The Galveston Daily News from Galveston, Texas on September 22, 1978 · Page 7
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The Galveston Daily News from Galveston, Texas · Page 7

Galveston, Texas
Issue Date:
Friday, September 22, 1978
Page 7
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Friday Morning, September 22.1978 £|,, tfiaHifsUui 7-A Panel Votes Capital Gains Exclusion Hike MEMBERS OF THE YMCA Galveston Islander Swim Team show off trophies received at Sun Fish Pentathalon at the Jewish Community Center in Houston. They are, from left, first row, Charity Galbreath and Sam Decker; second row, Scott Galbreath, Nelda Knapp and Derrick Sanders; third row, Stephen Streiff, Patti de Groot and Jerry Hasselmeier. These children will be participating in the "swim-a-long" at 9 a.m. Saturday at the Galveston Racquet Club. Guest celebrity swimmers will also be participating in the event, which is open to those who wish to come out and watch the fun. (Staff Photo By Betty Tichich) Swim-a-Long Set Saturday The Galveston Islanders swim team is getting ready for the S w i m - A1 o n g scheduled for 9 a.m. Saturday at Galveston Racquet Club. The Y.M.C.A. team is under the direction of Coach Valery Rovinsky. well known for his work with children in water sports. He was a professional water polo player for the Ukrainian national team before leaving Russia. The children of the swim team will be canvassing the neighborhood, asking lor pledges for laps they may swim in the event. Each swimmer is limited to a maximum of one continuous two-hour period in the water or a maximum of 200 lengths of the pool, whichever comes first. All funds from the event will be used to improve swimming facilities, buy swimming equipment and provide swimwear for the team. Master of ceremonies for the Swim-Along will be Dr. Michael Warren. Celebrity swimmers, Mayor John Unbe'hagen, Sen. A.R. "Babe" Schwartz, Edna Fuller, Bobby Moody, Harry Franklin, Rabbi Jimmy Kessler, Joe Max Taylor, Tom Patrick, Peter Brink, Les Daughtry, Teddy Druss and Buddy Herz, will do their best in helping to make the event enjoyable and successful. The Swim-Along will be broadcast live from poolside at the Racquet Club on KGBC Radio, with Vandy Anderson announcing. The public is welcome to come by and watch the swimmers. . WASHINGTON (UPI) In what would be a major break for investors, the Senate Finance Committee voted Thursday to increase from 50 percent to 70 the amount of capital gains that can be excluded from the regular income tax. But committee chairman Russell Long, D-La., served notice before the vote that the exemption would be tied in with a plan to subject excluded capital gains to a minimum tax, aimed at preventing the wealthy from escaping payment of any taxes whatsoever. The increase in the capital gains exclusion, sponsored by Sen. Clifford Hansen, R-Wyo., was approved 13-1, with Sen. Gaylord Nelson, D-Wis., the dissenter. Under current law, 50 percent of profits realized from the sale of assets such as stocks and bonds are excluded from taxation as income. Treasury officials said the increase to 70 percent would reduce revenues by $4.2 billion, but that an inflow of about $1.2 billion from the minimum tax provision would cut the net loss to about $3 billion. Long said he insisted on the minimum tax "because these people (the wealthy) should pay us at least a little bit." "I don't want the word going out around the country that we have made it possible for some people to pay no taxes at all," Long said. "I want to protect the committee. As chairman, I want to protect myself." The administration has opposed increased capital gains tax cuts on grounds they help those with high incomes at the expense of the poor. In another action, the committee made clear that its decision Wednesday to deny tax deductions for entertainment on yachts, hunting lodges and country clubs does not apply to the purchase of box .seats or season tickets by corporations for events in sports stadiums, theaters or opera houses. It also agreed to modify Is capital punishment the way to teach criminals a V!! V f It's certainly one sure way to get their attention. Some criminologists feel that capita! punishment definitely deters crime. The holdup man may not squeeze the tngger if he knows it could cost him his life. Other experts say the death penalty doesn't deter because criminals don't expect to get caught. Unfortunately, statistics are scarce and ambiguous. Another problem: there's no way to make amends if a mistake is made. Enough innocent people have been convicted of crimes-with the truth surfacing only years later-to make this a very real concern. Finally, many people feel that the taking of human life is an act that demeans the state to a degree that is unacceptable in a civilized society. What do you think? Your opinion makes a difference, but to reach an informed opinion you need facts and viewpoints. That's where we come in. As your daily newspaper, we give you the information