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Show 10 STANDARD iiM 111 Jun 1 B, 1978 Legislators now feel that Economy could be aided by capital gains tax cut "I"1; Why do Americans, who enjoy the highest standard of living on earth, save only five per cent of their income, while the French save 15 per cent and the Japanese over 20 per cent? And what does this mean in terms of the health of our economy? "A major reason why Americans save so little these days is the stiff tax our government imposes on capital gains-th- at is, the profit a person makes by selling something for more than it originally cost," says Senator Clff Hansen, The tax reduces the reward to be gained by savins; and investing, and the resultant decline in U.S. investment activity has retarded our economy, stifled creation of new inflation stimulated and jobs, threatens the American position as the world leader in technology and prosperity." Hansen, along with at least 60 of his Senate colleagues, has introduced a bill to reduce the federal tax on capital gains. Identical legislation has been introduced in the House of Representatives by Congressman William The Hansen-SteigSteiger, proposal would lower the maximum tax rate on capital gains from today's high level of nearly 60 per cent for individuals and more than 80 per cent for corporations, to the 25 per cent level that existed prior to 1970. In other words, it would lessen the tax penalty for making an investment and thus encourage economic activity. Hansen and Steiger note that while some might assume such a tax cut would reduce federal revenue, it actually would increase the government's take because, "By reducing the penalty on capital gains, we would encourage a big enough spurt in investment activity between now and 1985 to create 440,000 new jobs per year and increase the federal government's revenue by aa much as $45 billion." Hansen cites as proof of this contention the fact that since Congress acted in 1969 to raise the capital gains tax, a step which theoretically should have resulted in more revenue for the U.S. Treasury, collections actually have declined because citizen investments dropped. "Since 1969, the number of individual investors in the United States has declined 20 per cent from 81 million to 25 million, and over the past five years, investors have been selling far more than they invested," Hansen "The net loss of risk points out capital to our economy has been running about $6 billion a year." This investment decline has produced a severe shortage of capital, for young companies particularly which provide most of the opportunities for new jobs and economic It has also "forced growth. companies to turn to foreign capital sources, expecially countries that encourage investment by having low or no capital gains taxes, allowing foreign investors to gain control of some U.S. companies," Hansen -- o. er s. SlSli.' '$'SHSa marathon Ready to start the Altamont Hike-Bik- e last week were these two groups of youngsters. Top, part of the bicycle riders who participated line up for the start of the ride from Altamont to Bridgeland. Below, handicapped students prepare for the hike, in which they walked and rode the distance to help raise funds. HIKE-BIK- E Plummer new Reclamation region head N.W. Plummer of Denver ha been named regional director of the Bureau of Reclamation'! Upper Colorado Region headquartered in Salt Lake City. Plummer, 89, will report to his new assignment prior to July 1. He has served as assistant regional director for the Lower Missouri Region since 1974 and succeeds D.L. Crandall, who retired in December. As Regional Director, Plummer will be in charge of all Reclamation activities in the Region which includes Utah, western Colorado, southwestern of New Wyoming, and portions Mexico, Arizona, and Idaho. The Upper Colorado Region includes several major Reclamation projects, including the Colorado River Storage Project, a complex system of storage units and participating projects encompassing several States. Projects under construction include the Central Utah project, Lyman Project in Wyoming and Utah, and the Dolores and Dallas Creek Projects in Colorado. Diplomas go to 19 women Nineteen received certificates of graduation in the Duchesne County School District Young Mothers and Adult Education program, in rites held May 31 at the Bottle Hollow Convention Center. Under