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May 24, 1977 - Image 2

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Publication:
Michigan Daily, 1977-05-24

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Poge Two

THE MICHIGAN DAILY

Tuesday, May 24, 1977

Page wo TH MICHGAN AILY uesda. Ma 2.17

Carter signs tax reform bill

WASHINCTON (P)-President with congress
Carter signed legislation yester- The bill wi
day cutting $5 billion from the of $2.13 from
tax bill of low- and middle-in- tax withholdi
come taxpayers and simplifying ard deduction
the tax filing procedure for tax payments
nearly everyone. income famili
He also signed a bill speeding single Americ
$225 million in grants and loans than $13,750
to drought-sticken communities standard dedu
in the West. average of $1
THE TAX measure, part of CARTER SA
the President's streamlined eco would reduce
nomic stimulus package, will 30 per cent,
provide an over-all $34.2 billion come taxes p
in tax cuts over the next 28 four earning
months. Its benefits could be felt that "a very g
as early as next week when in- American ave
come tax withholding on pay- He said 80 p
checks is reduced, increasing would benefit
tax-home pay. less than $lS,(
"One of the great pleasures The tax cut
of a president is to reduce taxes, cluded Carter
get our economy going and Sim- nearly all Amr
plify tax forms," Carter said gress deleted
after affixing his signature to Carter decide
the legislation at a ceremony in were no longe
the White House Rose Garden late the econo
j - -i

ional leaders.
ll cut an average
the weekly payroll
ng of 46 million
. It will eliminate
for 3.3 million low-
es. But 2.2 million
ans earning more
and claiming the
uction will pay an
more a week.
AID the legislation
by about $200, or
the amount of in-
aid by a family of
$10,000. He called
reat benefit to the
rage family."
per cent of the cut
it people earning
000 annually.
bill originally in-
's $50 rebates for
nericans, but Con-
the rebates after
d last month they
r needed to stimu-
my.

THE LEGISLATION, which is
retroactive to the beginning of
1977, will make it advantageous
for 6.7 million taxpayers who
have itemized their deductions
to use the standard deduction.
The deduction will be $3,200 for
married couples filing joint re-
turns and $2,200 for single per-
sons and heads of households.
It used to range from $2,100
to $2,800 for the couples and
from $1,700 to $2,400 for single
persons and heads of households.
The new law also extends
Interesting facts
The Chiracahua Mountains,
which lie about 96 miles south-
east of Tucson, Ariz., and
neighboring ranges were the
ancestral home of the Apache
Indians.
Auggie Tammariello, Southern
Louisiana football coach, helps
his son deliver Sunday news-
papers.

through 1978 the earned
tax credit, which Carte
would "reward hard wo
persons at low income
To boost employment,
vides a tax credit to bus
enlarging their work fo
1977 and 1978.
REP. AL ULLMAN (T
chairman of the House
and Means Committee,
writes the tax laws, sa
net product is one that
the job we intended to do
Carter complimented t
makers for the speed witi
they acted on the tax m
The drought legislation
of several measures desi
relieve the worst effects
West's water shortage. T
islation allows the Cot
Department to make loa
grants to communities
least 10,000 residents tha
been hit hardest by the d
Smaller communities art
by already existing law.

income The money can be used to dig
tr said new wells in smaller cities, re-
rk" by pair viaducts and buy and trans-
levels. port emergency water supplies
it pro- "to overcome the consequences
sinesses of the drought," Carter said.
rces in The money, he added, would
provide immediate relief and
must be used on projects that
D-Ore.), will be completed by next April.
Ways
which
id "the
will do D
0."
he law-
h which
easure.
is one
gned to
of the
'he leg- -cen
nmerce
ins and
with at
t have
rought.
e aided LANSING (UPI) - The state
Public Service Commission
-- yesterday ordered a $1 million
rebate for the Detroit Edison
customers.
The Edison refund will show
up in about an 18-cent credit
toward payment of the June
bill.
It results from a semi-annual
review of the fuel adjustment
and purchased power clauses in
effect for October, 1976 through
March, 1977.
THE REVIEW showed that
Edison collected about $1 mil-
lion more than it was entitled
to under the clauses, which re-
flect increases in the amount
which the utility pays for fuel
and for power purchased from
other companies.
PSC member William Rals,
who will be leaving the com-
mission next week to campaign
for the Democratic gubernator-
ial nomination, said waste and
inefficiency cost Edison's 1.6
million customers more than $45
million.
Edison bought about 14 per
cent of its power between April
1, 1976 and March 31, 1977 from
other sources.
THE TOTAL pricetag for the
5.5 billion kilowatt hours bought
from other companies was $116
million. If the company had gen-
erated the electricity itself,
Ralls said, the cost would have
totaled about $66 million.
The difference between the
actual costs incurred, '$115
million, and the cost of internal
generation, $66 million, is $50
million. The PSC adjustment
formula passes on 90 per cent
of the additional cost - about
$45 million - to the utility's
customers.
Rals blamed the need for
purchased power on waste,
inefficiency and management
failure by Edison officials.
Nestorianism was a 5th-cen-
tury heresy which promoted the
belief that the human and the
divine aspects of Christ were,
in fact, two distinct persons,
one human, the other divine.
THE MIcHIGAN DAILY
Volume LXXXVII, No. 15-5
Tuesday, May 24, 1977
is edited and managed by students
at the University of Michigan. News
phone 74-0562. Second class postage
paid at Ann Arbor, Michigan 48109.
Pubished daily Tuesday through
Sunday morning during the Univer-
sity year at 420 MaynardStreet, Ann
Arbor, Michigan 48109. Subscription
rates: $12 Sept. thru April (2 semes-
ters); $13 by maii outside Ann
Arbor.
Summer session published Tues-
day through" .Saturday morning.
Subscription rateg; $500.. in: Ann
Arbor; $7.0 by ma l outside Ann

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