Greeley Daily Tribune from Greeley, Colorado on April 19, 1972 · Page 22
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Greeley Daily Tribune from Greeley, Colorado · Page 22

Greeley, Colorado
Issue Date:
Wednesday, April 19, 1972
Page 22
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Pressure on Connally's Stand Against Tax-Reform Legislation By ECMOKO LEBRETON Associated Press Writer WASHINGTON · (AP) Treasury Secretary John B. Connally's tough stand against tax-reform legislalion this year has been met with threats to keep (he Treasury on a hand-to- mouth borrowing basis. Comially said in an interview Tuesday that passage of a ma-' jor. tax-reform bill in 1972 could stymie the economic recovery and precipitate another international monetary crisis. But Rep. Henry S. Reuss, D- Wis., a leader of a group of Democrats sponsoring legisla- tion Ip close what they calmness recession of 1970 and 1971. nultibillion-dollar loopholes, vowed to keep up the pressure. The Nixon administration must come to Congress by June come right-along just as you BOYS WANTED for hours of fun and absorbing and fascinating entertainment. See' Ritchey's Jor complete hobby needs. RITCHlY'S 910 8th Ave. --._, ... - , . and will reiterate our position that "aye another tax-reform bill-I we are not going to vote for increasing the national-debt ceil- confidence that the American and had the world worried," lie said. "And tlren to r or a raise in borrowing authority because of continuing defi- :its. In view of the opposition to ax reform, Reuss said, "We are getting a recovery going, iust as you are getting the expansion, as you are getting the stability, getting the plant and equipment purchases ng in early June. Any fiscal sind the administration may find itself in will be their doing, not ours." Reuss, author of a tax-reform bill with 58 cosponsors, said that if his supporters do not increase in borrowing authority, they will try to hold it down to a month's needs, forcing the administration to return once again to defend its economic policies. Conally said the 1969 tax-reform bill, which cut taxes for individuals but raised then somewhat for corporations, was largely responsible for the busi Aug. 15," (lie dale Hie President iinnoimced liis new economic program, Heuss s;iid. Connally said polilicians talk n generalities of lax reform lul HiHt some of the provisions hey attack as loopholes are vial to mineral exploration, lomeovvnors, the ' real estate think it would just shatter the people have." Connally said he does not think the reformers have the votes to pass a bill this year, and Reuss conceded this is probably true. "In all honesty, willi the dug- succeed in blocking entirely an in opposition of Mr. Tax Loophole, the secretary of the Treasury," Reuss said,. looks as though the chances for to do it. tax reform are very slight." But Reuss took strong exception to Connally's contention that the 1969'bill helped bring a recession. "The Nixon recession wa produced by i\'ixon policies officially declared bankrupt las Wed., April 19,197.2 GREBLEY (Colo.) TRIBUNE 23 "It worried the American business, municipalities, chari- Koplc .. . and had the world ties and the slock market. On one point, the taxation at death of capital gains on property held by the'deceased, Connally said. "This is a mailer hat I think probably something can be done about, but this is again a very complicated thing ... and it ought not lo be decided on a political stump." Block Students Not Content OXFORD, Miss. (AP) James Meredith found a more eaceful clhnale on his first rip back to the University of Mississippi since lie became its first black graduate, but he said he found many black slu- denfs were not content. "Black students are voicing a good bit of unhappiness," Me- ·edith said Tuesday. "They basically say it is totally cold. death is one of the major provisions of Reuss' bill. He estimates it would yield $3 billion annually. In general, Connally said, "I think regardless of what yoi call i t . . . you'll have sonic tax changes next year and probably the year after, but you'll probably need a couple of years Asked whether tax reform this year mighl nol amount to tax reduction, Connally said "Sure. Absolutely. That's whal you'd get. You're not going to get tax reform, you're going lo get tax relief and we don'l ncec tax relief right now." Taxation of capital gains atN° °"e is throwing bricks, but ,.,4i. :,, 1 it. __:,,.. : there's no involvement." But, he added "They're here. That's the important differ- once." Meredith lectured lo a class of about 80 students on Miss i s s i p p i political history walked around the campus, anc then campaigned in Oxford's black scclion for votes in his race lo become the Republicai nominee for U.S. senator fvon Mississippi. 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