you need, breaking news. Editorial opinion. Columns. Letters to the editor. We keep you on top of issues like crime and capital punishment-issues that affect your life. So read us regularly. Don't miss an issue. tott 744-3611 DON'T YOU HATE NOT KNOWING? the present Work Incentive Program and welfare recipient tax credit by providing a credit for hiring people who have been welfare recipients for at least three months. The credit would amount to 85 percent of up to $6,000 in first-year wages paid to such new employees. This would drop to 80 percent the second year, and to 75 the third year. Beginning in calendar 1981, these percentages would be applied against wages of up to $7,000. The committee also agreed to provide a five- year exemption from income tax for certain state- chartered corporations, particularly in Alaska. the choice of the LOVE GENERATION Average U.S. Income Boosted To $7,019 WASHINGTON lUPl> The average income of each of the 216 million persons who lived in the United States last year was $7,019, an increase of 9.6 percent from 197G, a government report showed Thursday. Alaska, with its petroleum-dominated economy, once again led the nation with income of $10,586 for each of its 407,000 citizens. However, Alaska was last in percentage gain from the previous year. Mississippi ranked last in per capita income with $5,030, but its percentage gain was a healthy 10.7, the Census Bureau survey said. In general, the study said, states with high income levels were located in the Far West and the Northeast-Great Lakes manufacturing belt. Most of the states with low incomes were in the Southeast, Southwest and Rocky Mountain regions, the report said. Eighteen states and the District of Columbia had per capita incomes above the $7,019 national average. In the continental United States, the District of Columbia's 690,000 residents had the highest incomes, an average of $8,999. Connecticut was the highest state at $8,061. The bottom four states were all located in the south: South Carolina, $5,628; Alabama, $5,622; Arkansas, $5,540, and Mississippi, $5,030. On a percentage basis. South Dakota made the greatest progress with per capita income gains of 16.9 percent between 1976 and last year. Minnesota was second with 14.3 percent. Other states with percentage gains above 12 percent were: Michigan, Arkansas and Wisconsin. The smallest percentage gain last year was recorded in Alaska, 4.6 percent, folowed by Idaho, 5.3 percent, and Illinois, 5.9 percent. The government defines personal income as privale and government wages and salaries, interest, rent, dividends and transfer payments such as Social Security and unemployment compensation. It is measured before the deduction of income and Other personal taxes. Brilliant in floral design 1-ct. (1,295.00 l-ct. »1195 Magnificent cluster of brilliant stones Diamond fancy 19-DIA. » 9 25 .00 5-OIA $150.00 Fashionable diamond duchess ring Man's diamond cluster 7 did. $143.00 Man's brilliant with 2 side diamonds S 393. 00 f OPEN AN ACCOUNT IN MINUTES TAKE UP TO ONE YEAR TO PAY Schreiber & Miller in GALVESTON and LA MARQUE IS NOW SHOWING America's #1 TV value Is now more beautiful than ever Come In and see alt the new beautiful RCA's RCA Slack & While ' Sportable TV—Compact offers choice of 3 channel selection systems 8 Q RCA't rww electronic RtmoteScan Control *"• , MCA I nm {•Minnie RCA's most advanced and automatic color TV wllh lowcivbunon Jc»n ConltX end on AO- Tt>« comfort of jTQur CM'r Tuner ttOM Onry it CC.1IV n»ll you program tnio U* ««*c[TOriC mtmo't Qn-ic CM fir* ngmt>«r RCA I 100' 1 -, solid ilale XlcndtdLII* criaim s designed for iigf e'i<C'e"cv low cower cO"Su"'c!'Ori and Long life ChameLock D'r«O Pow-Dutloi lu"'«J V III U erjrn»u V E D <^5 TV 1979 RCA ColorTrak 19"&25" Color Table & Console Models RCA ChanneLock electronic tuning OCA s most advanced most accurate TV tuning system ever—automatically locks in the exact frequency No need to fine tuna e»er tonuklng IttovWon bMt*r and electronically holds liesn- tones ana other colors to trie settings you seieci Automatic light *«n*or adjusts lor changing room light to give you a rich. detailed picture day or night has specially tinted phosphors (hat absorb room light and kesp colors CoiorTrak sharp and vivid even n loaa* n» onto- ma in bright light kMOt n on track auto RCA 13" diagonal XL Compact Color TV -100 , cMW _ . o««iQft« tor r*\it>«y ind lorw U1« ^ " Lo ** OOwv c<y*umpr«yi 1^41 tny ^ O.VKXJ. nc* CCKX TV-,,, e, MM / RCA Super AccuFltUr picture tube Automatic conlratt color tricking els you aa^s: conr-ast CO'Or ana Drigntness wi ust one onuoi instead of three RCA solid value 19" Color TV Low pow«r conjunction — KM man 75 «in» §4*0 SEE SCHREIBER & MILLER'S ENTIRE LINE OF RCA's NEW COLOR AND BLACK 8 WHITE T V GALVESTON COUNTY'S "HOME-OWNED" FRIENDLY FURNITURE STORES GALVESTON 2318 Market Phone 762-8654 BETTER FURNITURE FOPLES1 LA MARQUE 310 Oak St. Phone 938-8181

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