Logansport Pharos-Tribune from Logansport, Indiana on March 25, 1988 · Page 12
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Logansport Pharos-Tribune from Logansport, Indiana · Page 12

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Logansport, Indiana
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Friday, March 25, 1988
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Page 12
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Page 12 Pharos-Tribune, Logansport, Indiana, Friday, March 25, 1988 Business NBC TV Program Focuses On LDI By MARGO MAROCCO Business Editor A Logansport manufacturer is in the spotlight again, this time as a segment of an upcoming NBC "Sunday Today" program. LDI Mfg., Inc., 720 Water St., is the focus of an "economic spot" produced by Barbara Bohusz of NBC's Chicago Bureau. Correspondent for the production is Jim Cummins, also of the Chicago Bureau. The production focuses on how small manufacturers such as LDI are not only surviving, but thriving in what has been called the nation's Rust Belt, Bohusz said. "Companies like these are a real threat to the Japanese," she said. The segment profiles LDI and how it fits into the Logansport community, she said. LDI, founded in 1946, manufactures a wide variety of energy efficient hoods and exhaust systems and distributes heating and air conditioning equipment to the food service industry, particularly the fast food industry. The firm began exporting on a small scale last year. Just last month LDI was the focus of an article in The New York Times entitled "Small Manufacturers Lead Revival." The article profiled small companies involved in "niche marketing" — targeting relatively narrow markets and producing customized products with efficiency. Interviewed on camera for the production were Richard G. Swennumson, president and chief executive officer of LDI; Logansport Mayor John Davis; and David Yount, president of the Logansport Economic Development Foundation. Crews from NBC filmed portions of the manufacturing process at LDI, its CAD/CAM operation and Research and Development lab. The LDI segment on NBC will be presented with a companion piece on how the economic lessons learned by small manufactures are not lost on large manufacturers, Bohusz said. Bohusz said Thursday the production is now in the final scripting process and, when edited, is expected to be about six minutes in length. Depending on how rapidly the editing process moves along, the segment on LDI will be aired either this Sunday or on Sunday, April 3. The program is aired locally at 8 a.m. on channel 13. Sales Tax Disparity Study shows the poor pay greater part of income on sales and excise taxes WASHINGTON (AP) - A four-member family earning $31,000 a year pays three times as much of its income in state sales and excise taxes as does one making over $612,000, a private study reports. The share of earnings soaked up by those taxes is almost five times as large for the poorest families — those making less than $8,600 — as it is for the richest, according to a report by Citizens for Tax Justice. This happens because the taxes are applied at a flat rate regardless of income. In 23 states, the disparity is even worse than the national average. The poor in South Dakota and Mississippi pay about seven times as much of their earnings in sales and excise taxes as do the rich; in Tennessee, Alabama and Louisiana, almost six times .as much. The study focused on general sales taxes and on excise taxes, chiefly those on gasoline and tobacco. It concluded that: —The poorest 20 percent of four-member families, averaging income of $8,581, paid 5.4 percent of their earnings in sales and excise taxes last year. —The second one-fifth, averaging $20,535, paid 3.9 percent. —The third, averaging $31,497, paid 3.3 percent. —The fourth, averaging $44,910, paid 2.9 percent. —The highest-earning one- fifth, averaging $66,912, paid 2.5 percent. —The top-earning 5 percent, averaging $187,316, paid 1.6 percent. —Four-member families averaging $612,122 a year — the richest 0.7 percent of Americans — paid 1.1 percent of their incomes for sales and excise taxes. Citizens for Tax Justice is a Washington-based research organization that is financed by organized labor and several liberal social groups. The organization considers income taxes more equitable than consump- tion taxes, including excise and sales taxes. Income taxes generally take a bigger bite of each dollar as income rises and, thus, fall more heavily on upper-income Americans. "By relying on nickel-and- dime sales taxes, state governments across the country have quietly heaped an onerous burden on their poorest citizens," Robert S. Mclntyre, director of Citizens for Tax Justice, said in releasing the study. "The less you make, the worse you do — especially in states with heavy taxes on food, utilities, tobacco and fuels." The ultimate solution, he said, is for states to rely less on sales taxes and more on income taxes. In the meantime, Mclntyre added, sales taxes can be made less onerous by extending rebates to the poor and applying the levies disproportionately to services that are generally used by the well-to-do, such as club memberships and