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. 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