Wednesday, November 15. 1972
University Daily Kansan
3
CommitteeBucks Docking Tax Bill
TOPEKA (AP)—A Republican- dominated special legislative committee took a position Tuesday in direct opposition to Democratic Gov. Robert Docking on the disallowance of federal income taxes as a tax on corporate corporations for corporations and financial institutions.
The committee risked further conflict with the governor by recommending continuation of only portions of the tax law lid drawn down strong backing from the governor.
The committee recommended use of statewide income and sales taxes as alternative sources of revenue for local governments and revision of the constitutional "uniform and equal" provision to ensure assessment and taxation of property.
The decisions were made by the special Assessment and Taxation Committee headed by a "bame duck" legislator, Sen. Frank Hodge, R-Hutchinson.
HODGE WAS defeated by a Democrat in his bid for re-election last week.
The 1972 legislature enacted the federal income tax disallowance law, which was recommended strongly by Docking, for only one year.
Docking has recommended that the measure be made permanent.
Under the law, corporations and financial institutions cannot deduct their federal income tax from their total income before commuting their state income tax.
Docking says 35 states use the
"THIS IS revenue sharing on the part of the federal government by state action," said Clinton.
disallowance provision. He contends the disprovision increases the total tax of Kansas corporations and financial institutions very little, but increases the state's share of the total tax figure while reducing the portion going to the federal government.
The committee recommended that an additional sales tax of $ \frac{1}{2} $ of one per cent be imposed statewide with the revenue allocated to cities and counties, and that an additional state income tax be imposed. The revenue the tax produces would be returned to local school districts as part of the local solution for financing operation of schools.
"It is a tax increase," Bennett said.
He said that on the basis of current revenue estimates, he would need to extend the disallowance because the additional revenue is not needed.
"It is a tax increase." Bennett said.
Sen. Robert Bennett, R-Prairie Village,
candidate for the top Republican leadership
post in the state Senate and a member of the
state Republican caucus, said that disallowance is a "tax reform."
THE COMMITTEE did not specify how the additional sales tax money would be allocated, or at what rate the additional income tax would be levied.
The proposed taxes would replace present "local option" legislation giving local units the option of adopting local sales or income taxes.
North Vietnam Continues Build-Up Despite Bombing
SAIGON (AP) — Despite heightened hopes of peace, North Vietnam still is pushing fresh war material into the South, and the U.S. Command announced Tuesday that American planes kept up a heavy pounding of the enemy's main supply routes.
"There is no sign that the Communists are withdrawing troops from South Vietnam prior to any possible peace talks," said a Saigon command spokesman.
"On the contrary, they are sending in fresh supplies which have enabled them to step up artillery attacks against our troops."
Monday, for the second day since Oct. 22, when bombing was restricted to below the 20th Parallel because of peace talks, U.S. warplanes mounted more than 220 tactical strikes against targets in North Vietnam, the U.S. Command said. The parallel is 75 miles of Hanoi and about 240 miles north of the militarized zone separating the Vietnams;
The strikes are designed to blunt the enemy buildin.
Monday just south of the demilitarized zone in Quang Tri Province.
Another 171 missions were flown by Air Force, Navy and Marine fighter-bombers
Targets reported destroyed or damaged north and south of the DMZ included trucks, warehouses, river boats, railroad cars, a locomotive and rail and road bridges.
BS2 Stratofortresses bombed enemy supply caches and troop concentrations in all four countries of Indochina. The bombers struck deeper into North Vietnam than at any time since last April, attacking stockpiles 58 miles below the 20th Parallel.
The U.S. Command announced about 30 BS2s hammered the southern and central regions of North Vietnam, dropping up to 1,000 tons of bombs on routes leading from the ports of Thanh Hoa, Hai and Dong Hoi. The US military BS2 strikes in the same region Sunday.
