5| ion/lv
%31=J
national
Battalion/Page 9
September-30,1982
enate approves
special tax breaks
:MENI
■OOP*
Ter
! United Press International
| WASHINGTON — The
Senate Finance Committee,
acting just hours after explor
ing ways to simplify the tax
structure, approved more
^ nan a dozen special interest
' " ijp breaks for businesses.
V Early Tuesday, the panel
opened three days of hearings
on the “flat tax” proposal and
other alternatives designed to
improve taxpayer compliance
bv making it easier to file tax
i returns — a crucial element in
a voluntary tax system that has
witnessed a growing trend to
ward evasion over the past de-
:ade.
Later Tuesday, the same
and approved tax changes
hat would benefit a wide vari-
of corporate taxpayers
rom Apple Computer to
eke’s Floating Bait. The
ommittee hopes to bring
ome of them up in the full
enate before Congress leaves
or its election recess at the
nd of the week.
A pure flat tax would eli
minate virtually all deduc
tions, credits and exemptions
—- thus broadening the tax
base and permitting a reduc
tion in the tax rate to the
range of 15 percent to 20 per
cent, with the same rate ap
plied to everyone.
Current tax rates range
from 11 percent to 50 per
cent, depending on income
levels adjusted for myriad ex
emptions, deductions and cre
dits.
“If you’re rich you’ll love it.
If you’re not rich, watch out,”
said the panel’s senior Demo
crat, Sen. Russell Long of
Louisiana, of the flat tax prop
osal.
A new study by Brookings
Institution economist Joseph
Pechman showed a flat tax
effectively would increase
taxes for people with incomes
below $50,000 and lower
taxes for those with incomes
above that level.
Despite its long-range goals
toward simplification, the
committee approved more
than a dozen tax breaks for
business.
One of the committee pro
visions — initiated by Apple
Computer — would allow'
manufacturers to donate
computers to schools, libraries
and museums and take a tax
deduction for up to one-and-
a-half times the cost of the
equipment. A House-passed
bill allows a tax deduction up
to a 200 percent of cost.
Although any computer
company technically would be
eligible for the increased de
duction, few firms have large
inventories like Apple that
would allow them to make the
donations during the limited
time period.
Sen. Lloyd Bensten, D-
Texas, with a keen interest in
giving other firms — like
Texas Instruments — a crack
at the tax break, successfully
negotiated a compromise that
would allow companies to get
slightly less deductions and
donate equipment over a
three-year period.
Specialists hope
to cap gas well
United Press international
SCOTT, La. — Well blowout
specialists today moved a rig off
a blown-out natural gas well
spewing 20 million cubic feet of
gas an hour in southwest
Louisiana and hoped to cap the
well later in the day.
Gas escaping from the well
forced officials to evacuate 250
residents, close three Scott
elementary schools and block
roads in the vicinity of the site.
“The roads are covered with
moisture and a petroleum pro
duct and they are still slippery,”
a state police spokesman said.
Families living within a mile
of the well were evacuated Tues
day, but no injuries were re
ported in the blowout. Residents
occasionally have been allowed
to return home for clothes, but
the area was being tightly con
trolled, officials said.
Blowout specialists from
Gray Wolf Drilling Co. — the
well’s operator — were joined by
other workers trying to cap the
well. Wearing earplugs to block
out noise from the well, they
earings focus on loans
1301 al Texas
nusi satisfi
r respective
aminaliono
United Press International
1 | WASHINGTON — A third
Hearing on the collapse of Penn
lactnWenff Uare focus on pur-
ih-Vm rf^Jpases of Penn Square loans by
(epe)taker-florae of the nation’s largest
tanks, a congressional aide said.
The House Banking and Fi
ance Committee will begin its
lird round of hearings
.dnesdav into the collapse of
CMATH(j9i- lh , oklahoma C i ty bank, said
•———ftjale Lewis, an aide to U.S. Rep.
Fenand St. Germain, D-R.L,
chairmar of the committee.
irtiifiS Ptnn Square was declared in-
rtfaiidaWeiiH solvent Jjly 5 and is now being
be :) P erat:e{ ^y the Federal Deposit
ibepkte Insurance Corp.
a, whidubc) t Levvissaid representatives of
hree ol the country’s largest
^nks wll be questioned about
aling uid impolicies concerning the purch
ase of loans from the Penn
Square.
“W e’re going to look at Con
tinental Illinois, Seattle 1st Na
tional and Michigan National
Bank,” Lewis said.
Before it folded, Penn Square
sold about $2 billion in loans —
most of them energy-related —
to larger banks, a practice
known as “upstreaming.”
Federal officials have esti
mated that more than $200 mil
lion of those loans were worth
less.
Lewis said he couldn’t re
spond to allegations earlier this
week of an FDIC memo that
contained allegations of crimin
al wrong-doing at the bank.
“We are aware of referrals in
that area to the Justice Depart
ment,” he said, “but that’s an
FOR LEASE
WarH^ay
APARTMENTS
1, 2 & 3 bedrooms, 2 swimming pools, shuttle bus,
laundry facilities, security guard. 1600 Southwest Park
way, 693-6540. laetfn
area that is not really in our
jurisdiction.”
Lewis said the possibility for
criminal actions has always been
there, and recalled that an offi
cial from the Comptroller of the
Currency’s office testified last
month at hearings in Oklahoma
City that there had been viola- !
tions of the law.
