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Show ? WINDFALL PROFITS HURTS SMALL BUS I ESS Although aimed at 'Big Oil' the new windfall profits tax is seriously hurting many small time investors in Utah and across the nation, U.S. Senator Jake Garn said. The tax is affectine the finaicial well being of nearly two million persons, including includ-ing widows, farmers, students stu-dents and retired people, who receive royalty income from oil production. . Many royalty owners are landowners or farmers who are trying to survive decreasing de-creasing farm commodity prices and soaring inflation rates. The tax is a reflection of President Carter's approach to far to many problems tax, tax, tax. ThisAdminis-traion ThisAdminis-traion has gone crazy with taxes, and there is no way of denying that it is the people 'Vho have to pay those taxes. ? Garn said the Senate Fiji Fi-ji lance Committee has passed ? i provision to allow a $1000 ax credit against the windfall wind-fall profits tax which, if & assed by Congress would rive royalty owners ad-iuitional ad-iuitional relief. |