| OCR Text |
Show Friday. October M come lenc indexma - WASHINGTON il'PIi Tax- payers whose incomes rise by 4 percent or less next year will be from traditional protected ' bracket creep" tai increases under a new '"indexing" program that takes effect in 1985. The Treasury Department announced that tax withholding tables, beginning in January, will be increased by 4.06 percent. The Internal Revenue Service will tend the updated withholding tables to employers by Dec. 15 The "indexing" provision, as it is called, was part of the 1981 tax bill and is designed to prevent a person's taxes from rising simp'y because of inflation. Under indexing, the personal exemption, standard deduction and each tax bracket will be increased by 4.08 percent in 1985. ., tion will rise from 11,000 to The standard deduction will increase from $2,300 to $2.30 for individuals and from $3,400 to 3.540 for married taxpavers filing jointly. $1-0- Treasury Department figures show that with a percent annual 4 W 1 l K I) V s 1 0 Navy Will Launch Carrier Sooner - Navy's fifth craft carrier, the Theodore leased Wednesday, would be the mostly closely scrutinized set of numbers in years. Careers were literally on the line as a glaring mistake was caught at the last minute at the Bureau of Labor Statistics and straightened out before it could wreak havoc. WASHINGTON The (L'PIi government went to the brink of statistical overload measuring inflation, setting a raise for Social Security checks, inaugurating a tax break and more all on the basis of one report. Labor Department economists knew that their measure of the inflation rate for September, re National Briefs (UPI) Although the problem was increasing the income range each tax bracket by the inflation level recorded during the law previous fiscal year, the guarantees that annual raises if would not be taxed away they are smaller than or equal to the inflation rate. the The zero bracket amount Index was used by Congress as a hook on which to hang several crucial adjustments, Save 20 on all K I) - Page including cost of living increase for 37 million Socia Security recipients set at 3 5 percent for 1985. inflabased on the third-quarttion comparisons between last vear and this vear. A 19 p. income threshold under whicn no would also taxes are collected rise by about 4 percent. In the past, taxpayers oftea . were bumped into higher tax brackets, whu.i are set by law, if their annual raises merely kept place with inflation Tax rates rise progressively with each tax bracket from 11 percent to 50 percent of the indexing provision. Sen William Armstrong, and Senate Finance Com. mittee Chairman Robert Dole, . hailed the announcement. t R-K- "Tax indexing is finally here and with it comes tax reform for middle America, a more honest and fair tax law and an end to the government's profit from inflation,'' Armstrong said in a staled ment from his Washington office.' HHIllIll I tuh. Jt. Bv costs and other elements, the result of publishing a figure that had to be revised later would have been, in this particular case, a disaster for the bureau, a unit of the Labor Department, staff economists said Wednesday's Consumer Price S II) SI C 1 Mill fashions in regular-price- d air- - the Loft and Young Attitude Roo- sevelt, will be launched Saturday, 17 months ahead of schedule and : 1 . of highly technical in nature, involving seasonal adjustment of tuition 9 The nuclear-powere- d $42.1 The 4 08 percent calculation is Conbased on the tcr September sumer IV ice that shows inflation increased 0 4 percent last month The Treasury' Department used that figure and the average intlation rate of the previous 11 months of fiscal 14 to calculate the indexing rate . Stretches Government Economy Report - S H O I' WASHINGTON ,.. ,r a f .iniily of four with an adjusted gross income ot $31,686 a year that files a joint income lax return would save $85 in 1985 and $1,863 through ly89 Without indexing, ofncials said, that family would have faced a tax increase of 2 7 percent next veai . As a result, the personal exemp- Ira THE HERALD. Prove 26. 1964 million under projected costs, the Navy announced Thursday. The 96,300-to- n ship will slide into the mingling waters of the James River and the Chesapeake Bay at Newport News, Va., on the 126th anniversary of the birth of its namesake. It is to join the fleet in January 1987 and will carry at least 85 aircraft, the Navy said. One of Roosevelt's most popu- lar slogans "Speak softly and has been carry a big stick" applied to the massive Nimitz class vessel in an age when the United States has used the aircraft ca Tier in potentially hostile areas a.i z demonstration of its resolve to support Western interests with military power. fV.ii I 11 - M?- i IS- IHI N 1 Weinberger Hits Mondale Plans - DeWASHINGTON (UPI) fense Secretary Caspar Weinberger said Thursday a suggestion by Walter Mondale to scrap two major nuclear weapons would put the United States "in far greater peril" than it is now. He took issue with Mondale's criticism during Sunday's debate with President Reagan of the administration's "Star Wars" antimissile project and the pledge by the Democrat to cut the bomber and the MX missile, both of which are in production. In a speech to the Commonwealth Club of San Francisco, the Pentagon chief stepped into the presidential election campaign for the second successive day although his aides have said he would not become involved in the contest. He did not mention Mondale by name. B-1- B Reagan to Sign Wetlands Bill - Presi- WASHINGTON (UPI) dent Reagan will sign a wetlands bill Friday that his administration once opposed, the White House said Thursday. The bill provides $200 million to acquire wildlife refuges, advancing the money against the anticipated sale of federal duck stamps that hunters must buy. One part of the bill, which will be signed during a campaign stop, creates three new sites for the Connecticut Coastal National Wildlife Refuge in Fairfield County. A spokesman for Rep. Stewart who sponMcKinney, sored that portion of the bill, said the administration originally opposed the bill on procedural grounds when it came up in the House but later supported it in the Senate. Saturday, October 27 only, save on junior fashions from Loft Dresses, Coats, Sportswear and Young Attitude. Choose from a large selection of great sweaters, shirts, cords, suits, dresses and outerwear including all your favorite names: o f 11 j? til If Jody 1 Gunne Sax Genesis Rocky Mountain W tOt I g S j 11 ' 1 " fj I:" . y Esprit Condor Union Bay Generra Saturday only at all ZCMI stores (171-175- ). Justice Dept. Bars GM Discrimination - The (UPI) an reached Justice Department WASHINGTON agreement Thursday that bars General Motors Acceptance Corp. from discriminating against auto American .Indians in making loans. The agreement, filed in U.S. District Court in Albuquerque, N.M., settled a lawsuit filed at the same time charging GMAC, a viosubsidiary of General Motors, lated the Equal Credit Opportunity Act. The Justice Department had charged that GMAC discriminated against Indians in extending credit to buy used and new cars from GM dealers. GMAC, which operates 299 branches nationwide, does not make loans directly to consum- ers, but purchases installment loan contracts from auto dealers. i " ' 0 Shop by phonft With your ZCMI Option Chooe Account. Col tol-fr- e 24 houfj a day m Soft Lake City. Utotv 32V6664 outsldo Soft Loke, V6X-662-901- Q Western UnfKWl States. VXX453-52- 7 |
