European Stars And Stripes (Newspaper) - August 18, 1986, Darmstadt, Hesse                                Pago 28 the stars and stripes monday August 18.198s it is briefs Congress oks hike in emergency credit Washington a Congress adjourned Early saturday after giving final approval la a $32 billion emergency credit increase for he Treasury the Las legis lation needed before lawmakers could leave for a three neck labor Day recess. Legislator left in  a fall Hack procedure of the Gramm Rudman Hill under which on acis must pass a Reso Lution to require inc across the Board cuts to meet debt limits. They would take effect if Congress fails to bring the fiscal 1987 deficit Down to within $10billion of the Gramm Rudman target of $144 billion. Agents arrest would be informant West Des Mol Nembha up1 two Fri agents nosing Gluc parents of missing paperboy Jokey Gosch sat urday arrested a a who wanted Cash in Exchange for Jabor malign on the youth s whereabouts authorities said. David James Shutlz 36, of syracuse.n.y., was arc self without incident in a Tulsa cafeteria a pol ice officer and the two agents  on the flight Back to the United i Sui a. A photo Wheeling ahead France s Jeanne Longo right pulls away from Italy s Maria canine in the final Lap of the Maroon Bella stage of the Cook International bloc be Clas sic saturday in Aspen Colo. Long Lead the Overall standings by More than one minute Over canine and mar Ianne Berglund of Sweden. Fields urge caution in Star wars plans Ito so Iejm-fcjmay.t-.  Security officials have urged the Reagan lion to follow a restrictive course in current plan for the space based missile defense program according to published reports. T a policy memorandum Secretary Harold  under president Carter Rece  to Secretary of  was drafted in concurrence with tier defense secretaries Melvin Laird and James Schlesinger former Secretary of former National juju  Brent Ost and the new york5 editions. The memorandum to the Salt ii treaty the papers sai3 Gan has announced he no longer considers the unites tales bound by the never ratified treaty even though previous administrations have followed its guidelines. The memo said the United states should follow a missile treaty in continuing research on Star wars the newspapers said. The Post said that would mean a measured techno logical Pace that increases funding by about 10 per in. The administration wants to double Star a billion a year in 1988. The  i i Fricia s called for an agreement with the Sov space based weapons for up to 10 main features of tax overhaul Compromise Washington a Here arc highlights of the Compromise tax Over haul plan which Senate and House negotiators approved saturday night. Since some portions of the Bill Are not immediately effective this summary is based on the situation in 1988 when the Bill willbe fully effective individuals tax cuts three quarters of tax payers would get tax cuts averaging 6.1 percent. About 20 million couples an individuals would pay More including perhaps one third of those with income Between $30.000 and $40,000. More than 6 million lower income couples an individuals now on the Tan Rolls would pay no tax. Rates about three quarters of tax payers would pay Only the Bottom Rale of 15 percent. Most others would pay maximum of 28 percent on pan of their earnings. Couples whose taxable income after deductions and exemptions exceeds 171,900 and singles above about$41,000 would pay 34 percent or More on pan of their income. Exemptions starting in 198�,52,000 per taxpayer spouse and dependent although upper income people would get less and less us earnings increase. The exemption now 11,080, would be $1,900inl987and$l,950inl98s. Standard deductions 15,000 for couples $3,000 for singles. Deductions ends deduction for stale and local sales taxes and for con Sumer interest such As credit cards an car Loans and the special write off for two earner couples. Severely restricts deductions for medical expenses and such miscellaneous expenses As Union  charitable deduction for non  retirement accounts keeps present Law for workers not covered by company pensions and for those who Are covered but whose income is$25,000 or less for singles and 540,000 or less for couples. Some Ira deduction would be permitted pension eligible work ers with incomes above those Levels but would end Al $35,000 for singles and$50,000 for couples. Even those not Quali fied for a deductible Ira could Deposit unto $2,000 a year and the interest could build up tax free until withdrawn. Capital gains taxed As Ordinary income. Businesses tax increases taxes on corporations would be increased by $120.4 billion Over five years. Hardest hit profitable companies that have been Able to escape taxes because of Large Legal deductions they would be subject to stiffened minimum Taxon 20 percent. Tax rates top corporate rate of 46percent would drop to 34 percent Small businesses would pay As Little As 15 percent Tay from Page 1 take 6 million of the poor Rolls shut Down " boost taxes on corporations by about billion Over five years. More than i pay higher taxes. Present Law. Auce the same Revenue As the legislation is a major priority of both democrats and republicans. Al though lawmakers Are wary about some in this election As Reagan left the while House California vacation he was briefed by while House staff chief Donald t. Of the we need to know More detail but it s de in the right direction said i Sman Larry Speakes. I