In a protest against what it called "savage U.S. air attacks," Hanol's Vietnam news agency claimed a number of civilians were killed and wounded and close to 100 homes destroyed as a result of "carpet bombing."
The U.S. 7th Fleet reported an A7 Corairi jet went down in the Gulf of Tonkin as a result of a hydraulic failure during a mission over North Vietnam on Saturday.
NEW YORK (AP)--For the first time in its 44-year history the Dow Jones average of 30 industrial stocks. Wall Street's most powerful stocks, including Tuesday above the 1,000 mark.
By MILES A. SMITH AP Business Writer
The figure was 1,003.15, a gain of 6.09
points for the day. On Monday the average
set an all-time closing high of 997.07, which
broke last Friday's closing record of 995.26,
which in turn, had topped the 995.15
recorded on Feb. 9, 1996.
On the floor of the New York Stock Exchange, traders began cheering when the NYSE ticker reported a minute before the close that the Dow still was above 1.000.
Dow Jones Tops 1,000 Amid Brokers' Cheers
"That old magic 1,000 is finally here," exclaimed Ralph Acamora, analyst for Harris, Upham & Co. "This is the greatest day in history."
Peron Back In Europe For Peace
ROME (AP)—Juan D. Peron arrived in Rome Tuesday and said he was returning home after 17 years in exile, to see if I can be called his people "traditionally rebellious."
In an interview with Italian television, the former dictator said: "I think this mission of pacification can be successful . . . I don't know what I'll do, but I'll do everything I can to quiet down the people, mainly those who live in line with my indications, the Peronists."
Peron said Argentina was going through "a difficult moment," adding, "There are many dangers. It is hard to find an agreement even on the political elections. The political parties and the armed forces have their own internal conflicts."
Shortly after arrival Peron met with Premier Giulio Andretti.
Peron, now 77, and his third wife, Isabel Martinez, cheer in deluxe new hotel patio at the Waldorf Astoria.
Peron and about 120 aides and Friends are scheduled to leave for Buenos Aires aboard the ship.
Peron, who ruled Argentina for nine years before being卸职 by the military in 1955, was a key figure in the country's development.
Looking robust and healthy, the former instructor has greeted a small bread breaker by greeting her with supporters and Giancarlo Valori, his close friend and head of the Italian radio and television station.
The Argentine Embassy in Rome asked the Italian Foreign Ministry to investigate how the state-owned television system became involved in Peron's Rome stopover.
Peron met with Andretti in the premier's private office and is reported to be seeking a meeting with President Giovanni Leone and an audience with Pope Paul VI.
McGovern Advises Slow Change
Indirectly, he seemed to be inviting at least some of the Democrats who supported President Nixon to shift to the Republican party.
CHARLOTTE AMALIE, Virgin Islaan (AP) - George McGovern Tuesday courted against hasty action to remove the Democratic party from office. The Democratic party is an unnatural, unstable coalition, and the country would benefit if the presidency leads to broad party rivalry.
In a news conference Tuesday, McGovern advised the Democratic National Committee to go slowly in removing Jean Westwood from the DNC chairmanship in which he placed her after his nomination last summer.
He urged caution also in abolishing any of the party's new procedural reforms, of which he was a key member.
Mrs. Westwood has said she will not resign and will fight any effort to out her at a hearing.
Meeting in Washington Monday, the Executive Committee of the Democratic Governors Caucus called on Mrs. Westwood to resign to help give the party a new sense of direction after its shattering defeat in the presidential election.
McGovern said any change in DNG leadership should wait until 1973.
He said he envisions the possibility of the company being enlarged by new JNC leadership.
"That's why I'd want to move with caution and any change right now," McMahon said.
"There was a certain group that never accepted the reforms—Meany and Barkan. . . and I suppose Connally would be included in it." McGwarn said.
"I've thought for a long time there was an unnatural coalition in the Democratic Party, and I must maintain. In some way can be found to secure that natural alignment it would be a good thing."
