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February 07, 1975 - Image 8

Resource type:
Text
Publication:
The Michigan Daily, 1975-02-07

Disclaimer: Computer generated plain text may have errors. Read more about this.

Page Eigh#

THE MICHIGAN DAILY

Friday, February 7, 1975

Page Eight THE MICHIGAN DAILY Friday, February 7, 1975

THIS WEEKEND!
The
American Symphory crhestra
SUNDAY at 2:30 in Hill Auditorium
MORTON GOULD conducts:
BERNSTEIN: "Candide" Overture; STRAUSS: "MacBeth";
IVES: Second Orchestral Set; GOULD: Declaration Suite;
MUSSORGKY: Pictures at an Exhibition
TICKETS at BURTON TOWER (hours below) and at Hill Aud. box office
from 1:00 on Sunday until concert time.
6jIVE SIT Y
USICAL 80CIETY
BURTON TOWER, Ann Arbor Weekdays 9-4:30, Sat. 9-12 Phone 665-3717
Note: Rush tickets, $2 each, available. at Hill Aud. box office on Sat. from 11:30-
12:00; no choice of seat location; limit, 2 per person.

DIAL 'LAVA LINE'
VOLCANO, Hawaii (R) -
Only in Hawaii will you find a
"Lava Line" for obtaining the
latest information on erupting
volcanoes.
Pele, Hawaii's traditional
goddess of volcanoes, routinely
"blows her top" among the
many craters and fissures that
dot the Hawaii Volcanoes Na-
tional Park near this aptly
named community on the
island of Hawaii. Lava foun-
tains shooting hundreds of feet
in theairiand the glow of mol-
ten rock in the night provide a
sensational show for spectators.
In the past, the park's admin-
istrative office was swamped
with phone calls from volcano
fans every time Pele decided to
make her presence felt. The
.:allers wanted to know the
eruption's location and how to
get to the best viewing site.
But now the calls are han-
died by the Lava Line, which
provides prerecorded informa-
tion on the day's eruptions. The
service is supplied to the pavx
by Hawaiian Telephone Co.
The tape machine answers
more than 2,000 calls a month.

House unit seraps
Ford tax proposal

FORD CRITICAL
Congress

WASHINGTON (Reuter)-The'
House Ways and Means Com-
mittee yesterday scrapped Pres-
ident Ford's tax cut plans and
adopted a more generous 20
billion dollar tax relief program
for individuals and corporations.
Acting with unusual speed, the
committee approved a $16.4 bil-
lion reduction in income taxes
for about 90 million taxpayers
and voted about $3.8 billion in
relief to business.
FORD had proposed a $16
billion tax cut-12 billion to in-
dividuals and four billion to cor-
porations through a bigger in-
vestment credit.
The committee's version, ap-
proved by an overwhelming vote
of 28-5, is expected to come be-
fore the full House about Feb.
18.
Under the committee's bill,
taxpayers would get a maximum
$200 rebate on their 1974 pay-'
ments, however anyone earning
more than $30,000 a year would
be limited to a refund of $100.
THIS PLAN, which would save
taxpayers eight billion dollars,
gives taxpayers a 10 per cent1

reduction in 1974 taxes and
apply to rich and poor alike.
The minimum refund would be
$100.
Ford had proposed a 12 per
cent rebate on 1974 taxes with
a $1,000 refund ceiling. Some
Congressmen criticized this pro-
posal. saying it would favor
wealthy taxpayers.
The House bill would redis-
tribute more than half the eight
billion dollar rebate to families
earning under $15,000 a year.
A typical family of four earn-
ing $15,000 dollars would get
back $170.
OTHER key features of the
tax bill:
-An $8.4 billion reduction in
1975 taxes through larger de-
ductions for low" and moderate
income people-generally those
earning less than $15,000.
-A $3.8 billion tax break
through a 10 per cent investment
tax credit instead of seven per
cent for industry and four per
cent for utility companies.
Earlier in the day, the White,
House criticized Congress for
not coming up with a program
to deal with the country's eco-
nomic troubles.

acts on

tax

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A DOLLAR OFF
Any Large iz
with at least 1 item
FREE DELIVERY
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North Campus-7645511
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Domino People Are The Pizza People, PERIOD.

