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Show monday, 2 June 19, 1978 Limit taxes? Limit spending? There are differences While political analysts around the country are still trying to judge the impact of Californias overwhelming vote in favor of Proposition 13, two Utah groups have made their own proposals to curb rises in taxes and in government spending. The two plans differ significantly, with each side claiming its will offer a more sensible solution to the problem of ever increasing taxes. Both sides in the controversy agree on the need for some kind of limitation plan, but virtually all similarities end there. The Tax Limitation Act, which is a plan backed by notable conservatives like H. Austin Belnap and Mark E. Anderson, calls for reducing property tax rates in a way almost identical to the Jarvis-Gan- n Initiative passed by Cal- ifornia. The Expenditure Limitation Amendment, on the other hand, calls for tying per capita income and state expenditures together. This Constitutional Amendment has the backing of Republican Party Chairman Robert Wright, and representatives Charles Parkin and Lloyd Selleneit, both of Regarding the Tax Limitation Act, Rep. Selleneit says, People are reacting (to the California vote) when they talk about the property tax plan. Its the meat axe effect. He notes the property tax is specifically used for schools, for police and fire protection, and adds these areas are probably the most difficult to cut because of the important functions they perform. He prefers what he calls umbrella the approach found in the Expenditure Limitation Amendment. Belnap is adamant in his pleas for tax" limitation which he feels the expenditure plan cant accomplish. Now the other bill doesnt limit taxes, he notes. I want taxes limited! think the great attack in America is being made on he adds. private property, This is where the problem lies, according to Belnap, and the plan he is pushing is aimed directly at it. The power to tax is the power to destroy, Belnap asserts, I dont want to be destroyed. If the tax structure gets to the point where people lose their home, it becomes I Bountiful. A bill which puts a lid on property tax, he adds, will keep government needs from so excessive that people are in fact forced out. becoming The Tax Limitation Act provides that the maximum amount of any ad valorum tax on real property shall not ex Si ceed one percent of its fair market value. The bill goes on to state the 1977, rather than the 1978 tax valuations would be the base for determining fair market value, with annual increases limited to only two percent. Newly purchased or constructed property would be appraised at the fair market val- ue at the time of purchase. Under provisions of the plan, a house valued at $100,000 in 1977 could not be taxed for a continued on page 4 Loan volume posts decline mwiyi M !? Sol Systems by Processor Technology, a complete system with terminal, high density, floppy disk and programs. All you add is the electricity and a desk to put it on. Your own computer, standing by to deliver important information on discounts, credit line, order aging, accounting information. Ask him - call Jim and ask let him know. Expandable to 80 mega byte for an additional $9,000. Languages include Basic, Focal, and Fortran. Call the professionals at Home Computer Store and ask for complete information on our computers. low-pric-ed personal business 2 (801) Ask for Jim Hudson 484-650- HDfTlE CDmPUTER STORE Specialists in HomeMicro Computers, Programming, Instructing, Consulting Office: 2343 E. 33rd So. Salt Lake City, Utah Salt Lake bank loans lost ground during the latest two weeks, according to the Federal Reserve Bank of San Fran- May 24 at $527 million, the same total as May 10, but still 31.4 percent above last years figure of $401 million. cisco. Total loans outstanding in all Salt Lake City banks on May 24 came to $1585 million, off 1.7 percent from the $1612 million two weeks prior, but still 25.4 percent above the year ago total of $1264 million. Federal funds were the biggest two week loser, dropping 33.7 percent from the previous reporting period to $79 million. They are off 28.2 percent from the year ago figure of $110 million. Real estate loans showed no movement during the past two reporting weeks, finishing Commercial loans gained only $1 million over the two weeks, to finish at $518 million. The latest figure is 26.3 percent higher than the year ago total of $410 million. The only substantial gain came in consumer loans, which continued a hot six month-lon- g growth streak. According to the Fed, consumer loans outstanding at Salt Lake banks came to $263 million, 1.9 percent higher than May 10s $258 million, and 41.4 percent higher than last years $186 million. |