the direction of Larry Abplanalp, community school director, the program included remarks from five of the graduates, plus comments by Louise Jorgensen, instructor; Thomas J. Abplanalp, superintendent, n many-America- eon-tend- s. He saya the United States imposes the highest capital gains tax of any industrial nation in the world, and that some countries-notab- ly Japan and no capital gains West Germany-ha- ve tax. "Not surprisingly, individuals in Japan invest 20 per cent of their income and individual West Germans invest 14 per cent, while in the United States, citizen investment has declined from 7.5 per cent in 1967 to only five per cent last year," Hansen adds. To questions about how the capital gains tax cut would benefit lower-incom-e citizens who have no savings or investments, Hansen replies: 'All would benefit from the citizen reduction in inflation and the new job and economic activity that would result from this move. "Further, it is a fact that many e people do invest and would benefit directly from a lower tax. More than 50 per cent of the taxpayers reporting capital gains have adjusted gross incomes below $15,000, and more than half of the capital gains are reported by taxpayers with incomes below $25,000," he says. "It is a myth that the capital gains tax affects only the wealthy. In truth, it Burke El dredge, LaMar Wilson and Fred Goodhew demonstrate for EMT instructors the use of MAST k (military trousers). The equipment is being added-tEMT use in the county, and instructors will train all EMT's in their use. Doctors and nurses in the area will also receive training in removing the trousers, which are designed to prevent shock in accident victims. NEW EQUIPMENT anti-shoc- lower-incom- Hatch adds amendments to rehab bill hurts everyone." Sen. Orrin G. Hatch has successfully added a package of amendments to the reauthorization of the Rehabilitation, Comprehensive Services and Developmental Disabilities Act which will benefit Native Americans and the Utah Handicapped. "There was an inequity in the law," Sen. Hatch said, "which required the delivery of rehabilitation services to American Indians on handicapped reservations through the states where the recipients lived. In some cases the money was not getting to the people it was intended to benefit. This is not to say that anything improper was taking place, only that the natural bureaucratic funneling of money was costing more than it should." The Hatch amendments to the act require that the federal government pay 90 per cent of the costs of vocational rehabilitation for these Indians. These funds will be channeled through the tribal councils or organizations on the reservations. No money will be received by the tribes unless they make the usual application in cooperation with the states where the reservation exists, but the paperwork will be submitted from a philosophical Speaking standpoint, Hansen says the bill's sponsors "are saying that we feel the way to create jobs and reduce inflation is to lighten the tax burden and stimulate the free enterprise system. "We reject the notion that private investment and jobs can be generated only by siphoning money out of the economy, laundering it through the federal bureaucracy and then selectively dribbling it back into the economy," the Wyoming Senator says. and Fred Tew, board member. Diplomas were awarded by George Terry, board member, to Susan Steinfeldt, Kim Hatch, Kim Jensen, LaRee Reed, Ina Richens, Marianne Maxine Ina Garren, Johnson, Mary Chapoose, Irene Gardner, White, Jaci Dahlberg, Pam Wilkins, Kathy Dawne Bell, Debbie Davis, RaNae Cole, Sandy Zager, Florenda Genereaux, Laurie Hardinger, and Linda Haneline. by the "To Johsnn Sebastian Bach had 20 children. llftftt Ftm tribes. protect the states from a sudden loss of funds for their vocational rehabilitation programs when the Indian funds are taken away," the Senator said, "the withdraw! of money will be spread out over a three-yea- r period." The Utahn also added oversight safeguards to be sure the program works under the new system of The Secretary of Health, funding. Education and Welfare would be required to evaluate the program after 12 months and determine its effectiveness. A provision in for grants to the act will provide public agencies and organizations for paying all of the initiation costs of recreational proThis grams for the handicapped. provision