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Show nicEi oupporio PGrmGoonf fan cuts Senators William Roth (R-Del) and Orrin Hatch (R-Utah) (R-Utah) led an after -hours Senate Sen-ate session fight for 10 across the board tax cut for every American Thursday night. The Roth Amendment was co-sponsored bySenator Hatch and would have reduced the current tax burden which is "stiflingtheU.S. economy, according to the Utah Senator. Sena-tor. In a speech on the Senate floor, Hatch referred to the example of tax cutting set by President Kennedy. The Sen -ator called it "the most successful suc-cessful tax cut In the postwar post-war years. It got the economy moving again, but the inflation infla-tion of the past decade has cancelled out Kennedy's reforms re-forms by driving all taxpayers, taxpay-ers, both individuals and businesses , into high tax brackets." The Senator then said, "To revitalize the economy, we must reinsti-tute reinsti-tute the Kennedy tax rate reductions." The Utahn warned, "If the Senate will not take effective measures to increase the growth rate, it will ' have to do without adequate defense, all its health care proposals, or currently promised social so-cial security benefits, because be-cause the tax base to fund these three largest budget items will not exist." To emphasize his concerns con-cerns Senator Hatch cited the following example: "In 1960, someone could have put money aside in a savings account at 4 interest and would have lost 1 to taxes and 1 to inflation, for a real increase each year of 2 on his money. That same person today would probably have his money in a 7 account, losing los-ing 5 to inflation, 3 to taxes, and ending up with a loss of 1 on every dollar he tried to save. This is how the federal government rewards re-wards those who save." Speaking of the 10 tax cut the Senator said, "The cut would not only help the poor, but it would help the middle class who are over taxed and supporting this nation, and it would help the workers by leaving investors more of their earnings to re -invest and create more jobs and put people back to work. Those new workers will be paying taxes and in the long run the tax base of the nation will grow, and that growth will be based on a permanent, on -going economy." Finally, Senator Hatch said, "We need to repeat the . Kennedy tax cut, It was perm -anent, something people could count on for the future. It reduced personal income tax rates in every bracket to encourage everyone, including includ-ing those with the biggest share of total income, to save more and to take the risks of investment because of a higher return." In a nearly party -line vote the Roth-Hatch Amendment was voted down 62 to 33. The party of the President also refused to pass any permanent perma-nent tax cut as offered by other sponsors. Senator Hatch called for Congress "to ensure the equitable distribution of funds" allocated by the National Na-tional Science Foundation. Citing Section 3(b) of the National Science Foundation Act of 1950 which requires that the Foundation "avoid undue concentration" of research re-search and education funds in any geographical area, the Utah Senator pointed out, "Though this provision is part of the law, NSF spent more than 40 of its authorized author-ized program funds in fiscal year 1976 in just four states" (California, $106,162,000; New York, $63,847,000; Massachusetts, $55,900,000; and Colorado, $39,647,000). In an amendment to S.855, the bill authorizing appropriations appro-priations for the activities of NSF in FY 1978, Senator Hatch appealed to the Senate to consider a more fair distribution dis-tribution of federal funds available through NSF for research and education. The Hatch amendment requires re-quires that not less than one -quarter of one percent (.25) of the total $850 million program pro-gram funds for FY 1978 (about $2.1 million) be paid to qualified Individuals and institutions, in-stitutions, based on merit proposals, in each state and the District of Columbia. Senator Hatch said, "The amendment will not cause disruption of federal support of science. Because of increased in-creased appropriations for FY 1978, the amendment will not reduce the amount any state now receives." |