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Show 14 America Loves Chicken Bankers Say 17, Interest Withholding To Cost Savers Billions Of Dollars Thurs., Savers and investors will lose about $1.5 billion a year beginning July 1 under a new law requiring banks and other financial institu- tions to withhold 10 percent of interest and dividend payments, a banking expert said today. Lawrence W. Alder, executive vice president of the Utah Bankers Association, said that the new withholding provision is a "consumer volcano thats about to erupt. "People are just beginning to realize that the widely publicized 10 percent tax cut next July will be accompanied by the governments withholding 10 percent of their interest earnings on their savings and investments, he said. Alder added that Congress, after repeatedly defeating similar proposals over the past 40 years, passed the legislation this summer ostensibly to increase the level of taxpayer compliance in the area of dividends. However, he said, the Treasury Department reports that at least 95 percent of taxpayers already pay taxes on interest and dividend income that is subject to reporting. And 75 percent of individual tax returns submitted end up with refunds. "Therefore, said Alder, "it is pretty obvious that instead of real income to the Treasury, there will be a surge of unreal new money to the government in 1983, most of which will have to be returned to taxpayers the following year. Because the loss of income in flaw in the withholding provision is that it shows no promise for imthe reason proving compliance that Congress gave for passing the law in the first place. Aider explained that the tax law interest and dividend compounding will exceed $1.5 billion, "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 law allows some exemptions from the withholding provision. People who are under 65 and have a tax liability of $600 ($1,000 on a joint return), and people over 65 with a tax liabiilty of $1,500 ($2,500 on a joint return), may apply for an exemption also includes new provisions to broaden "information reporting the process by which banks and other financial institutions report interest payments to the IRS. Alder said that the Utah Bankers Association supported the provisions to broaden information reporting. It would be far more useful in improving compliance than withholding 10 percent bf interest payments, "which penalizes millions of honest taxpayers, he said. "The whole principal behind withholding on interest and dividends is an insult, Alder said. The implication is that you and I cannot be trusted to pay the taxes we from withholding. However, Alder said, The way those exemptions will be handled is just another example of unnecesary government intrusion into our lives. Filing for exemption will be the sole responsibility of the consumer and not that of the financial institution. To qualify for an exemption, people have to go to their banks and give a bank employee a form on which they have sworn that their tax liability for the previous year was less than the ceiling amounts. This raises a serious privacy issue, Alder charged. "How would you like your bank teller, who may be your neighbor or a member of your church, to see how much tax you pay? In addition, you will have to file an exemption form for each account. Besides the enormous expense to owe. Alder urged that people write their Congressional representatives about the 10 percent withholding on interest 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, he said. Tell them in clear, unequivocal language that we would rather have Uncle Sam trust us and not be raiding our savings accounts. "The government wants a piece of our savings. Instead, lets give Congress a piece of our mind, Alder concluded. taxpayers in the loss of interest compounded and the privacy issue for those who qualify for exemptions, Alder added that another One recipe that has become a Chickens came to America with 1983, Christopher Columbus and the classic in this regard is saucy Glorified Chicken. Since it was might say chickens were among developed just 20 years ago, it has appeared in cookbooks, newspapers, magazines and also on soup can labels, radio, TV and countless dinner tables. Simplicity is the secret of its success. What could be easier than many colonists who followed. You our nations earliest, and most delectable, settlers. Although there was soon a flock on almost every farm, there was not always a chicken in every dinner pot. Even during the first decades of this century, chicken was still considered a special Sunday smothering browned chicken parts in a can of condensed soup and simmering to tasty perfection? Cheddar cheese, cream of celery, chicken or mushroom soups all give great results. Generations of