Senate ends tax debate
(Continued from page 1)
port from wavering opponents. The Dole amendment would exempt the intangible drilling expenses of oil firms from a 5 per cent tax included in the proposed tax reform bill. The 5 per cent figure covers income not otherwise taxed—"loophole income," according to some senators.
Dole said his oil amendment was needed to encourage exploration for oil and natural gas "to meet the rapidly growing demand."
But Sen. Thomas J. McIntyre, D-N.H., said, "hearing about the oil industry's problems, sometimes I want to pass the hat for them."
"Intangible drillings," a tax term, lets an oilman deduct from his taxes in one year all his drilling cost even though the well
Weather
Partly cloudy with westerly winds 10 to 15 miles per hour today. Clear to partly cloudy tonight and Friday.
may produce oil for many years. Other industries must deduct comparable costs gradually, denying them a one-year tax windfall.
In other developments as the Senate tried to complete action on its massive tax reform bill and send it off to a House-Senate conference committee for reconciliation with a tougher reform bill passed by the House:
The Senate accepted, 72 to 11, an amendment by Sen. Jack Miller, R-Iowa, changing the formula under which the "minimum income tax" is computed. Under the bill, a 5 per cent tax would have been applied on all tax-sheltered income—which receives preferential tax treatment, such as the income which benefits from the oil depletion allowance.
Under the Miller formula, the taxpayer would pay a 10 per cent "minimum income tax" only on that portion of his tax-sheltered income which exceeds the taxes he pays on his taxable income. As an example, if a person had $100,000 sheltered, not subject to any levy but paid $40,000 in taxes on other income, he would have to pay 10 per cent on $60,-000
The practical effect is to make the "minimum income tax" ap-
Agnew blames lengthy education for unrest
PIKESVILLE, Md. (UPI) Vice-President Spiro T. Agnew suggested Wednesday night curtailment of the lengthy college education process which he largely blamed for today's student frustration and unrest.
The frustration of many American youngsters stems from "being held apart from responsibility" by an increasingly long educational cycle which limits them to academic communities, Agnew said.
While about 300 demonstrators picketed in a steady downpour outside, Agnew told a Greek-American dinner in his native Baltimore County that the alienation of many young people was caused "not by our hypocrisy or racism or the war in Vietnam but by our best intentions and inappropriate institutions."
Educational systems today have stretched youthful dependency a full 10 years past adolescence, he said, and inadvertently delayed
the student generation's right to take part in society as adults.
Agnew, who stirred considerable controversy in earlier speeches criticizing student protesters, expressed some sympathy for the frustrations of those on campuses.
"While the age of physical maturity has declined, we have confined a generation on campuses at a point in life when their fathers and grandfathers were supporting households," he said.
While calling for a "revolutionary look at our institutions of education," Agnew said there was little point in attempting change as long as businessmen continue to regard academic degrees as the key to better jobs and parents consider them "symbols of their parental success."
ply to fewer persons. Some high-salaried corporation executives would escape it altogether unless their tax sheltered income was twice as large as their taxable income.
16 KANSAN Dec. 11 1969
He said the federal government should question whether some programs, such as the Peace Corps, discriminate against the working young and whether government regulations prolong a young person's dependence through age limitations and restrictive apprenticeship programs.
The Senate voted 69 to 24 to weaken the bill's tighter depreciation provisions for real estate. Finance Committee Chairman Russell B. Long, D-La., said the "major loophole" preserved by the vote would save the industry $140 million in additional taxes while doing "nothing to help new housing."
By a vote of 66 to 25, the Senate rejected an amendment offered by Sen. Eugene J. McCarthy, D-Minn., under which a single person would pay no more in taxes than married persons who file joint returns. His proposal would have cost the government $1.6 billion a year.
The Senate bill already provided a $400 million-a-year tax break for unmarried people but does not go ar far as McCarthy's. The bill provides that no single person would have to pay taxes more than 20 per cent higher than those paid by married people with the same amount of income. Under present laws, the gap is as much as 40 per cent in the higher brackets.
On another front in the Senate's long tax battle, Sen. Albert E. Gore, D-Tenn., author of the proposal to raise the $600 income tax personal exemption to $800, challenged Vice President Spiro T. Agnew to debate the issue with him. He accused Agnew of supporting "a rich man's tax bill."
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