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Show Page2 Utah Foundation Wednesday, Juy2Q1 977 5 Nation's Tax System Needs Revisions Revision of the nation's tax system is necessary to stimulate economic growth in the United States. This was the view of Utah Foundation, the private tax research organization, in a report analyzing the tax structure and economic growth in the U.S. Presently, the United States ranks last among the major industrial nations of the world in the proportion of gross domestic product going for capital formation and it has ranked next to last in the annual rate of economic growth registered since 1960. Only Great Britain has recorded a slower rate of growth during this period. Foundation analysts emphasize that the amount of capital (machinery and tools) available for each, employed worker is an important factor in the standard-of-living differences differ-ences existing among the nations of the world. Although the United States still ranks above most other industrial countries in the amount of capital per worker, the situation will change if the long-term rate of new investment in the United States continues below that of other nations. The study points out that there has been a steady erosion of the ability of U.S. industry to compete on favorable terms with business firms from other nations over the past 25 years. During this period, the balance of payments has reversed itself from a ; net surplus to a net deficit. In addition, corporate profit margins in the United States also have declined markedly over the last quarter ' century' ! ' Adjusted profit margtnsjjrgsentjyjare only about half what they were in earlier years. The Foundation report stresses that profits are the vital ingredient needed to attract savings for new capital investment. According to the study, "profits, or the hope thereof, serve as the catalyst for expanding the production of more goods and services at a lower cost, thereby creating employment opportunities and raising the standard of living for everyone in theV nation." Anti Smoking Slogans Wanted KSL and the Utah Division of the American Cancer Society are having an "Un-Smoking "Un-Smoking Slogan Contest." The idea is to encourage people to write a slogan of a dozen words or less which will remind the public that they can add years to their life and health to their years by quitting smoking or never starting. Each entry must be accompanied by a minimum donation of a dollar which will be used by the Cancer Society to help carry their anti-smoking programs to youth and adults and to conduct clinics to help Editor. . ;V. ... . Steve Dering Business Manager.......... Jan Wilking Office Manager......;. . Janet Gilchrist Graphics. Mary Van Sicten Advertising Sales.. ... ... f . . , Jan Peters Contributing Photographers. . Nkk Nass, Pat McDowell, Scott Nelson, Craig Reece Publishers : Jan Wilking and ' , Steve Dering :. , :. . - Pictures, newt and advtriiting may be ubmitted ' prior to Wednesday publication at our pMice, 19 Main Street, Park City, Utah MOM, by mail. or by calling 649-9592. Publication material must M received by Monday altefnoon lot -Wednesday At the present time, the tax system of the United States favors consumption and penalizes production. The Foundation charges that "by discouraging new investments in capital facilities, .we forego opportunities to create jobs for an expanding labor force, to raise productivity thereby lowerincofto provide for ' product' innovation and imporvement, and to allow American Business to compete effectively with imports from other nations." It notes that "as investment capital is being choked off, the nation increasingly is being plagued by problems of inflation and unemployment." In contrast to this U.S. policy of .,, discouraging capital investments, the tax systems of . most other nations weigh less heavily on production, i apparently recognizing f that it is production that yields the fruits not only for consumption but also for future economic progress. . Much of the emphasis in government ' : programs during recent years has been geared toward redistributing . available income tax to nonproducers through transfers rather than toward finding ways of enlarging the total economic pie. According to the Foundation study, payments to nonproducers between 1965 and 1976 . have been rising 72 percent faster than payments to the productive . elements of society. Recently, a U.S. Joint Congressional Commktee'on Taxation concluded that "a " necessary step in increasing the . rate , of capital accumulation is to make the private sector of - the , , economy more willing to invest in plant, equipment, and other types of capital." To . accomplish this objective, the Committee suggested the following six changes in the JU.S. tax system: (1) integration of the individual and corporate income taxes, (2) liberalization of the investment tax credit, 13) larger deductions for depreciation, depre-ciation, (4) a reduction in the corporate tax rates, (5) indexing the tax system for inflation, -. and (6) more liberal deduction of losses. smokers give up tne habit. : There's a great prize for the most A- useable - . and original slogan: a Great Little Car, . a Mazda GLC rwnich gets 45 miles to the gallon. Anyone can enter! ... Anyone can win! Send your name, address, phone number, slogan and a dollar to: KSL Slogan Contest, Broadcast House, 145 Social Hall Avenue, Salt Lake City, Utah 84111. . - .. ' ' ' ""r---' ' ' ' ' ' Any number of entries will be accepted but each must be ' accompanied by the minimum donation of one dollar. Deadline is midnight July 31.. t , oil Tim Burraston I :. - ik1 Elaine Root 1 !1 'C- Carter Kid t ' V tH Vail Reports Million Dollar Loss Reprinted from the Salt Lake Tribune VAIL, COLO. (AP) - The company that runs the Vail ski area in the Colorado Rockies has reported a $1,246,000 net loss in the 12 months that ended April 30, a loss equivalent to $1.18 a share. Harry W. Bass Jr., Slide A Imost Completed The Alpine Slide, which has employed a crew of 19 workers for a period pf over a month, is nearing completion. One of the owners of the slide, John Prince, said Monday that unless it is held up by St' f ? 1 (u I it i'ft l ... ., - ..v.- . mfe Workers are close to finishing the Slide at the Resort. WML SSI: ' ' A How About It ? What do you think about the Gay Rights Movement? Tim Burraston I'm an Orthodox Unitarian and whatever anyone wants to do with their unit ithokaybyme. Mary King Everybody needs their rights. Elaine Root All people have a right to be liberated for any reason they believe in. There's no reason for them to be oppressed because they happen to have a different lifestyle. Evil Wallace To each his own, but you don't have to run around saying "I'm Sweet." Carter Kid We ought to keep them where they belong ... down on their hands and knees ... scrubbing floors. Buck I think we should ship them all back to Michigan. chairman ot Vail Associates Inc., said the loss resulted primarily from the lack of snow that plagued the West through much of the ski season last winter. Revenues Off Revenues from operations on the mountains was off 28 percent and revenues from the company's associated real estate activities was off torrential rains or delays in the arrival of one final -train part en route from Canada, the slide should beopen for business the first week of August as scheduled. This latest in a series of endeavors by the Salt Lake trio of Prince, Wally Wright v 11 I Ik. Si St 1 I ' i' J 38 percent, Mr. Bass said. In the fiscal year that ended April 30 of 1976, Vail Associates reported net income of $1,746,000 or $1.67 a share. Mr. Bass vsaid the company remained in "healthy v? financial condition" and hoped that added snowmaking capacity m and Jack ' Sweeney is t designed to enhance the. 4 summer fun of Park City I residents as well as tourists. I A description of the slide will I be circulated in a pamphlet i which will also include other Park - City f summer attractions, including $400,000 Alpine . , - . Mary King c- III Evil Wallace Buck and normal snowfall next winter would result in resumption of profitable operations. Snowbird Relative Mr. Bass is the brother of Richard D. Bass, Dallas, Tex., owner of Snowbird Resort in Little Cottonwood Canyon, outside of Salt Lake City, Utah. restaurants. The only other slide in the U.S.,.. located in Bromley. Vermont, drew crowds , of J77.000 last season. Prince says that since he has never attempted a venture such as this, he has no idea of exactly what to expact as far as slide visitation. Tentative ticket prices will be below those at Bromley. Adult tickets will cost $2.50ride or $10 for a book of five. Juniors 6-12 will ride for $1.25 or $5 for five rides. A total of $390,000 has been expended : for the project with Eppley Construction Company doing the work under ' the direction of installation supervisor Paul Johnston of the Alpine Slide Company of Vermont. Johnston said a crew of at least 19 will also be needed to operate the slide once rides begin. The Alpine Slide will run seven days a week and a crew will be needed for 10-12 hours, probably working split shifts. The slide will consist of , two parallel tracks running 3,000 feet with a 550-foot vertical drop. The tracks will wind their way down a course on the Payday run. The time needed to complete the run depends completely on the driver, with the one-man one-man sled capable of attaining speeds up to 25 mph. The braking system consists of a lever which can be used to retract the wheels mounted on the sled. The friction of the