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November 25, 1985 - Image 3

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The Michigan Daily, 1985-11-25

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The Michigan Daily - Monday, November 25, 1985 -Page 3

BUSINESS

Legislators hope Reagan endorses tax bill

WASHINGTON (AP) -President
Reagan, who has called tax reform
the spark that will ignite a "second
American Revolution," must decide
whether to keep the movement alive
by endorsing a House Ways and
Means Committee tax bill that falls
short of his demands.
Members of the committee from
both say the voluminous bill has little
chance of passing the House if Reagan
criticizes it publicly. Several said
they expect the president to hail the
measure as a good first step toward
overhauling the income tax and to
count on the Republican-controlled
Senate to change it.

BUT WHITE House Chief of Staff
Donald Regan suggested yesterday
the administration might not endorse
the panel's bill because "it changes
the president's proposition quite a
bit."
"So I'm not sure we're going to ac-
cept it," he said. Regan, however,
said the administration would know
more about its position after careful
study this week. "We haven't had
time to really examine that," Regan
said on CBS's "Face the Nation."
"What we have to do is to see what
does that do to investment? What
does it do to savings? What does it do
to incentives?"

REP. RAY MCGRATH (R-N.Y.)
predicted, however, the president
would eventually support the bill
even though the administration leaders
"won't say they love it."
Rep. Dan Rostenkowski (D-111.),
the committee chairman and chief
congressional backer of a tax
overhaul, pleaded with Reagan not to
make a snap judgment that could kill
the bill. The measure "is a victory of
cooperation over confrontation,'
Rostenkowski said.
While members of Congress take a
week's recess for the Thanksgiving
holiday, Ways and Means aides will
write the committee's proposal into

legal language. The plan is likely to
be debated in the House the week of
Dec. 8. The Senate will not consider it
this year.
THE BILL, containing the most-
sweeping changes since the income
tax was enacted in 1913, would shift a
significant portion of the tax burden
from individuals to corporations.
Over a five-year period, individual
taxes would be cut in the range of $135
billion and corporate taxes would rise
by the same amount.
The measure, approved by the
committee Saturday morning after
two months of closed-door sessions,
would reduce the average individual
tax by 8.4 percent in 1987; the
president's plan would have meant an
average 10.5-percent cut.
The maximum individual tax rate
would be 38 percent, compared to the
present 50 percent. The great
majority of Americans would pay a
rate of 15 percent or 25 percent.
But where Reagan's bill would give
a 15.1-percent tax cut to people with
incomes over $200,000 a year, the plan
drafted by the Democratic-controlled
committee would produce a tax cut of
only 5.8 percent at that level.

Career Planning
& Placement
Recruiting Schedule
The following employers and
representatives from
graduate/professional schools will
be on campus to conduct inter-
views.
November 26
Stuart James, Inc.
January 13
Banker's Trust
Citibank
January 14
Banker's Trust
January 15
Aetna
CNA Insurance Co.
January 16
Aetna
National Bank of Detroit
Sears, Roebuck & Co.
January 17
IDS Financial Services
Sears, Roebuck & Co.
January 20
A. S. Hansen
Paul Revere-Insurance Co.

January 21
Dow Chemical-Communications
Mutual of Omaha
Proctor & Gamble - Sales
January22
Burroughs Corporation
Dow Chemical-Marketing &
Technical
GTE
May Company
Northern Trust Co. of Chicago
Xerox Corporation
January 23
Dow Chemical-Marketing &
Technical
May Company
Morgan Guaranty Trust Co.
National Security Agency
Proctor & Gamble-Customer
Service
January 24
New England Mutual Life
Insurance
University of Michigan Medical
School
Contact the Career Planning &
Placement Office for more infor-
mation.

