European Stars And Stripes (Newspaper) - July 26, 1978, Darmstadt, Hesse Page 4 the stars and stripes july 1978 House unit rejects plan on cutting income tax credit Washington a the House ways and Means committee voted 2411 tuesday against a proposal to Case the Burden of in creasing social Security taxes by granting a special temporary income tax the debate on the social Security Issue diverted the committee from its consideration of a Sis Billon income tax Relief Richard brought the social Security Issue to the committee with a proposed amendment for a temporary s percent credit against in come designed specifically to ease the extra Load of payroll Gephardt told the committee the credit would be Worth next year to the person earning thus More than offsetting the increase in social Security Odfie loft for the employee earning the credit would be not completely offset Ting the increase in social Security Gephardt he proposed the credit for two which he said would give Congress time to consider a More Basic revision of social Security this amendment and others came be fore the committee despite an Appeal from i chairman a that the pan you stick to the Basic issues in the Bill it is f especially How to resolve Dis Over taxation of capital oilman promised an Opportunity to con Sider other tax changes once the commit tee has finished its work on the pending one of the measures the commit tee deals with capital gains in a Way that president Carter has said he could not a a majority of the tax writing committee apparently is prepared to vote for House vote but House speaker Thomas said monday that in any he is sure the House will be Given a Chance to vote on a version More to Carters and his but the committee also must Deal with a Gurney will seek gop seat in House a nearly Lour years after retiring from the Republican Edward Gurney has officially qualified to run for the a member of the Senate water Gate did not seek reelection in 1974 after being indicted on Federal charges of conspiracy and perjury in connection with an illegal fundraising scheme allegedly carried out by he was later the 64yearold Republican announced this Spring his intention to vie for the House seat being vacated by rep Lou Frey who is seeking toe Gover variety of amendments that could destroy the near consensus on the is billion tax Cut and perhaps even sink the whole for educational and Charita ble institutions Are pressing hard for the new tax Bill to allow deductions for contributions to those even by taxpayers who otherwise use the Standard another possible tax topic that could fur ther slow the going is a plan for adjusting income lax brackets to offset the effect of inflation and while adding special provi Sions for Small time is beginning to press As the tax Bill must navigate the a Senate com the Senate itself and a House sen ate conference after the committee does its Congress plans to adjourn by 7 and the House has scheduled a three week augus september recess before taxation of Lon term capital gains the profit on Sale of real estate or other assets held at least a year continues to be the most troublesome sticking gubernatorial gusto Etta Grano receives Cwg rata wary uss from her husband after her easy win Lor the endorsement of the Connecticut state democratic Conven face Mot 1 us Proxmire Calls plan ant consumer alternative7 mortgages pro Washington up a Federal regu Lator made a controversial proposal Mon Day to let savings and loan associations of Fer to Home buyers flexible mortgages under which monthly payments could climb More than 20 percent in 30 the Federal Home loan Bank Board said proposed regulations which include three other alternative mortgage pay ment plans Are scheduled to Lake effect 60 Days following publication in the Feder Al Register later this to a Bank Board chairman Robert Mckinney said the new plans offer Freedom of the Choice for the american Home but Senate banking committee chair Man William expressed Shock at the action and accused the Agency of Blind siding a House sub Roni Mittee called Bank Board chairman Robert Mckinney to testify tuesday on the new mortgage Congress in 1975 blocked a Bank Board Effort to authorize new types of and some powerful members remain opposed to the supporters of the alternative mortgages say they Are needed to allow Federal Sav Ings and loan associations to compete in states such As California where gages already Are the most controversial of the Jour new me variable rate mortgage whose Condo Tow a actuate Proxmire and Henry d chairman of the House banking com say this Type of plan is Sumer because associations win offer it Only when interest rates Are rising it would let savings and Loans increase a mortgage interest currently averaging about 10 up to percent in 2z years if other interest rates continued to this could raise the monthly Mort Gage payment by As much As 20 percent without taking into consideration property taxes or under present the person who takes out a 20year or 30year Mort Gage is assured the monthly payment will be constant until it c the three other Newi Are gradual payment l people because it would l Gage payments purim the they would i buyers salary ii rollover s salary buyers to renegotiate t to take advantage 4 nomic reverse annuity l by to receive payments 1 and loan based of escaped circus Pfyl by 6 up big so a 20 Python that has been slithering around this grand rapids suburb sinches Castag from his circus Cage in has been apparently none the worse police said an area couple Riding their bicycles monday found the Mhand Snake alongside a Road about one Mue from where big Sid took off june it scared the hell out of said Steve who said he started hoi Taring i t grabbed hold and Vich describing 1 of steel took i and two other dollars dip hikes Chrysler prices in Japan not firt i Al h Ilia Detroit Lapi economics in the land l the rising Sun have once again made Detroit the land of the rising Chrysler announced monday that it is increasing base prices on its Dodge Colt and Plymouth Arrow about per or an average of As a result of a plunge in the value of the Dollar against the japanese it is the second Price boost on the Japa nes made passenger in the automaker also cited the appreciation to the american Dol Lar As the basis for the the Colt and Arrow Are produced for Chrysler by Mitsubishi motors the new prices Are effective on cars a two door custom Coupe from the Price changes will increase the Cost of a Dodge from Price of a four door cult and at under the new the Cost of a Plymouth Arrow two door Hatchback will increase to is Nodd we m Tun from off again Hes about a said and he sad right o hold maw the a crowd of about big so wrestle wet the tug of Cia from a zoo in coiled big Sid into him to be examined l the Python escaped j Wood and rope the travelling big Sid was one of the at one around the necks of show to give that up when he
