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Show Page Two - The Springville Herald - February 3, 1983 Stye pringuille 3Keral& COMMEN Let's get bid low repealed Americans are saving only 5.3 percent of their disposable income, in contrast con-trast to 14 to 16 percent for Western Europeans and 19.4 percent for Japanese. One reason for such high rates among the Japanese is that interest on savings accounts is tax exempt up to $12,000 annually, says Dr. George S. Benson, president of National Education Program, Searcy, Ark. And now, it would seem, Uncle Sam wants to kill the incentive of every American to save even a dime. Savers and investors will lose $1.5 billion a year beginning July 1 under a new law requiring banks and other financial institutions to withhold 10 percent of interest and dividend payments. Lawrence W. Alder, Executive Vice President of the Utah Bankers Association said that the new withholding provision is a "Consumer volcano that's about to erupt." Because the loss of income in interest and dividend compounding will exceed $1.5, "most people who save and invest will be punished for saving," Alder charged. "What we have here is a disincentive for saving and investment." The new tax law also includes in-cludes provisions to broaden information reporting. It would be far more useful in improving compliance than withholding 10 percent of interest payments, "which penalizes millions of honest taxpayers," Alder added. Of course, as in most cases, there are some exemption provisions, but here again, the provision raises a serious privacy issue, with your bank teller (who may also be your neighbor or a member of your church) knowing how much tax you pay. In addition, ad-dition, you would have to file an exemption request form for each account. Dr. Benson points out that much of the cause of the economic stagnation we are experiencing in this country can be traced to our inordinately inor-dinately low rates of saving. With savings so low, insufficient in-sufficient funds have been available for creation of new productive capacity. As a consequence, fewer jobs have been provided than would have been with a greater supply of funds. We think the new law stinks with a pretty foul smell. Many who have tried to stash a little nest egg will stash it in a can under the floor boards rather than have Uncle Sam take part of it (even if he says he's going to give it back next year if we honestly pay our taxes.) Everybody stands to lose if this law stays on the books. The saver loses interest on his savings. The banker loses because of savings withdrawn with-drawn and extensive paper work involved. The worker loses because of fewer businesses and industries provided through savings. Let's not let it happen. Write your Congressional representatives about the 10 percent withholding on interest in-terest and dividends. "If there is a strong national protest from the people back home, our Congressmen and Senators will have no choice but to repeal this bad law," Alder said. "Tell them in clear, unequivocal language that we would rather have Uncle Sam trust us and not be raiding our savings accounts. ac-counts. "The government wants a piece of our savings. Instead, let's give Congress a piece of our mind," Alder concluded. i The big day is today, Feb. 3, for pretty Lynzie Bona who is celebrating her one year old birthday. The little girl is the daughter of David and Jerrilynn Bona. Lynzie has one brother, Bodie; her grandparents Wayne and Evelyn Bona of Springville; Jim and Jerry Redden of Spanish Fork; Lynn Spainhower of Spanish Fork; two great-grandparents, great-grandparents, Mrs. Glen Oakey of Springville and Elizabeth Greenhalgh of Santaquin. Police arrests Springville police arrested and charged a Springville man with driving under the influence of alcohol and fleeing the scene of an accident. Kevin N. Titcomb, 22, 745 E. 700 S., was charged after he allegedly fled on foot when the automobile he was driving reportedly repor-tedly struck a parked car causing an estimated $1,000 in damage. Officers reportedly arrested the man later at another home in the city. Rosalee Lloyd reported that someone took a king size bedspread valued at $50 from the Speedy Wash while she was doing her laundry. fjudipletoini As iisyes By Franklin Nielsen To cover or not to cover the Strawberry Highline Canal was the question Mapleton council pondered as several issues were debated Tuesday night. Whispering Oaks subdivision developers are asking for approval in southeast Mapleton. Developers have agreed, at least in principle, to cover the canal when the subdivision borders both sides, James R. Baird, planning commission com-mission chairman, told the council. The city is considering whether the developers should be required to cover additional lengths of the canal when the property being subdivided is only on one side. Developers plan to fence the area instead of covering, Baird said. Subdivision ordinance presently permits either fencing or covering. One of the legal questions before the city includes ownership of the canal. The city apparently has differing options depending on whether or not the property through which the canal flows is owned by the canal agency or whether its operation is through an established right of way. If the property is owned by a governmental agency, the city attorney's unofficial and unresearched opinion is that the city might not be able to require the canal to be covered. Council voted unanimously to meet with the city attorney Tuesday, Feb. 8, at 7 p.m. on this and other legal matters. Another question before the city is whether the revenue or property from the seven percent donation for park development required from each subdivision can be used for other than park development. Baird told the council that ordinance permits its use for flood control and the revenue could perhaps be used for other matters such as covering the canal. Some citizens have suggested that the seven percent land donation, instead of being in right-of-way through the subdivision to allow for bridal path access to the forest service land east of the subdivision. Appointments Several additional appointments were approved by council. Cecil Hutchings was approved as a member of the board of adjustment, Lynn Oborn as an alternate member of the planning commission, Joe Carnesccca as a member of the drainage committee and Margaret Anderson as a member of the industrial in-dustrial and commercial committee. com-mittee. This brings to 16 the number of appointments made by the council in the past two weeks to serve on various city boards. Rex