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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Sept. 9, 1976)
M Gramm on feds: THE BATTALION THURSDAY, SEPTEMBER 9, Page 5 ‘Government largest monopoly’ SPOKANE, WASH. — The logi- il place to begin the break-up of onopolies in the American conomy is with the divestiture of ie federal government, not the oil industry. Dr. Philip Gramm, Texas A&M University economics profes sor, observed in an address before the Pacific Coast Gas Association. Calling the federal government the largest monopoly in the Ameri- 1 can economy, Gramm proposed that those concerned about monopoly power concentrate their efforts on reducing the federal bureaucracy by Agreement near on tax bill Associated Press WASHINGTON — Senate- louse conferees neared agreement Vednesday on a bill to extend last ears tax cuts through 1977, simplify ax returns and raise taxes on high- ocome investors. Moving toward a final vote, the »nferees tossed out most of the ouse-approved provisions iliminating tax shelters for the weal thy and substituting milder cutbacks itten by the Senate. The net effect of the bill would be quadruple the government’s tax laliefrom investors earning $50,000 or more who rely on large deduc tions to cut their taxes. The most expensive part of the bill sa $15-billion-a-year individual tax iU U.S. aid to Texas below average ting butes to ding bo bout idobla ooknul to Coa lutivei ;si e | sterdi; ;xists,i ng to m pro/ff lay,” b* shed» iblingii duledli ctober cut, originally approved last year as a recession-fighting measure. The bill would extend the cut through all of 1977. Without the extension, the tax on a typical family of four earning | $15,000 annually would rise by $180 a year. The tax cuts are worth $182 a year to a single person earning $8,000. j They are worth $204 for a couple j making $10,000 and $445 for a family ^ of four earning $6,000. Some liberals contend the bill gives away too much to investors and businesses. President Ford objects to some of the more than 250 pro- j visions. Nevertheless, the measure is expected to become law. There was little controversy about a number of provisions that would result in tax benefits for ordinary taxpayers: Liberalization of the tax credit for child-care expenses, simplification and liberalization of the credit for retired Americans and overhaul of the tax-filing process. Two other provisions — allowing credits for parents of college stu dents and for homeowners who insu late their homes — were dropped at the insistence of House conferees. The item most vigorously opposed by the Ford administration would cut off millions of dollars in tax bene fits for companies that honor the Arab boycott of Israel and of Ameri can Jews. The administration says that would hamper U.S. efforts to obtain peace in the Middle East. Associated Press AUSTIN — Texas gets back in federal aid 82 cents out of every $1 its ( citizens pay in federal income taxes, a state comptroller’s report said yes terday. Comptroller Bob Bullock’s plan ning and research division reported, however, that although Texas ranked fifth in total federal aid in fiscal 1975 — $2.2 billion — it ranked 47th in per capita receipts. The $179.79 per capita aid in Texas was 23 per cent below the na tional average of $233.31. The report noted that one reason Texas gets less, on a per capita basis, than other states is that it has the “fifth lowest tax effort in the nation,” which influ ences general revenue sharing. Another reason, the report said, is that “its untapped tax sources, like the individual and corporate income taxes give it (Texas) a high fiscal Man indicted, held in death Associated Press CORPUS CHRISTI, Tex. — Police in Grand Junction, Colo, have arrested a man indicted yesterday by a Nueces County grand jury in con- (tection with (he s/aying of mil- isstrairte iVandy YarentVvoVd m 1972. Authorities said Bruce Bass III, originally of Corpus Christi, waived extradition following his arrest. The 31-year old Bass had been living in Grand Junction since June. The grand jury was to have ended its studies in July, but was granted a 30-day extension when it told Dis trict Court Judge Noah Kennedy that it wanted to continue its session. The Corpus Christi Caller-Times said it learned that the grand jury subpoenaed two men who have been questioned m the past about the Farenthbld slaying. Farenthold was a sportsman who had inherited wealth from farms and oil. In June, 1972, his body was dis covered in the surf of Mustang Is land. It was bound and chained and weighted with a cement block. capacity,” which also has a negative effect on federal aid. The report said that according to federal budget estimates, federal aid to Texas probably will increase to $2.6 billion in fiscal 1976 and to $2.7 billion in 1977. This would be a 20 per increase for 1976 and slightly over 1 per cent for 1977. “Congress is paying stricter atten tion to federal aid programs which have exhibited large growths in the past five years, and it may hold many of them to present funding levels,” the report said. “Hence, state and local governments, faced with the increasing demands for public serv ices and the growing costs of provid ing these services, may be unable to secure additional federal funds to fi nance such programs.” To assist Texas governments in handling federal funds, the planning and research division said it would investigate such issues as block grants, federal aid to state agencies and higher education and the “im pact of federal matching require ments on state appropriations.” passing power back to state and local governments. Gramm said Thursday that there are over 10,000 companies compet ing in oil and gas exploration and production, with the top four firms producing only 31 per cent of total output. “Exxon, the largest oil company,” Gramm noted, “produces only 11 percent of total output.” Calling refinery operations the most concentrated part of the oil business, Gramm said there are still 131 companies engaged in the re finement of crude petroleum and that no single company controlled more than nine per cent of the mar ket. “With 15,000 wholesalers and 300,000 retailers, it is very difficult to argue on the basis of fact that the oil industry is concentrated,” Gramm said. “In fact, the oil indus try is becoming less concentrated as indicated by the fact that in 1967 independent brand gasolines con trolled only 19 per cent of the total market and by 1975 they controlled 31 per cent. Gramm concluded by calling di vestiture another step by govern ment which will enhance the power of the federal bureaucracy, destroy economic efficiency and drive up prices to the American consumer. CORRECTION Wednesday, September 8, ad SHOULD HAVE READ: NOT BUDWEISER AS ADVERTISED EARN EXTRA CASH As A Blood Plasma Donor At Plasma Products Inc. 313-C College Main Relax or Study in our Comfortable Beds While You Donate — Great Atmosphere — Trained Professional Help on Hand at all Times Hours 9:30 to 6:00 Call For More Information 846-4611 ily ’ licy if ' taxi! | eral in- ig win- lid f|» ifesfif ifry if j event 1 “tie xrofes- id M jer' flCHflRIflS greenhouse AND GAME PARLOR HAPPY HOUR 4-7 1201 HWY. 30 BRIARW00D APTS. GREETINGS HAVE DESSERT ON VS Try The Best Ice Cream in Town Present This Coupon or A Texas A&M I.D. 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Return completed coupon and information card to: Special Campus Offer P.O.Box 1210 Richardson, Texas 75080 Name Address City State Zip University Name of SR-56 Retailer SR-56 Serial No. (from back of calculator) Please allow 30 days for rebate "Suggested retail price. © 1976 Texas Instruments Incorporated Texas Instruments i nCORPORATEd