The FDIC report alleges
fraud and misappr opriation of
funds in the handling of $71
million in loans over a two-year
period before the bank closed.
Bill Price, U.S. attorney in
Oklahoma City, said his office
will investigate any allegations.
“We’re working closely with
the FBI and we will review and
thoroughly investigate any alle
gations about Penn Square Bank
that are received by us,” he said.
Price said his office will decide
whether information should be
forwarded to a grand jury but he
would not speculate on the re
sult of any investigation.
“We’re certainly not going to
be telling people that we’re
issuing indictments by the end
of the year against anybody,” he
said.
, Lewis said this set of hearings
would run for two days, with
Thursday’s session focusing on
money lost by credit unions and
savings and loan companies that
had money on deposit in Penn
Square when the bank col
lapsed.
He also said two key witnesses
who did not testify at the hear
ings in Oklahoma City — former
bank president William P. Jen
nings and Oklahoma City oil
man Robert Hefner III, who
had close ties to the bank — will
testify at later hearings.
Lewis said the date for the
next round of hearings has not
been scheduled.
*
*
*
*
*
*
*
*
*
*
*
*-
*
*
*
4-.
*
*
*
*
*-
*
*
*
NEW CLASSES
Starting
OCTOBER 4 & 5
in College Station
Classes on Mon. & Wed.
Tues. & Thurs.
For more information, cail
4:30-5:15 &
5:30-6:15
10:00-10:45 &
6:00- 6:45
CINDY SOOTER 846-9490
SERVICES
moved equipment away from
the site early today and then re
moved the rig itself.
Officials said there was a fire
danger close to the rig, but no
danger to the surrounding area
and no further evacuations were
anticipated.
Sgt. Dick Ray of the Lafeyette
Parish sheriffs department said
a work crew was drilling the well
when the gas starting coming
up, chasing them from the site.
“They were drilling and itjust
started blowing back through
the casing,” Ray said. “The crew
saw it was going to get away from
them so they got away from the
well.”
Officials turned off electricity
in some areas to prevent sparks
that could ignite the gas at the
site about five miles west of
Lafayette.
“The danger could be that if it
was to catch on fire you could
lose the rig,” Ray said. “Then
come brush fires. But I don’t be
lieve there’s any danger of any
homes burning or anything like
that.”
PRESBYTERIANS
Van to First Presbyterian, Biyan, leaves
COMMONS 8:15
NORTHGATE POST OFFICE 9:20
Church School Teacher: Dr. Murray Milford...
(Best Professor at TAMU)
Dr. Robert Leslie, Pastor U.C.M.
Mike Miller, Campus Paslor 846-1221
ATTENTION
PRE-LAW STUDENTS
going on field trip to U of H Law Day;
payment deadline is
FRIDAY, OCT, 1 5 P M.
in Hillary Jessup's office,
Room #100 Harrington Tower
SWIM PARTY MAPS
May be picked up, also in Hillary Jessup's office,
today and tomorrow.
Service For Ail
Chrysler Corp. Cars
Body Work — Painting
HALSELL MOTOR
COMPANY INC.
1
i:
i
i
i
Dodge Sales and Service Since 1922
1411 Texas Ave '^j£ 3 Jj[| | [^ |
-J*
SPECIAL NOTICE
PICKLEBALL
The up and coming game of 1982!
Learn to play by coming to Room
351, G. Rollie White. Courts are
available today through Thursday
from 6 p.m. to 8:30 p.m. For fur
ther information contact the !m-
Rec Sports Office or phone 845-
7826. See you there!
OFFICIAL NOTICE
directory refund policy
Directory Fees »re refundable in full during
ihe semester in which payment is made.
Thereafter no refunds will be made on cancel
led orders. Directories must be picked up dur
ing the academic year in which they are pub
lished.. I
8167
L ;
PERSONALS
."■■■mnawau—Mtwnr reiiiMan—wpa—
Problem Pregnancy? Free pregnancy test
ing and referrals. (713) 524-0548.”
Current evolutionary theories are
based on the presupposition of the ex
istence of a prebiotic soup some three
to four million years ago. Has it ever
occurred to you that there is no geolog
ical evidence to support this assump
tion? Christian Update Forum is
--toming. 21U
I
I
I
I
1
1
i
I
I
1
I
i
TEACH FOR FUN AND PROFIT!
MSC FREE U NEEDS INSTRUCTORS
FOR SUBJECTS LiKE THESE:
• Foreign Languages
• Backgammon
• Car Maintenance
• Bike Maintenance
• Apt./Dorm Security
• Musical Instruments
\
• Calculator Use
• Plant Care
• Calligraphy
• Meditation
• Massage
• Beg. Jogging
Financial Planning
Computers (anything)
Bridge
General Card Games
Dominoes
Your Specialty
[f you would like to teach for Free U, then please call us at 845-1515 or
come by our cubicle in the Student Programs Office (#216 MSC) by
Friday, Oct. 1.
FREE U NEEDS YOU!
I
1
I
I
I
I
I
‘‘This lively Two Fingers poster -
available in full color - is a great way
to remember that terrific Two Fingers
taste. And...the good times it brings.
To get your autographed copy, send
$ 1.00 (to cover postage and handling)
to: Two Finger Tequila Poster Offer,
P.O. Box 32127, Detroit, Michigan
48232. Please include your printed
name and address.
Don’t forget. When you want to add
to your good times ...
is all it takes.