sled body on the cement-asbestos tract is enough to safely reduce speed in a matter of seconds. A forward motion on the lever, however, will lower the tires and create a freewheeling free-wheeling effect. Prince visited the track this weekend and took a thrilling sneak-preview ride on the lower 1,000 feet of the track. ' -Or " J-W" V; A ( ft, . PHOTO FESTIVAL All entries to the Photo Festival 11 exhibit have to be submitted to the Kimball Art Center by Saturday, July 23. You can enter up to four black and white or color Dhoteffraphs. any size. which are readv for hangine. The total entry fee r is five dollars. LABOR DAY Trying for the best Park City Labor Day ever. All entries welcomf ParMjeWyj fa to be 'obtained af Chamber of Commerce Wt Park City. All forms to be back in by Sept. 1, 1977 to be eligible for prizes. If additional information is desired, call MS-7582 . or. $49-9464, Chairmen Bonnie Ryan and Mary Putman. Special request to all viewers, please no fireworks at parade. DEADLINE FOR MISS BUCKEROO CONTEST Aug. 1 is the deadline for signing up for tut Little Miss Buckaroo Summit County Queen Contest. Interested cowgirls from 9-12 may get entry forms, patterns, and information from Amanda Peterson at the Chamber of Commerce Office or by calling 649-8565. . TRASH COLLECTION Trash collection will be a day. behind schedule next week. Monday's trash will be picked up on Tuesday ; Tuesday's on Wednesday ; Wednesday's on Thursday with Friday's collection being back on schedule. COMMUNITY EDUCATION Anyone interested in a cake decorating or canning class, please contact Nan McPolin at 649-9417 mornings or late evenings, , ; . .-.. CONCESSiONAPPUCATIONS Any non-profit organization from Park City wishing to operate a concession during the Arts Festival should apply in writing to the Food and . Beverage Committee ir W before Aug. 1, 1977. Mail or deliver to the Chamber of Commerce, P.O. Box 758, Park City, Utah; 1 8 1 Agists Accepted For 1977 festival The 77 . Arts Festival Executive Committee , has just received the, results of the exhibitor jurying for the '77 Festival. Wei are extremely pleased T. to announce that 181 arttsls arjd crafts people from all over the United States have submitted slides - of their , work and ' Mv$ - been carefully considered ptior to acceptance on standardi F.,' quality in . craftsmanship, ' design, consjstapey and over all attractiveness of their work. ' .' r Generally, all applicants' were of considerable quality" with the Pxrmt'uM nf tm unacceptable categories atvf vjhi vi.y in. inr many cases artists', worS: !' ; '.9' miscellaneous was very ipr(WiaiM anxious although noS; ajpcepl C tn?s artists exhibit These people were advised . their talents axid share with to keep at it and subtttit for' ;. ' aB f 5 the originality and next year, This ' kind of !witmfint tner current promising ability in the Names of accepted works assures arts - festival -rti8t;re available in the of the future some exciting1 i,;Thmbw - 'of: Commerce possibilities and give this ' Women's Workshop Three member "of ' the:;.-; .iponagrsliip'-.' of under-Women's under-Women's , Athenaeum in nourished children in Costa Park City attended the Utah Rica. Is" Federation ; of Women's Miss Bennett ' 3rd vice- Clubs Summer ; Workshop Saturday, July 16, at the New Hilton Inn in Salt Lake City Miss Eleanor G- Bennett,' president; Mrs. p.J. Wilde,, first vice president, and Mrs. Clements P Hansen,' saw films whicl.. 'covered f .-.;T'orkshop drew 77 Conservation, i .'stressing ' ; members from, the northern Perception Park r for the ef Vtah and a repeat Handicapped; vin Ggdeh ;.meetiag will be held in Canyon; EdMcatioh. lIome' Bichfl(j an Saturday, July Life; Public Affairs, which W, the lower and eastern urged clubs to support jthSejhestate. ; 1 Hands Up crime reaCB'':vMi:'7itMnaa': G. Barker, program sponsored 1y. 'the-'GfJeft; vresideiit. of ' UFWC, General Federation; and, the ; j presided with- , the - entire International Affairs ;;iKective .;- Committee , in Department which v fdf. t " ; f kind of show ' a " realistic Jrpejp in effcouraging the rts.on a grass roots level. : ',; Of these artists accepted, many are .professionals in their field whose work has certainty raised the overall standards for this exhibit, ir and many are ' amateurs I ' whale york is, fresh and Veutsding; aiid shows a Hgreat deal of, discipline and indivfekjafttyf The categories reprfeirte4.;4?seem ;.. to i: ''balance" themseles in vlpumbers Ojis.avatercolors, drawings', prints : 62, fiber -v 18, metal scripture -3, jewj-y - 27, ceramics - 37, iPhphy. ; 5, stained - predent and Membership Chafirmaij, . addressed the workshop urging current menibers ,tb bring in new :nbers.-start aew olnhs and help to re-instate members ; who may have publication. - .;- r - |