r Proposed skyscraper may set record

I NEW YORK(AP)-Donald Trump's
plan for a 150-story skyscraper that
would give even King Kong a
nosebleed is the latest indication that
ego, not economics or architecture, is
the force driving the U.S. skyline to
new heights.
Trump's candidate for world's
tallest building, proposed for Manhat-
tan's Upper West Side, would be a
monument to the ego of the developer
who builds it, the architect who
designs it, the people who inhabit it
and the city that allows it.
"IT'S A MATTER of whether New
York wants that prestige," said Lynn
Beedle, director of the Council on Tall
Buildings, an association of architec-
ts, engineers and planners. "It would
be difficult to justify that height on
other grounds."
Trump gave it his best shot last
week at a meeting with skeptical
community residents, many of whom
gasped when he announced the
dimensions of his plan: The
1,670-foot tower, plus a 65-story office
building and six residential towers of
around 75 stories each.
The main building would be more
that 200 feet taller than Chicago's
Sears Tower, the world's tallest
building.
IF BUILT as proposed, the complex
would boast one-third of the world's 25
tallest buildings. It would have more
space, 18.5 million square feet, than
all of the office buildings in
Philadelphia put together.
Trump faces a long fight to secure
city permission for construction, and
the chairman of Community Board 7
was skeptical. "I think the chances of
it being built as he's proposed it are
very, very slim," said Ludwig Gelob-
ter.

for a 40-acre park, which he said
would be "the greatest... on the West
Side" an area that already has
Frederick Law Olmsted's Riverside
Park.
THE SUPERTALL building, he
said, "adds value to every other part
of the job," and makes people willineg
to pay for the privilege of living in it
Trump called the complex
Television City and planned 3.6
million of its square feet for television
production. The studios are to be
housed under the platform on which
the skyscrapers would stand.
Television City is the third "world's
tallest building" that Trump has
proposed. In 1984, he floated plans for
a 1,900-foot tower on the East River in
lower Manhattan. Earlier this year,
his plan for a 137-story building near
the southwest corner of Central Park
was rejected in favor of a smaller
building by another developer.
THE PROBLEM, he said, is not so
much the size of the buildings as the
number of people who would use
them. The neighborhood's streets,
sidewalks and subway stations
already are crowded, he said.
Trump's plan calls for 7,900 apar-
tments, 3,600 more than an earlier
developer of the site was able to clear
with the city.
But even if Trump gets permission,
"it's a tremendous risk," said Fred
Kent of the Project for Public Spaces,
a non-profit research group. "Our
studies have found that the kind of
people who can afford the rents he'll
charge like lower-rise buildings with a
greater sense of community and a
more human scale."
CURRENTLY, only a few of the
world's 100 tallest buildings have
apartments in them, and Kent argued

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ACCESS
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HAPPENINGSF
Highlight
Staged readings of Eddie Gatto, by Mark Friesen, and Broccoli,
Anyone?, by Sandra Morris, will open the Performance Network's Works
in Progress winter series. The show will begin at 8 p.m. at 408 W.
Washington.
Films
Alternative Action - Suzanne, Suzanne and To Love; Honor and Obey,
7:30 p.m., Natural Science Bldg.
Michigan Theater Foundation - Monty Python and the Holy Grail, 7 &
9 p.m., Michigan Theater.
Performances
Brecht Company - Auditions, winter-spring productions, 8 p.m., room
126, East Quad.
School of Music - University Choir, Patrick Gardner, conductor, 8
p.m., Hill Aud.
Speakers
Chemistry - Dimitri Coucouvanis, "Recent Advances in Sulful-
Molybdenum Chemistry," 4 p.m., room 1200, Chemistry Bldg.; Douwe A.
Wiersma, "Optical Dynamics in Solids as Studied by Photon Echoes,"
2:30 p.m., room 3207, Chemistry Bldg.
Graduate School of Business Administration - Jim Evans, "Marketing
Retail Stores," 4 p.m., Assembly Hall.
Guild House Reading Series - Miriam Pederson, Donald Smith, 8 p.m.,
802 Monroe.
Near East and North African Studies - Brown bag lecture, Nabil Kron-
fol, "Health Care in Lebanon," noon, Commons room, Lane Hall.
School of Business Administration - Jim Evans, "Marketing Retail
Stores," 4 p.m., Assembly Hall.
Studies in Religion - Harvey Cox, "Jesus and the Moral Life," 8 p.m.,
MLB 3.
Meetings
Multiple Sclerosis Society - Counseling group, Significant Others
group, 7 p.m., Washtenaw United Way.
Society for Creative Anachronism - 7 p.m., East Quad.

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