Clements was previously approved as a member of the board of adjustment and not Rex Jensen as reported in the newt of the last council meeting. An apology is extended to both gentlemen. New Fire Department Officers The oath of office was given to new officers of Mapleton'i volunteer fire department by Harold V. Gividcn. Gene Nielsen was sworn in as the fire chief with Dan Morgan and Norman Bingham as first and second assistants respectively. Mayor Wendell Johnson praised retiring chief Norman Barker and assistants Jerry Bushman and Gene Nielsen. Johnson said the officers were recently recognized at a banquet for their accomplishments. The new chief said the three major accomplishments of the previous administration included completing com-pleting a new addition on the fire station, getting a new fire truck and setting up a page alert system for all firemen. Approval was given for the public to schedule the use of the fire station meeting room. This room will accomodate ac-comodate small groups up to 25 persons and can be scheduled by calling Grace Bennett at the city office. Speed Control Mayor Johnson asked citizens to keep speed limits and even drive about ten miles per hour slower on North Main and 1600 North Streets. Several deer have been killed in this area recently, the mayor said. Johnson was especially concerned that there might be a tragedy involving in-volving human life it citizens continue to speed along these streets. Dog Licenses Due Dog owners are reminded to obtain ob-tain licenses at the city office on or before February 15. After that date an additional $2 penalty will be assessed. License fees are $5 per animal with a kennel license charge of $9. The city is planning to circulate cir-culate a flyer to remind citizens of the deadline. Prison Construction Hearing Council announced that a meeting open to the public concerning the possible prison construction site in Utah County is scheduled for 7 p.m. on Feb. 8 in Payson. The meeting will be in the old Payson City hospital at 439 West Utah Avenue. Councilman Don Korth asked whether the city has been officially informed whether the state is considering a prison to be built in this area. Mayor Johnson said that there has been no official announcement an-nouncement to the city. Information has merely come through newspaper announcement or through invitation to attend meetings. Of general concern is the impact a prison would have on a the city. Additional officer training would be needed to help in the event of riot or escape or other matters associated with the prison. Acting Chief Bret Barney said the state does not provide the funds for the additional training. Barney thought that additional officers would also be needed to provide 24 hour coverage in the city. Cable TV Mayor Johnson and John Bleggi both reported that they have received a number of phone calls asking that continued efforts be made to install cable TV to the city. Mayor Johnson said that some citizens have requested thafthis matter be placed on a ballot to let the citizens decide the issue rather than depend on the results of a survey. Mayor Johnson is proceeding to complete a survey sheet that could be sent out to get citizens' feelings concerning this issue. Bleggi was concerned that the survey was not ready for approval at council meeting. Councilman Dean Tew wanted to know the procedure for getting an issue on a ballot. Harold Gividen said that a certain number of signatures is needed to put the issue before the people. There would be an additional expense ex-pense if a special election were held rather than have it during a regular election. Councilman Carl Jones reported that any problem associated with the Mapleton culinary water has now been taken care of. The reason the problem was aired on television was more for political reasons to help strengthen the Health Department's plea for additional training funds from the legislature, council said. Jones reported that the samples are now up to date with the county and a few adjustments to the water system have been completed. com-pleted. Acting Chief Barney requested $40 be paid from city funds to finance the training of four reserve officers. Three of the four live in east Spanish Fork, Barney said. Part of the reserve officer duties would require completing 16 hours of service per month for the city. Barney was hopeful that a reserve officer force could be built to include additional officers. Boundary annexation declaration considered by the council quite some time ago has not yet been formally finalized. Don Korth asked concerning con-cerning the present status and will push toward getting a dispute between bet-ween the city and Spanish Fork worked out so the agreement can be finalized. V Kevin Joshua Coleman celebrated hii first birthday January 30. He Is the son of Kevin and Tamara Coleman Col-eman of Rock Springs, Wyo. He Is the grandson of Thomas and JoAnn Ivory of Springville and the great-grandson great-grandson of Howard and Jean Ivory, Springville and Mrs. Virginia Hall, Mapleton. (UPS 513-060) Published Weekly by Art City Publishing Co., Inc. 161 South Main Street Springville, Utah 84663 Phone 489-5651 Publisher Martin W.Conover Editor Oneita Sumsion Managing Editor' Margaret R. Fleenor Entered as second class matter at the Post Office Springville. Utah 84663 under the Act of Congress, March 3, 1897. Subscriptions in Advance per year $12.00 Out of County Subscriptions per year $13.50 Per copy 30c. Delivered by carrier, per month $1.20.- Member Utah Press Association Weekly Press Association National Newspaper Association Two mailboxes on Canyon Road were reportedly vandalized last week. One was pulled from the ground, while the support post of the other was broken off and the box damaged. Police also picked up and questioned a 17-year-old male in connection with the burglary of a business here. The youth was returned to his probation officer, but later ran away. The officer is reportedly obtaining papers for pick up and hold on the youth. A Mapleton juvenile male has been referred to the Youth Advisory Council for alleged shoplifting at Art City Pharmacy. Investigation is continuing following arrest of a Provo man for allegedly uttering a forged script at Art City Pharmacy. VITA offers free tax assistance Beginning the first week in February, taxpayers can get free help with their basic income tax returns through the Volunteer Income In-come Tax Assistance (VITA), and Tax Counseling for the Elderly (TCE) programs, sponsored by the Internal Revenue Service. -y-? 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