home- improvement services. Incomes, Spending Climb WASHINGTON (AP) Americans' personal incomes rose at the fastest clip in four months during February while consumer spending was propelled upward by a rebound in car- sales, the government reported Thursday. The Commerce Department said personal incomes advanced 0.9 percent, reflecting strong employment gains in the past few months, Spending rose 0.7 percent, up sharply from a tiny 0.1 percent January increase. Economists said the new figures provided further evidence that the economy has suffered no long-run effects from the October stock market crash. Five months ago, analysts feared that consumer worries about the future would cause them lo cut back on spending and could push the country into a recession. UP TO 50% THE SAVINGS GET BETTER EVERY HOUR Grand Opening Under Way At Logan Sport Center CARPETLAIMD USA A grand opening is being observed at Logan Sport Center, 323 Court St. now through Saturday. Owned by Joe Krathwoh], 1817 E. Broadway, the firm carries sports equipment, uniforms and clothing for schools, leagues, teams and individuals. The store also offers silk screening and numbering for uniforms. Visitors to the store may sign up for a drawing for a $25 gift certificate for merchandise. Free popcorn and soft drinks are available during the grand opening. Logan Sport Center is open from 11 a.m. to 7 p.m. Monday through Friday and from 11 a.m. to 5 p.m. Saturday. RIGHT.-- Indiana Business Fort Wayne Tape Manufacturer To Expand FORT WAYNE, Ind. — As many as 80 jobs will be created by a $4.5 million expansion project planned by a Fort Wayne manufacturer of insulating tape. Company and government officials announced Thursday that KT Industries will expand its facility and its product line in the project, which will be aided by $225,000 in state funds. KT, which has headquarters in Winnepeg, Canada, currently employs 30 workers at the Fort Wayne plant that began operations three years ago. The new jobs should be created within two years, officials said. The company will receive a $25,000 grant to train new employees at its facility in the Fort Wayne Enterprise Zone. The state will also make a $200,000 grant to the city of Fort Wayne, which in turn will lend the money to the company for the purchase of new. equipment, state officials said. Leader Wire Closes, Idling 50 Workers RICHMOND, Ind. — Less than three months after its workers voted to join the Teamsters Union, Leader Wire Inc. decided to close its doors. The company, which employed 50 people, manufactured metal harnesses and wires for appliances. It had been operating in Richmond since 1982 and closed its plant at midnight Tuesday. Leader Wire general manager Stan Kalin said the company signed a closure agreement Tuesday night with the Teamsters. However, he would not say why the plant was closed. Teamsters regional business representative Donnie McClish said the company's attorneys told him on Tuesday that the company was closing the Richmond p.lant because it was losing money monthly. Attorneys said the closing was not related to labor, McClish said. Leader Wire employees voted in December to join the Teamsters. The union and the company had recently completed negotiations and approved a one-year contract proposal which had not been ratified by union members, McClish said. McClish said the company does have a fair close-out agreement with the union. However, he said he would not release details until next week. The company is owned by Elkhart-based American Electronic Components. American Electronic owns five plants in Elkhart and one in Yonkers, N.Y. Netherlands Firm To Raze Ayres Store CINCINNATI — NORO, a Netherlands-based international real estate investment company, has purchased the downtown L.S. Ayres & Co. department store building and garage. NORO was expected to tear down the five-story department store structure that faces Fountain Square Plaza and construct a mixed office and retail building. Downtown zoning currently calls for retail activities on the first two stories of any building on the site. The price paid by NORO Realty Advisers, Inc. was not revealed by either The May Department Stores Co., which owns Ayres, or the real estate company. Michael Raffety, president of NORO operations in the U.S., which are based in Atlanta, said Thursday that no plans have been made for either the department store or the garage site. He said NORO will work with officials of the city and Emery Realty, Inc. when deciding what to do with the properties. Emery owns the Carew Tower, which is next to the department store building. Associated Press - BRING ROOM OUR WAREHOUSE g, SHOWROOM tflPMBM WE MUST MOVE STOCK HOW. ALL MERCHANDISE KHWCEDMR THIS SALE 1 FAMOUS "•""SB •MUM ""SB SALEM HOWIOH ARMSTROG "CARPETLAND GUARANTEE' Carpelland guarantees Hie lowest (irices on hrsl quality carpeting II you find (tie sxacl same carpelwithinl?) days of purchase, we II refund ide ttiHerence in cash. 50% 50°/c All DM CAI For Votue. Section or Priol ' vWPnoWi TOBWorownWrc^^ mmm F ANY PART OF THIS AD IS PROHIBITED WITHOUT WRITTEN CONSENT Of CAHPETLAND USA HWY. 31 JUST NOtTH OF MARKUND MALL KOKOMO 457-9101

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