He referred to the AFL-CIO president, George Meany, his chief political lieutenant, Alan Mann, and to John Corbin, former Texas governor who headed Democrats for Nixon.
He said he would not artificially promote shifts from Republicans to Democrats and vice versa "but if there is a natural realignment to parties that develops out of what happened this year, it would be good for the country."
"I don't want to see that element come to the fore in the Democrat party," McGregor said.
Speaking of political alignments, the South Dakota senator said:
COSTA GAVRAS who gave us "Z" and "THE CONFESSION" now gives us
SHOCK TROOPS
Woodruff 75°
SUa> Classical Films
Nov.15
75°
7:30 & 9:15
"What now? " asked analyst Robert Johnson of Paine, Webber, Jackson & Campbell.
MgoVern said he is not inviting anyone to leave the Democratic party "but if they feel more at home with the kind of policies the Nixon administration is pursuing, that doesn't mean the Democratic party ought to them its soul or philosophy to recapture them."
"Do investors who have been waiting for this historic level start taking profits by selling off," he said, "or does it increase revenue? Are investors, and I'd like to meet the chan who does."
McGovern said he doubts that any Democrat could have won the presidency this year without the support of Alabama Gov. George Wallace.
The push to the top had been going on since mid-October, when the index stood at 87.6%.
or Nova in November Double Rock Blackwater
May the Oxcart Bring It Back to You
The general consensus of brokers and analysts was that the upswing was fueled by rising hopes for peace in Vietnam, President Nixon's re-election and favorable economic statistics—including third-quarter corporate earnings reports, which gained an average of about 18 per cent over 1971's third quarter.
CELEBRATION
AT BIG SUR
COLOR OF LUXE
More broadly based market indicators have been anticipating the Dow's feat by trading on Monday.
The New York Stock Exchange's index of more than 1,400 common Stocks hit 62.52 on Nov. 3 and cracked through that top Tuesday by gaining 54 to 62.94.
Standard & Poor's index of 900 stocks, 22 and 52, and broke it by closing at -3.8%.
WITH Joan Baez, Crosby, Stills, Nash & Young,
Joni Mitchell, John Sebastian
Wed., Thurs., Fri., Sat. November 15-18
Fri. Sat. November 15-18
at 9 p.m. But Manila event is on Friday
But May We Suggest The Following:
Advance Tickets $1.75
The American Stock Exchange's all-time close high was $33.25 on Dec. 16, 1968 (price shown at time of publication).
Advance Tickets ... $1.75
(2.00 at door)
25c Discount Coupon to Chicken Dinner at the WESTERN CAFE
125 Discount Coupon on Pitcher to Beer 'n Boogie
JOHN HART'S BILLIARDS
7 p.m. & intermission
One next to the Other
Onward to Oyster Bar
See You Then and There in OSKALOOSA 20 Minutes North on
Budget Tapes & Records
Discount Tapes & Tapes
Hodge Podge
Lenny Zero's
MAMA MIA! THIS IS A GOOD DEAL
TRANSCENDENTAL MEDITATION
Transcendental Meditation is a spontaneous technique which allows each individual to use his mind more fully and to improve his life. It encourages active searchers to find that during meditation person attains a state of physical rest twice as deep as deep sleep and at the same time greater awareness and creativity. The technique develops creative intelligence and improves the clarity of the thinking process. On the basis of using the mind more fully an individual can achieve greater efficiency in daily activity. The unique since it is completely effortless—involving no concentration or contemplation, no suggestion or control. It doesn't involve any experience. The technique is easily learned by anyone.
Introductory Lecture Wed., Nov. 15, 1972
as taught by Maharishi Mahesh Yogi
7 p.m.
CURRY ROOM of the Kansas Union
Use Kansan Classifieds
TONIGHT
As You Dance to the Jethro Tull Sound of
RED DOG INN
642 Mass. 842-4950