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Show TH E SENTINEL Thursday, Jan. 7.1M2 o , Ptg 2 o O O O opinions by Barry McWilliamt Sound Off! Dial 255-355- 6 ft tommthlng bugging you? Do you hova o comment to mofca on o currant iuva? Tha Sontlnol wonft to hoar from you. Coll and toll u$ what you think about anything. Dial waakdoyi botwn tha houra of a.m. and 12 noon or I and 5 255-355- 4 t p.m. No nood to glvo your nam. Can it actually be that sometime soon (don't tell me when; let me believe it is tomorrow) hubby will no longer be pereptually stationed in front of the boob box ball mesmerized by an and some fellows in helmets odd-shap- ed zooming around without motorcycles? Surely there must be a way that he can avoid this dread dreary circumstance (no more tv football for a few months). Otherwise he will have to return to the real world of communicating with human beings, going to work, chaffeuring the children and fixing the dishwasher (non functional Snowdrifts forced the closure of 8660 South between 2200 and 2700 West Monday. West Jordan City Manager Allan Tolman said that heavy snowfall during the past few weeks has Kept city road crews "working everyday since before Christmas." He said that the city has already used 50 percent of its salt and other winter road supplies fighting the harsh weather. If current conditions persist, the council will either have to allocate more money or cut back Its snow removal schedule. Tolman explained that the city's first priority was to keep major arterlals open,tthen major subdivision roads and finally the smaller streets. He also and his men complimented Public Works Director Darrell Jones ' for their hard work. Utah Foundation roports increase loss than oxooctod Although enrollments in Utah public schools continued their upward rise in 1981, the increase, was not as great as had been anticipated earlier. This was the conclusion of a study of Utah school enrollments prepared by Utah Foundation, a private research organization. Public school enrollments in Utah on Oct. 1, 1381, totaled 354,540, an increase of 11,655 or 3.4 percent above the 1800 fall count. The Utah state school office, however, had expected that the increase would total 13,730 and Utah Foundation projections made a year ago had predicted that enrollments would climb by 14,171 in 1981. Jordan District's enrollment increased by 2,075 students, or 4.22 percent. Foundation analysts attribute this lower 'than .expected enrollment growth to a slowdown of new families in the to Utah during the past year. While of there still was a net to state the the during population past year, the rate was considerably below that of the past few years. Consequently, school enrollments this year failed to reach earlier estimates. The report points out that it is difficult to ascertain if this tapering off in new growth is a temporary condition resulting from an uncertain economy, or whether this may portend a slowdown in the unusually strong' trend that Utah has experienced during the past decade. Between 1970 and 1900, the to Utah totaled net individuals. 146,000 approximately This is the largest influx of new population in Utah history, and exceeds the total migration to Utah between 1847 and 1910, which included all of the early pioneer migrations. The second major factor in , enrollment growth the number also showed signs of live births Jordan Valley Sentinel Inc. Mttvala Santlna), Continuing tha Mldvaia Santlnai. a waafcly nawapapar attabliahad in 1929, publlahad avary Thursday by Sanlinal Nawspapara at 125 W. Cantar Slraal. Midvala, Utah 84047. Poatmastat Sand addraaa changaa to Tha' Jordan Vallay Santinal. P.O. Box 128. Midvala. Utah 84047. Subscription Rata Sank Cltlcan Rata V yaar In Stata a David C. GodfreyJames M. Landers ' Mgr. David C. Oadfray Editor Jamaa M. Landara Ad. Utah 3" yaar In Stata ot Utah , : . of peaking out last year. For the first time in a decade, the number of live births in Utah will decline slightly during 1881. Again, it still is too early to tell whether this decline is a temporary aberration or the beginning of a new downward trend in the number of children born in Utah. At any rate, it will take five or six years before any change in the number of births will begin to affect school enrollment trends in Utah. rapidly during the 1980s. According to Utah Foundation projections, if the migration trends of the past three years are continued, Utah will have 431,400 students enrolled in the public schools by 1SSS and 513,700 by 1990. This represents an enrollment growth of nearly 77,000 students or 22 percent over the next four years and 159,000 students or 45 percent over the next nine years. Although enrollments in Utah will continue to rise over the next 10 the years, year-to-ye- ar increases toward the Utter part of the decade are not expected to be as great as will be experienced during the next few years. These increases, however, will surpass the growth experienced following World War II, when the state was hard pressed to meet all of the educational demands. The rapid growth in school enrollments during the next 10 years will place great pressures on stae and school finances. If inflation should continue at a 10 percent rate and no additional funds are provided for new programs, etc., the cost of Utah's present school operating program will surpass $1 billion within five years and $2 billion within 10 years. Utah currently spends approximately 1549 million per year for local school operations. The foundation report concludes by noting that "much greater emphasis wiU have to be placed oq achieving operational economies and providing alternate ways of solving the problems posed by the deluge of new students entering Utah schools if the state is to meet these financial challenges of the 1980s without siiarply increasing taxes. ' v Leg islafivQ proposals reviewed ' (from The Utah Taxpayer) Immense pressure is being put on the upcoming legislative budget session to raise taxes of one kind or another by $144 million. Some tax increase proposals originate in the Governor's office, others from since before football season legislators, and others from various special interest groups. began). Horrid thought! Here are some suggestions for Severance Taxes. Utah now has those who contrive football bowls: a;l percent severance Why don't we have a grapefruit (occupation) tax imposed on the bowl? After all, after all the bowl gross value of metals such as lead, games, most football addicts iron, zinc, copper, gold and couldn't possibly have much more uranium. Last year this tax than grapefruits attached to their produced $4.4 million to the state's necks. general fund, Utah also Imposes a Then we could have a nut bowl in 2 percent severance tax on gas and honor of all the millions of nuts oil production. This tax raises watching. In fact, we could have nearly $11 million. There is several nut bowls (chest nut, pine presently no severance tax on nut, cashew nut) for the many coal. kinds of nut viewers. Senator Charles Bullen Or how about a lemon bowl? It has written a bill to could be the lemon of football increase the metal severance tax bowls. (And as hubby's daughter from 1 to 1.75 percent and impose a mentioned, footballs and lemons new 1.75 percent severance tax on have the same shapes. ) such as lake minerals, Last of all, we could have an egg sand, gravel, gypsum, limestone, bowl. And when it commences, I phosphates, clay, marble, stone, shall be tempted to egg the tv , . salt, tar sands, and oil shale, etc. and hubby. None of these s A football widow metals are presently subject to a Name withheld on request state severance tax. - (It-Loga- n) non-meta- ls A companion bill would allow "I think Pete Hoyn should be put in charge of streets again," said a Midvale woman caller. Even if there is a slowdown in migration and live birth, Utah's school population still will grow Taxes, taxes and more taxes... cities and counties to tack on an additional Va percent in local option severance tax for a total 2 percent tax on metals and non-met- al minerals. The proposed tax on gas and oil production would be changed from the present flat 2 percent rate to a graduate scale from 1.75 percent of value of production over $100,000 but less than $200,000; 175 percent of value from $200,000 to $300,000; 175 percent between $300,000 and $400,000 and 175 on aD production : special transportation permits for truckers to generate an additional $2 million Corporation Income Tax. Pressures are mounting to hike this tax from 4 to 5 percent The additional 1 percent would generate about $10 million in over $400,000. The Va percent local option severance tax would also be imposed on top of the state oil and gas tax. The present $50,000 exemption will be increased to higher school taxes. It has also been suggested that our annual payment schedule be replaced by required quarterly payments. This change would e generate a $20 million revenue increase. Local Option Sales Tax. Cities . one-tim- $100,000. Senator Bullen's package would raise taxes by about to $30 and $35 million , The first $20 million collected by the state would continue to go into the general fund. Half the Weber, Davis and Salt Lake counties' total tax rate would go from 5 to 5 Va percent and all other counties to 5 percent. Utah Transit Authority will again ask the legislature for a V $15 percent sales tax increase " - election. Major changes a 50 percent residential .property tax exemption linked 1 Benefits Now Open To All VJc2 Earners You Don't Need To Save $2,000 A Year ready to reconsider. You don't need to contribute $2,000 a year to an IRA That amount is the maximum you can contribute in any given year. The first article in this series discussed how you could retire with $1 million if you saved $2,000 a year. Let's look at what you can expect if your financial situation doesn't allow you to save that much money. Many of us, if we really tried, could cut back our spending by $1 0 a week. (Maybe it means not going out one night or packing a lunch two days a week, but we could do it.) Actually, if you could save $9.62 a week, you could be saving $500 a year to contribute to your Individual Retirement Account, and $19.23 per week would allow a $1,000 per year contribution. A yearly contribution to your IRA of just $500 could result in an account worth more than $400,000 in 40. years. If you find that hard to believe, figure it out for yourself. For the purpose of this example, use a 12 percent simple interest rate compounded annually. Start with $500, multiply by 12 percent for one year, which is $60 in interest. For year two, add your $500 contribution to the $560 in the account from year one