaders and Sadat.
in a conflict with Kreisky.
Schindler said in an in-
The two leaders are due
terview published in the
to meet at the Socialist
Jerusalem Post that the
International Conven-
possibility of such a visit
tion in Geneva this week.
had been raised 4-5
Israel's ambassador to
months ago "but it never
Austria was quoted as
reached a substantive
saying that he had
stage."
smoothed out the conflict
Nevertheless, he said,
in a telephone conversa-
"Throughout these con-
tion with the Austrian
versations Mr. Rabin was
ambassador in Tel Aviv.
most encouraging and
He said there was room
eager to pursue any and
for "careful optimism"
every avenue which could that the dispute would be
conceivably advance the
resolved when Kreisky
cause of peace."
and Rabin meet.
Dr. Nahum Goldmann,
In New York, political
president of the World
scientist Hans Morgen-
Jewish Congress, expres-
thati warned that Israel's
sed dismay that Rabin existence would be en-
made a public disclosure
of attempts to arrange a dangered if it were forced
to return to its pre-June,
meeting with Sadat.
1967 borders.
Goldmann acknow-
He said that under the
ledged that he had in-
formed Rabin on the plans guise of correcting an in-
"off the record" and that justice to the Palestinians,
the revelation of them the Arab states consider
could only harm the possi- withdrawal the first stage
toward Israel's destruc-
bility of contacts.
tion.
The WJC leader said
Dr. Morgenthau, a pro-
contacts were still being
made but in the future he fessor on the Graduate
of the New
would refrain from re- Faculty
School
for
Social Re-
porting such matters to
Rabin. "Nobody .knows search, addressed the
what may have come out opening session of a two-
of it. Rabin knows only day colloquium on the
too well that whatever Middle East for Secon-
would have come out dary School Curriculum
would have been done Planners at the City Uni-
with his consent. We versity, New York
would not have done any- Graduate Center.
Referring to proposals
thing on our own accord,"
that if Israel withdrew to
Goldmann said.
its 1967 lines it would re-
Rabin discussed the in- ceive
either a U.S.
cident after Maariv pub- guarantee
of protection
lished a report accusing or UN troops
patrolling
liim and the Israeli gov- the
borders, Morgen-
ernment of blocking a. thau new
said such proposals
meeting between Jewish "have
public relations
leaders and Sadat after
value" but "little value"
initially agreeing to such to
the security of Israel.
an attempt.
He
said that an Ameri-
Charlotte Jacobson, can decision
to come to Is-
chairman of the Ameri- rael's aid might
come too
can section of the World late. The U.S. would
also
Zionist Organization,
characterized the Maariv have to consider whether
report as "absolute non- intervention would lead
sense and made out of to a direct confrontation
with the Soviet Uzion
whole cloth."
and the start of World
- The arrangements were War
III, he said.
reportedly initiated by
Morgenthau
said the
Austrian Chancellor
Bruno Kreisky after four basic U.S. interests it
learning that Sadat was in- the Middle East were tc
terested in a meeting. prevent the Soviet Union
Goldmann was said to have from gaining the dominant
been informed by Presi- position in that region; the
dent Nicolae Ceausescu of survival of Israel; good re-
Romania and relayed the lations with the Arab
states; and the preserva-
information to Rabin.
According to the ver- tion of peace in the area.
He said that Secretary
sion by Schindler who re-
portedly was to have been of State Henry A. Kis-
a member of the Jewish singer has seen more
group visiting Cairo, the clearly than any of his
"suggestions came from predecessors that the
secondary and tertiary U.S. faces a dilemma bet-
its support of Israel
sources and were entirely ween
and its desire for good re-
too vague to be taken as a lations
with the Arabs.
serious invitation."
He observed that Kis-
Schindler said that
after being informed of singer has made a drama-
Rabin's positive re- tic change in U.S. policy
sponse, the "other side" from one of all-out sup-
(Continued on Page 19)
suddenly changed the

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