Northwest Arkansas Times from Fayetteville, Arkansas on October 9, 1974 · Page 29
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Northwest Arkansas Times from Fayetteville, Arkansas · Page 29

Fayetteville, Arkansas
Issue Date:
Wednesday, October 9, 1974
Page 29
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Page 29 article text (OCR)

Tax Surcharge Questions And Answers WASHINGTON (API _ I(i ·· Congress approves. Americans enrnlnt; $15,000 und above are going lo (insince mosl ot the new war uguinst inflation. That wna niiiciu clear by President Font in his economic .address Tuesday. He ottered proposals lo help business, housing, llio unemployed and public uliiUies. But for the taxpayer, he proposed a 5 per cent surcharge on income above $15,000 for families and $7,500 for individuals. He also announced a 5 per -j" 1 .^ s.u,i'clii|i'gc in corporate in- como (axes, but (hat will be: more (linn offset by Increases in the investment tax credit for businesses. Ford acknowledged that the proposed tax hike, which would apply lo about 28 per ccnl of nil taxpayers, would ba politically unpopular. But he said it was Ihe "acid test of our joint determination to whip inflation." Here are some answers to questions that taxpayers may have on how the surcharge would affect them, if Congress approves it: Q. Will the surcharge result in a bigger withholding lax from my pay check? A. No, the tax would be paid when you file your 1975 income tax returns, which means you would not actually pay it until 1976. ' ' ' . Q: Who. will pay the surtax? A: Generally speaking, families with gross incomes of $15,000 and over will be suhject lo Ihe lax. For individuals, the cutoff is $7,500. Those with incomes below Ihese levels would normally be excluded. Q. I'm making more than $15,000. Docs lhat mean my lo- la! tax bill will be Increased by 5 per cent because ot the surcharge? A. No, basically the surcharge will be applied lo Ihe lax on your income above $15,000, although it's slightly more complicated.than that. If you are the head of a family fo four and earn $15.000, the government already allows you $2,000 in standard deductions and $3,000 in personal exemptions for yom 1 family. That leaves you with $10.000 taxable income 'Tho surcharge wotiW apply aa a 5 per cent increase to any taxablo incomu In excess of $10,000 in your case. In the case of an Individual taxpayer who lakes a $1,300 standard dcduelion and a single cxcmplion of $750, his taxable income Is $5,450,' and the surcharge would apply to anything over thai. Q. Does this go into effect immediately? A. No, the President wauls Iho surcharge to apply to 197S income only. It would be a one- year program. And Congress would have to approve Ifc in any evenl. Nortbwovt Arkansas HMSS, Wed* Oct. «. 1*74 ft, ' ' " ' ' Campaign Gift To McClellan Reported late LITTLE ROCK (AP) _ The Rice and Soybean Political Ac- lion Commiltce of Stuttgart reported Tuesday -- moro than one year late -- lhat it had made a $3,000 conlribulion to the 1972 re-election bid ot Sen. John L. McClellan, D-Ark. The committee's officers are members of Rlceland Foods. The- committee said it bad made the contribution on Feb. 5, 1973. It also told fhe secretary of stale's office Tuesday that it h a d ' m a d e a $2,000 contribution in February to the re-election campaign of Sen. J. W. Fulbright, D-Ark., who was defeated in the Democratic primary by Gov, Dale Bumpers, and a $1,500 