chicken-lover- s have found this dish convenient for family meals, yet dressy enough for company. treat. But that was before the development of improved feeding and breeding methods. Today chicken is one of the lowest-- meats in the market, largely because poultry farming has grown so efficient. We pow produce about 4 billion broilers a year compared to only 34 million in 1934. Chicken is available any season and Americans enjoy it any day of the week, not just on Sunpriced GLORIFIED CHICKEN 2 pounds chicken parts 2 tablespoons shortening 1 day. With the average person eating an incredible 52 pounds of chicken each year, its Cheesy Potato Patties Brighten up your winter menus with these delightfully different pancakes. Theyre cheesy and easy on the chef. 4 eggs flour y3 cup teaspoons instant minced lYz onion Yz Yt teaspoon salt teaspoon baking powder 3 cups frozen Southern-styl- hash e brown potatoes, thawed Yi cup shredded sharp Cheddar cheese andor apple- sauce, optional Beat together eggs, flour, onion, salt and baking powder. Stir in potatoes and cheese. For each pancake, pour Yz cup batter onto hot, well-grease- d skillet or griddle. Cook until golden brown on both sides. Garnish with parsley sprigs and spiced apples, if desired. Serve hot with dairy sour cream or applesauce, if desired. Cookie Cake What do you name a dessert-snac- frozen-and-reheate- e meat. Theres no reason to be alarmed by the absence of baking powder or baking soda in the recipe. Its not a printing omission. The eggs provide ample leavening. FRUIT RIPPLE COOKIE CAKE flour 2 cups 1 cup chopped onions 5 slices bacon, finely diced 3 tablespoons flour 1 tablespoon curry powder 2 cups chicken broth Yu cup orange marmelade 2 tablespoons catsup 2 tablespoons lemon juice 6 cups hot cooked rice cup (1 stick) butter or margarine, softened Y cup cooking oil 1 Yz teaspoons vanilla 1 can (20 or 21 oz.) fruit pie filling (any flavor) Preheat oven to 350F in large bowl, mix all ingredients except pie filling. Spread half of batter in 0xl3x2-inc- h pan (greased on bottom). Top with pie filling. Dollop remaining batter over fruit, covering as much of the filling as possi- melted Pat chicken dry. Season with pieces into butter, coating well on all sides. Place in baking pan, skin side up. Bake, uncovered, at 400 degrees for 30 minutes. Cook onions and bacon over low heat until onions are tender. Blend in flour and curry powder. Stir in broth and cook, stirring constantly, until thickened. Blend in marmalade, catsup, and lemon juice. Spoon sauce over chicken and continue baking 20 minutes longer, or until chicken is tender and richly glazed. lVcups sugar Yz teaspoon salt 4 eggs Yz ble. Swirls in batter and uncovered fruit peeking through are to be expected. minBake at 350F. for 35-4- 0 utes or until top is browned. For Ultimate flavor, serve warm. Variation: With apple or mince. meat pie filling, 1 cup whole wheat flour may be substituted for 1 cup flour. Paydirt - r i . ' READ IT AND PROSPER. ftta mattes, ftta qpttndDimOs, amdl ftta way yoDiw amawmey ns pmft ft wflDnfe aft tames When you deposit your money in a Money Master Insured Account, youre keeping your funds where we can put them to work for you in the form of loans not in money market funds which have that help to build our local economy no direct benefit to our region. First Security offers you a choice of plans! Money Master Insured Savings or Checking both provide easy access at over 156 First Security offices, plus over 40 HandiBanks. 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First Security Stale Bank First Security Bank of Rock Springs Each Depositor is insured to $100,000 by FDIC Frank W. Pierson 1977 t J k with a texture that of cake and bar bookies? Cookie cake! Theres a second aspect to this recipe; Luscious fruit pie filling is marbled layers of golden batter. The easy recipe is delicious for Koffee Klatsch, snacks, or dessert. Its simple enough to prepare and serve warm from the oven, but its just as tasty at room temperature or Any flavor of canned fruit pie filling is excellent for this cookie favorites cake. Besides the of apple, blueberry and cherry dont overlook such scrumptious possibilities as strawberry, pineapple, sweet cherry, or mince- GLAZED CURRY CHICKEN WITH RICE 2 broiler-frye- r chickens, quartered Salt and ground black pepper 3 tablespoons butter or margarine, salt and pepper. Dip chicken Parsley sprigs, optional Spiced apples, optional Dairy sour cream ounces) Cheddar In skillet, brown chicken in shortening. Pour off fat. Stir in soup. Cover; cook over low heat 45 minutes or until done. Stir occasionally. Makes 4 servings. no wonder good cooks value creative ideas for preparing it. can (10 Cheese, Cream of Celery, Chicken or Mushroom Soup . Entertaining With Fruit Ripple |