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Sal. Drop-In
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(Continued from Page 1)
deficit-already projected at a
peacetime high of 52 billion
dollars.
Also yesterday, FederaltRe-
serve Board Chairman Arthur
Burns said the board recognizes
the need for an adequate growth
in the money supply but said too
rapid expansion of that supply
would lead to further inflation.
HE TOLD the House Banking
Committee that the board op-
poses a bill calling for an in-
crease in the money supply of
at least six per cent on an
annual basis in the first half!
of 1975.
"I want to make it clear at
the outset that the boardefully
supports the general objective of
maintaining adequate growth of
the monetary aggregates," Burns
said in his statement.
He said the board recognizes'
an expanding economy requires
an expanding supply of money
and that attempts to encourage
growth in money and credit will
lead to a decline of short-term
interest rates when economic
activity is weak.
AND, Alan Greenspan, Chair-
man of the Council of Economic
Advisers, told the Joint Eco-
nomic Committee that the ad-
ministration's policies were flex-
ible and would be altered if
necessary later in the year.
"I do not say that our present
policy is frozen and unalterable.
The President has decided that
in the present circumstances,
these policies make the most
sense.
"But, if later in the year
conditions are different from
that which we would like them
to be, he has by no means said
that he will not relook these
policies."
GREENSPAN also indicated
he was optimistic that food
price increases in the first half
of this year might not be as high
as some forecasters ha .e esti-

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Piedmont Chamber Orchestra
NICHOLAS HARSANYI Conducts Famed 25-
Piece Ensemble of Faculty Virtuosi from N.C.
School of the Arts
The Detroit Institute of Arts
Founders Concert Series: Edith J. Freeman, Chairman
Auditorium, Fri., 21, 8:30 p.m.
Art Institute Ticket Office (832-2730),

mated.
In other economic develop-
ments:
-The President met with his
chief economic advisers to re-
view the outlook for his eco-
nomic, energy and budget pro-
posals. Attending were Treasury
Secretary William Simon, Fed-
eral E n e r g y Administrator
Frank Zarb, incoming director
James Lynn of the Office of
Management and Budgetand
White House economic adviser
William Seidman.
-The Labor Department re-
ported initial claims for unem-
ployment insurance benefits
eased somewhat during the week
ending Jan. 25, but still remain-
ed sharply above normal.
-The Teamsters Union an-
nounced an emergency meeting
of local union officials in Wash-
ington next week to discuss the
nation's economy and urge gov-
ernment action to deal with the
recession.
-Falling interest rates kept
the stock market's rally rolling
in extremely heavy trading, de-
spite some periods of profit
taking.
Order
Your
Subscription
Today
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MIKHAIL STERN SENTENCE 8 YEARS
MIKHAIL LEVIEV SENTENCE DEATH
CRIME: Application for VISA
to Israel.
the destruction of Soviet Jewrv continues
LET MY PEOPLE GO!
FOR MORE INFO, CALL 663-3336
COMMITTEE ON OPPRESSED JEWRY

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MINI-COURSE 420
INDIVIDUAL AND SOCIETY IN THE
ANCIENT AND MODERN NOVEL
TUESDAYS & WEDNESDAYS
February 11-March 19
2408 MH 4-5:30 p.m.
TOPICS: John Aldridqe on JOSEPH HELLER, H.D. CAMER-
ON on PETRONIUS, S.F. LIN on DREAM OF THE RED
CHAMBER, Ch. Witke on AOULEIUS. For sian-up informa-
tion, please contct the Center for Coordination of Ancient
and Modern Studies, 2023 Angell Hall, 764-0112

WANTED:
Students to maintain a creative and
active programming center on campus.
University Activities Center
TRAVEL MUSKET
SOPH SHOW MEDIATRICS
FUTURE WORLDS LECTURE SERIES
UAC CONCERT CO-OP
is now accepting applications for
1975-76 Senior Officer Positions
" President
* Chief Financial Officer
* Coordinating Vice-President
" Public Relations Vice-President
For cinnlientions aend more information.

Look Into Co-opsI
FOR NEXT FALL
WE ARE...
" member-owned
" member-controlled
* open & democratic
" inexoensive
COME TO THE
CO-OP MASS MEETING
SUNDAY, FEB. 9th-1:00 P.M.
MICHIGAN UNION BALLROOM
Learn about student-owned housing on
campus. All co-ops will hold open houses
for all those interested in visiting them
after the Mass Meeting.
S14 Houses on Central Campus 1Af
9 Houses on North Campus
Inter-Cooperative Council

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