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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Feb. 22, 1980)
nation THE BATTALION FRIDAY, FEBRUARY 22, 1980 Page 7 60% of For personal. windfall tax ear marked business tax cuts , " TT!?! ft id L t United Press International *^1 WASHINGTON — House and Senate negotiators have earmarked $136 billion of th $227.3 billion oil windfall profits tax for individual and corporate tax cuts and doubled tax exemptions for small savers. I The negotiators, nearing comple tion of their efforts to resolve differ ences between the House and Sen ate windfall profits tax bills, were ex- , pected to decide today the fate of numerous tax credits and technical issues concerning independent pro ducers. By voice vote Wednesday, the negotiators agreed to make 60 per cent — $ 136 billion — of the windfall profits tax revenues available for tax cuts. The action would simply make the funds available for tax cuts. Other legislation would have to be passed to put them into effect. Also approved Wednesday was a plan by Sen. Lloyd Bentsen, D- Texas, to exclude from the federal income tax $201 of combined in terest and dividends for individuals, and $400 for married couples filing joint returns. The exemption would ’ill be intk. 3 p.m o by Lynn Mira Kelly quits House group be effective for two years starting in January 1981, and would cost the Treasury an estimated $4.3 billion. Under present law, only $100 in dividends for individuals — $200 for married couples filing jointly — can be excluded. Interest income is not exempt. Bentsen said the higher exemp tion would boost savings and invest ment. But Rep. Fortney “Pete” Stark, D-Calif., said it benefits rich people, and “does nothing for small savers, will widen the deficit, and increase inflation.” The negotiators avoided the poli tically sensitve question of how to divide the tax cuts between indi viduals and businessmen, leaving it to be decided later in other legisla tion. But Rep. Charles Vanik, D-Ohio, said individuals should get all the tax cuts “because the corporate sector is simply passing on its higher energy costs entirely to consumers.” The negotiators also agreed that 25 percent of the windfall revenues — $57 billion — should be used to help lower income households offset their rising energy bills, and 15 percent — $34 billion — for energy and trans portation programs. To use 60 percent of the windfall revenues for tax cut purposes, the negotiators slashed 5 percent from transportation and energy programs. ★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★ IlfK I. JL V/U United Press International WASHINGTON — Rep. Richard W Kelly of Florida, the only Republican implicated in the FBI’s “Abscam ffibery investigation, Thursday res igned from the House Republican Conference to head off an expected irote by 159 GOP colleagues to expel mbled Os him from the group. :ed the eskfe Kelly, a third-term House mem ber, also agreed not to accept any joined effe more party congressional funds for (burned frt his re-election campaign because of citing a sencpfi admitted acceptance of a $25,000 ons that hac undercover bribe. ;andotherisr'“Mr. Kelly resigned because he rs. wanted to save the Republican Party he was no from taking an action he felt would ’ buried ii not be appropriate, ” House Republi- Id s. He sa can leader John Rhodes of Arizona ion was req! told reporters after a two-hour closed tionhascor conference meeting, nable doubts® He did it in good spirit and with a itity ofthei great deal of aplomb, Rhodes said of die former Florida state judge and ion is cor assistant prosecutor, ime reportresfcKelly is one of seven House mem- ■e the Selectibers and one senator implicated, ;in nation of tbe Abscam — or Arab Scam — an inves- ntatives 1&-tigation involving FBI undercover ty of Lee H.agents offering bribes to public offi- dered in greal able doubtoff as the comm? 4 ” he said. . ^ ^ >unty district® W ;r Thursday s#| * ;re if the ecL' ■d. That stated reports that D-' ^ • about to Jt|| lation request United Press International greed with the- WASHINGTON — Sen. Lloyd committeeainlentsen, D-Texas, called on Presi- s to study then lent Carter Thursday to discuss inicated wiways to stimulate U.S. trade. He said ,ed examinett ifferwards “the Japanese are beating ire the report :he pants off of us. ” Bentsen reported to Carter on his Tip to the Philippines, Hong Kong, Taiwan, and South Korea. The Texas senator said that there lOuld be a “code of ethics” for trad- cials while disguised as representa tives of wealthy Arabs willing to buy influence. Rhodes said Kelly s defense speech gained him favor among some GOP members despite the widespread skepticism over his ex planation — that he accepted the FBI’s undercover bribe to further a secret investigation he was making. House Speaker Thomas O’Neill, D-Mass., attacked the Republicans for making what he called a prema ture move against Kelly. O’Neill said the Republicans had forgotten due process of law in taking action against Kelly, and that Demo crats would take no such action be cause none of the six House mem bers implicated in the probe has even been charged. “Their leadership just dies when (they are pushed by) a few of those kids with bright ideas, who don’t know about due process,” said °> Jei11 - >, , , ,, :r But Rhodes said W^yjpgsd^y, “\\(e. took the action because the congress- man has admitted he received funds.” * * if * * * if * if * if if if if if if if if if if if if if .&MSC AGGIE CINEMAmmm^ J *•••• ^ MANOR EAST 3 MANOR EAST MALL 823-8300 2000 E. 29th SKYWAY TWIN 822-3300 EAST AL PACINO IN AND JUSTICE FOR ALL ALSO MIDNIGHT EXPRESS WEST THE ROSE and A PERFECT COUPLE ★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★ Nothing can stop this wedding...except love. A COLUMBIA PICTURES RELEASE ARNOLD KOPELSON PRESENTS GARY BUSHY AMNETTE O’TOOLE FOOUN AROUND vtn.v EDDIE ALBEHTjsp^i bvTONY RANDALL CLORIS LEACH MAN as Samantha Carlson Associate Producer DEBORAH CASTLE Musk by CHARLES BERNSTEIN Screenplay by MICHAEL KANE and DAVID SWIFT Story by DAVID SWIFT Produced by ARNOLD KOPELSON I PGl PARENTAL GUIDANCE SUGGESTED by RICHARD T HEFFRON Columbia © 1980 COLUMBIA PICTURES INDUSTRIES. INC Picture* SOME MATERIAL h trade needs stimulation,* Bentsen tells Carter I ing nations. On another subject, Bentsen said that he believes that Treasury Sec retary William Miller “didn’t know whr l was going on” when he headed Textron Inc. because “there is a lot of autonomy among its subsidiaries.” Textron has been accused of mak ing payoffs to foreign countries and of spending heavily for entertainment of Pentagon officials. ‘AUDIENCES WILL SIMPLY CHERISH ‘BREAKING AWAY.’ The pleasures of this warm, funny movie extend well beyond the plot...with a tart affection and a truthfulness that are very refreshing." Richard Schickel, TIME MAGAZINE “Fast, funny and very fresh...superb performances.” Charles Michener NEWSWEEK FRIDAY Feb. 22 7:30 & 9:45 pm AUD SAT. Feb. 23 7:30-Thea. $1.25 with TAMU I.D. Win a 10-Speed Bike From Whites Auto Store Register at any Showing of BREAKING AWAY BREAKING AWAY You must present a ticket to register PG Jf Jf if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if if ••• if ★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★-* —••Jr • •••# ^ ***** MT •••*• ••*•• Jr ■ •••• ^ •••*• Jr *•••• sL. -*•• Ii ■ ■••• Jfr- ••••# -sL, ••*•• n *•••• ^ ..••• TI **••• *•••• ^ THE ELECTRIC HORSEMAN © 1979 Columbia Pictures inao*tf»#s <ni jn.versei City Siu<3*o% me An Rights R«verveo 7:10 9:35 7:15 9:45 »••• DUSTIN HOFFMAN Kramer Kramer 7:25 9:40 [PGl 7» COLUM«IA PtCTUMf S INOUSTPMCS. INC FRI. & SAT. FEB. 22 & 23 THESE ARE THE ARMIES OF THE NIGHT. MIDNIGHT THEATER $1.25 with TAMU ID Paramount Pictures Presents A Lawrence Gordon Production "THE WARRIORS’ Executive Producer Frank Marshall Based Upon the Novel by Sd Yurick Screenplay by David Shaber and Whiter Hill Produced by Lawrence Gordon PpH Dieted by Whiter Hill JOHN BELUSHI S STILL SINGING THE BLUES. TALIA SHIRE S STILL CARRYING A TORCH - BUT THIS TIME HE S THE ONE WHO IS GOING TO GET \ BURNED. OLD BOYFRIENDS’ ^27AVCO EMBASSY PICTURES Release 1979 AVCO EMBASSY PICTURES CORP ‘ao&LRJ SUNDAY FEB.24 7:30 — Theater:; • • ADVANCE TICKETS AVAILABLE MSC BOX OFFICE MONDAY FRIDAY 9am - 4pm TICKETS ALSO AVAILABLE 45 min. before showtime •••••••••••••••••••••••••• *•••# >•••• *•••• >•••• ••••• **••• ••••# *•••# *•••• >•••• *•••• >•••• *•••• »•••• *•••• ••••# ••••# ••••• »••• *•••• —••• ••••# *•••• ••••# ••••# *•••• *•••• *•••• *•••• *•••• *•••• *•••• ••••• •••• • •• •••••# **•••• *••••• —••• *••••• •••••• -•••• :::X MANOR EAST 3 MANOR EAST MALL MIDNIGHT MOVIES FRIDAY AND SATURDAY The sights and sounds of the ’60’s. There were bittersweet times... There were crazy times... ...and it was all unforgettable. PAUL LE MAT CINDY WILLIAMS CANDY CLARK CHARLES MARTIN SMITH MACKENZIE PHILUPS BO HOPKINS and RON HOWARD ALUCASfllMUD PRODUCTION "MORE AMERICAN GRAFFITI" ; B. W. L. NORTON GEORGE IUCAS onaGLORIAKAR &WIIIARD huvCk ‘"~’ C S HOWARD KAZANJIAN oo^°i GEORGE LUCAS " MBEHTAL GUOAN DOLBY STEREO HELD OVER FOR SECOND BIG WEEK * -K -K -K -K * * * * * * * ■K -K ¥■ -K -K 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c -4c 4c 4c 4c 4c >■ 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c 4c “Unequivocally the most terrifying movie I’ve ever seen.’ — U I KK I) \ Kh M.iga WHEN A STRANGER CALLS A C olumhi.i Piet tires Release mi '4c 4c