will set the stage for a grant to the American Fork Training School for the proposed American Fork Park which will serve the mentally and physically handicapped. Senator Hatch also argued in favor of an extension to funding for the study and treatment of developmental disabilities leading to the of handicapped individuals. He also supported procedural safeguards to insure the delivery of essential and necessary services to the vocational rehabilitation clients. The bill, with the Hatch amendments, is scheduled for floor debate later this year. non-prof- it main-streami- ISM7I1 IMF i 5 lull ir.?fj w w 'wur'stiit 4 Mr. and Mrs. Larry (Pam Wilkerson) Glines are parents of a baby boy born May 29. The baby weighed seven pounds and one half ounce, and will be named Benjamin Larry. Grandparents are Mr. and Mrs. Floyd Wilkerson and Mr. and Mrs. Morgan Glines. Mr. and Mrs. Ralph Harris entertained company over the weekend of May 27. Visiting were Mrs. j1 SUPER SAVINGS! MM Hans' mother, Geo Kay, her' grandmother, Effie DeSpain, and two friends, Betty Nelson and Del Abott. The occasion for the visit was the birthday of Brandon Harris,- - who turned six years old May 27. Mrs. Zola Spencer has received word of the birth of her eighth The greatgrandchild. baby is the son of Mr. and Mrs. Rodney Redford of Taeoma, Wash. He will be named Erie Glen and weighed seven pounds and eight ounces. EDGED The baby weighed eight pounds and seven ounces. He will be named Jackson Dale. Mill Kelli Draney had a bad experience this As she and week. several playmates were walking down the street was she Roosevelt, attacked by a dog and the would on her leg required stitches. The famih of Bill Crosier met at the home of Dale Crosier June 8 to celebrate Bill's 78th hospital birthday. Present at the festivities were three of his children, including a daughter, Billie Keele Also from Salt Lake. were seven present and six grandchildren The family enjoyed din- ner together. Tridell Urns McKm M7-23- living in the mobile home formerly occupied by Mr. and Mrs. Clark McKee. Simmons has Sue been a patient at the Duchesne County Hospital with a back problem. She was able to return home Thursday. Mr. and Mrs. Val Evans, Sandy, spent the Memorial holidays with Mr. and Mrs. Lester e Mr. and Mrs. Rae Goodrich are the grandr. parents of a new The parents are Mr. and Mrs. Gary Saskatoon, Strmgam, Canada. Mrs. Goodrich has been in Canada the past two weeks helping out in the Stringam Bartlett. home and getting acRhonda Yancey and quainted with the new daughter from California baby. Rae Goodrich left are visiting at the home Thursday to bring Ruth of Mr. and Mrs. Roy home from Canada and Chapman. to visit the Stringam's. Velora Merrell and e Edith Lorna McKee have spent Goodrich, Bountiful, is visiting at the past three weeks the Dennis Goodrich and visiting in Nevada and gran-daughte- A dream come true for all irrigatorsl Grandparents '.;o ' '. ' ''il "' b ' i ' 1 " 1 greatgrandchild, James Christopher Conover.- - The baby is the son of Mr. and Mrs. Mark Conover and the grandson of Mr. and : Mrs. Max Horrocka. e Mr. and Mrs. Kyle Dye are parents of a baby boy born Friday, June 2, at Uintah County Bartlett SURFACE DITCH IRRIGATION are Mr. and Mrs. Keith (Maxine Spencer) Peterson.' Mr. and Mrs. Tberon Horrocka were in Salt Lake June 4 for the blessing of their 19th ' California. They visited Mr. and Mrs. Farrell Ross and the Garth Ross family in Sparks, Nev. The Steven Ross family in Carson City, Nev. The Val Ross family in Red Bluff, and the Craig Ross famih in Hollister, Calif, and with the Ray Buckwalters in Las Nev. Mrs. Vegas, McKee also visited her daughter and family, Mr. and Mrs. Lane Davis, in Garden Grove. Calif. Mr. and Mrs. Ellis Morrill Mesa, Ariz., Mr. Mrs. and Reed McConkie, Salt Lake, and Re id Goodrich and sons, ML Pleasant, were visiting at the Forrest Goodrich home. The Val Evans family from Sandy spent the Memorial Holidays with Mr. and Mrs. Lester BBS . GfcflD Forrest Goodrich homes. Mr. and Mrs. Paul Kitchen and two boys from Logan have moved to Tridell to help Vida McKee operate her farm and dairy. They are bTM 2:j.frr.zfT.- .fl .A i i" ',r .V."fc.-v- '12..- - .... task Dry clean head and make set changes. A breeze. Your water is doing it's job on the crop where you want itl .SAVE YOUR DAC- K- 'iWAllalCROPSr-SOIti- -' P-- AKD TIME . See Keith 722-314- 3 Jensen |