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
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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
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