contribution in August lo the re-election campaign of Hep. John Paul Ham- mcrschmidt. R-Ark. Hammerschmidt's district does not include East Arkansas. The report on the Fulbright contribution was du« M»reti 10, and the report on th* Him- merschmldt donation w«« due Sept. 10. Th« report »n t!i« Mn- trioulioii to McClellan's earn- paign was due in June UTi. Tiie candidates had reported tho contributions en tJm» t» the secretary of state. The secretary of itata'i ettice said Tuesday that the earn- mitlea had filed reports-m time at Washington with the «l«rfc of the House of Reprwwititivej and the secretary ot (he Smite. Shopping Safeway has many rowaidai quality meats, fruits and vegetables... dairy, delicatessen and bakery foods.,. brands in canned, frozen and packaged fco», plus an assortment of other needs aiiii ae" and beaaty aids, nice friendly Safeway employees. HAND PAINTED STONEWARE FEATURE OF THE WEEK: SOUP/CEREAL BOWL FINEST MEATS USDA CHOICE EACH Wi'lfi each S3 Purchase, Less Beer and .. Tobaccos, COMPLETE YOUR sen SAFEWAY QUALITY MEATS Safeway luncheon Meats ·12-oz. Meat Weiners.........68 C · 6-oz. Sliced Bologna........45* · 6-oz. Cooked Salami.. 49 C B'ifPattiw^sL J£: $ U» Pork Patties f," d.'^ M »-«»«. V£' 99 e CatlishSteaksw ",,,___, it.99 e Cooked Shrimp F'O^,. REASON NO. THREE AH Safeway beef steaTcs, roasts and chops are government graded : USDA CHOICE. Close .'trimmed to remove excess fat and bone so the meat cooks better and gives more to eat for your, money. Meaty and Tender Blade Cuts, Always a Family Favorite! OUR LOW PRICE! Lb. BONELESS CHUCK ROAST 5-Lb.Btx $6.78 Heedless, Pink Mealed 50-60 Count^.- ID. U)*M»I«IMMtf»ft @ ^^ Premium Ground Beef I C * « ·»!*· P°" Genf ei- Cois dlCUK 'JSDAChoiceBeeF^... Safeway Quality end Freshness...Regular Grind, ft Mokes Great Any Size Package Choice Beef left To Broiler Barbeque *, 9R t. *l-*0 MKE PABJS *. 10 Kmrnnv l{} $1.18 PACK $1.48 Bt. 4-7 Quarter Loins DQkin0 HeilS Pound^McnurKouseHens. ^1*^ · H^ ^*yiWl* fk^ff\W\fi jllCed DCfCOn T W oPcumiPkg.|?.C9., 98c o«ififl^ W,y j Pay 48 : m ^ Hunt's Tomato Ketchup In The New Of. Size Easy-Grip Bottle! «*»··»· tvi\ Breakfast Gems Grade 'A' Large! T/ie/re fiesbl Piedmont Brand Dressing Economical end Good Tastsig! INSTANT COFFEE Ma^weJl House. *1.65 DISCOUNT HOME NEEDS REASON Safeway* faaoifo etay a panel whith gives UadXIoadl (·(intent of food in titB can, jar or package! You'H be assored of giving your family \ceH bd auiced meals. THESE IOW PRICES EVERY DAY ' BreaG*o'Chk'--eri., SdewayMouthwosfi lav/ Piifebory, Easy to use! .,, 4-oz. M,.,,,,,..Tin . mm Sweetened Cendensed,,, lM « mM «, Betty Croelcef Selected Varieties f!MQz,]Cocobriut Pecon or Butter Pecort All Purpose Fiour ZowPncedf/5f« WhifeBread Wrighf£^. AppleTurnoverswr^w,, BAKERY TREATS AT DISCOUNT Ub.2-Oz.MT, leaf 3/ C l-lb. 2 BetlyCfwIcerQoality.TM ..... ,,,...,.,..,,,,-..-_, ........ PJtg- . £(^ DesHinlotion DAIRY-DELI FOOD VALUES Longhom Cheese t ChedddrCheese^ZL.... **U» ,tt,«U3 REASON NO. SEVEN NATIONAL BRANDS A big seleclicm of best known brands. You'll find your favorities at moneysaving prices every day of the week at your friendly ·neighborhood Safeway! REASON NO. EIGHT Safeway hran* of perishable carry easy-to-read dates or package. Buy on ·or before dates and you ^re assured of real' addi- ; tional days of fresh quality .'foods. COPyRlOHM960.SAfEWAYST.ORES.INCORK3RAT£B

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