interand multiply by 12 percent. Your second-yea- r est is $127.20 and your account now totals $1,187.20.; Continue this calculation and you will find that after 25 years you will have contributed $12,500 and your account will total $74,667- - The interest alone will be over $62,000. Article . include IRA Tax with a reimbursement provision allowing the state to transfer its ' revenues to local government to their replace property tax losses. Another provision would eliminate 1 you work 30 years, your account could reach $135,146, and 40 years brings you to $429,571. And remember, whatever your contribution, your IRA provides a tax shelter for that money. Your contribution is deducted from your gross income before you figure your taxes. The money cannot be withdrawn, without penalty, until you reach age 59Vi. However, you may keep the money in until age Then you must begin to withdraw it In specific tables amounts that will be based on and a percentage of the total amount in your account Any money you withdraw after age 59 will be taxed at the prevailing rate. Presumably you will be in a tower tax bracket in your retirement years. Can you really afford not to have an Individual Retirement Account? The American Bankers Association offers the following sample IRA chart Clip this chart and this story and use them to help plan your IRA. Take the chart . with you when you talk to your community banker about how much you could afford to set aside for your future and then don't put It off any longer. Whatever you have to give up to save $9.62 a week now wifl be worth It when you retire. If the 75 percent state Uniform School Fund sharing limitation. Another proposal would allow the legislature to make the property of counties, cities, towns, and special districts located outside their boundaries subject to property tax. Another change would alter our existing constitutional 70. wage-earne- rs. Tax 1980 II to all were not covered by company pension plans were able to open IRAs and take advantage of their tax benefits. Most of what you've been reading probably talks about contributing $2,000 a year to an IRA. If you stopped reading when you saw the $2,000 figure, get million. Assessment Freeze. It's rumored that the 1978 assessment freeze will be moved forward to 1830. This could increase locally assessed property valuations by nearly 30 percent and bike property taxes by $55 million if levy rates are not cut an equivalent amount Constitutional - IRAs will be available In the past, only those who the Revision will almost certainly be on the ballot again this November. This proposal was defeated at the IIIIIjSaiRnT iTMJlRLliK: Any American who's been on the planet Earth for the past few months and is interested in personal finance has probably heard something about IRAs. For more details, read on. IRA stands for Individual Retirement Account,' three little words that are destined to revolutionize how Americans save and plan for their retirement The new rules governing IRAs go into effect January 1, 1982. This will mark the first time that these towns are asking legislature to bike the local option sales tax by Vt percent. This proposal would increase sales tax collections by an estimated $27 million. The V4 percent jump would boost the local option sales to 1 percent tax rate from remainder would go into a heritage trust fund to be invested only in Utah projects. Only the interest earned on these monies would be spent from a community impact fund. The other half of the new income over the final $20 million would go into a capital construction account v'1 Motor Vehicle Registration Fees could be increased $5 for private automobiles; commercial trucks, bouse trailers and recreational vehicles. This tax increase would generate an additional $10 million to be distributed between the state and cities and counties. Driver License Fees have been proposed to be doubled, from $5 to $10 and boost the temporary and annually. exemption language by replacing the "exclusive" with . "priority" and adding an exemption for educational and employe representation properties. If approved the amendment would authorize both ' .vertical and horizontal revenue sharing. Broaden Sales Tax to cover non- medical professional services. ' .Cigarette Tax. Hike this by 3 cents a pack which would generate an addition $3.5 million. . . Property Tax. Repeal H. B. 164 passed by the 1930 legislature to give property tax relief to home . Coming Next IRA Benefits For Couples I SAMPLE MOMOUAL RET1RSKSNT ACCOUNT (Interact Rata: 12 Cornpoundad Annuafly. Al figures are rounded to the nearest doflar.) word ' . owners hit by the Tax Commission's "factoring" $1400 program. This would create an $18 million increased tax burden. Zoo Property Tax. Salt Lake county wants a 1 mill levy, outside its general fund taxing limitation . Annual ofYMf ' - S' 10 15 20- - 25 . 30- - 35 40 ! I I ContribinMi t 1 " v. . sao $ i.iao 3356 9327 7.115 19,655 41.753 20.977 ' 40.349 74.967 135.149 241.732 9099 429371 149334 270,293 483.483 959.142 ; : , . ' ' , J . ' - - $2.5 million. This is not the time for taxpayer d apathy. Utah is already and But our heavy tax burden could become even heavier, unless each of us contact his, elected representatives and tells him to "cool it" on further tax the increases. 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