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Donald Regan U.S. Aid 1 Counters poUiT.''"''.' 1 -ti?'' ■ J 24 - THE HERALD, Sat.. Oct 10. 1981 Donald Regan Coventry woman's stage lives... page Treasury secretary is selling Reagonomics to business By Mary Beth Franklin balanced by the end of fiscal 1984 when increased ■If?"', Manchester, Conn. UPl Reporter military spending w ill be in full swing and individual tax Cold tonight; “Business has been asking, rates w ill be cut permanently by being “ indexed” to the Mon., Oct. 12, 1981 WASHINGTON — Treasury Secretary Donald Regan, rate of inflation. sunny Tuesday who President Reagan jokingly calls “ cousin" because screaming, yelling ‘set ns free ANNOYED BY THE economic “ nay-sayers,” Regan 25 Cents — see page 2 of the similarities of their names, is a man accustomed from high taxes fo r years. We’ve snorted, “ Whenever one of those gurus say something, to winning. it’s like it’s written in stone... Well, we have as much Mpralb When the chances of passing the president's mam­ done it. Notv, where’s their chance of being'right as they do.” moth tax cut bill before the congressional August recess response? Regan is an aggressive man. Patience is not high on grew dim, Regan told an aide flatly, "I don’t lose." — Donald Regan his list of virtues. Then, the man who initially was considered the most He said he likes his job, but it is far from fun. The politically naive of Reagan's Cabinet proceeded to put cumbersome process of government is the most together the crucial compromises that ted to final frustrating part. “ I could turn this economy around if passage of the biggest tax cut in history. Although the president has pledged to balance the they would just let me.” Now that the tax cut fight is over. Regan is being budget in fiscal 1984, Regan indicated the country can But public service is something Regan promised called upon by the White House to convince his former himself he would do in thanks to the system that per­ U.S. aid 1 maintain a small deficit and still bring inflation and in­ business colleagues that the combination of budget cuts terest rates down if the pool of personal savings is mitted him to make his millions. He is a firm believer in and tax cuts will get the economy going again — if capitalism and proud of it. larger. business does its part. Regan reasons that a larger pool of savings w ill in­ Regan’s biography reads like a Horatio Alger story. SO THE EORMER chairman of Merrill Lynch and crease the supply of money to lend investors and in­ He lived the American dream, rising from modest Co. has been making trips to encourage business to start beginnings as the son of a New England railroad man to terest rates should decline as a result. I frsj taking advantage of the new tax cuts. He told the 800 people who paid $150-a-plate at the an­ a half-a-million a year executive. counters “ Business has been asking, screaming, yelling ‘set us nual Chicago Civic Federation dinner that as interest HE LANDED a scholarship to Harvard, supplemen­ free' from high taxes for years,” Regan said in an in- rates decline, business will be in a better position to in­ ting his income from a Boston sightseeing business he tereview with United Press International. “ W e’ve done crease investment, taking advantage of the new tax in­ started. His eye for detail is apparent to this day. it. Now, where’s their response?" centives in the process. After graduating from Harvard with a B.A. in English The tax cut program — which will cost the govern­ HE ARG UED it is too soon to say the economic- in 1940, Regan joined the Marine Corps and was a lieute­ ment about $750 billion in lost revenue over the next five program is a failure since the budget cuts and tax cuts nant colonel when mustered out at the end of World War years — estabiishes a generous, depreciation schedule haven’t taken effect yet — a theme that Republican con­ II- for business investments, creates tax breaks for small gressional leaders, other Cabinet members and the He joined M errill Lynch in 1946 as an account business, encourages research and development, and president himself have taken up in recent days. executive trainee and later worked as an account allows successful firms to lower their tax liability by CAIRO, Egypt (UPI) — U.S. teams negotiated in­ Despite the retroactive date of the new, generous executive in Washington. In 1952, he was named gobbling up less profitible companies and taking advan­ manager of the Trading Department in New York and ’ creased arms supplies for Egypt and neighboring Sudan business tax cuts to Jan. 1 of this year and the reduction today to counter threats from Libyan leader Moammar tage of their unused tax credits. in the capital gains tax from 28 percent to 20 percent was named a general partner in the firm in 1954. Leaving Washington before dawn recently, the 62- Khadafy and the Egyptians accus^ Moscow of trying to that took effect June 10, Regan claims it is the in­ From 1955 until 19W, Regan was manager of the year-old Regan and a handful of aides flew to Holland, impose its Influence over the Middle East. dividual tax rate cuts and savings incentives that will be Merrill Lynch office in Philadelphia, returning to New Mich., for a breakfast speech to the local Chamber of York as director of the Administrative Division. In 1964, 'The moves came as Egypt’s 11,889,(W0 registered the answer to lower interest rates and increased Herald photos by Tarquinio Commerce. he was elected executive vice president of Merrill, voters prepared to vote in a referendum Tuesday to en­ business investment. dorse Vice president Hosni Mubarak as the new presi­ Rep. Guy Vander Jagt, R-Mich.. was also aboard the Lynch, Pierce, Fenner S t Smith. He became president in The first stage of the 33 month, 25 percent across- dent to succeed the assassinated Anwar Sadat. Jumbo jack-o-lanterns tiny government plane. Vander Jagt, a member of the 1968 and was elected chairman and chief executive of­ theboard tax cuts, which will amount to only a 1.25 per­ Mubarak, 53, hand-picked by Sadat in 1975 to assume taxwriting Ways and Means Committee and a loyal ficer in 1971. He also assumed those positions in the UPI photo cent tax cut this year, took effect Oct. 1. "rhe new tax the presidency, was assured of overwhelming approval. Kelly Woolbridge (left) and brottier Lindsay Reagan team player, had promised the businessmen of holding company, Merrill Lynch and Co., when it was exempt “ All Savers” certificate also went go on sale for Treasury Secretary Donald Regan Is a man He was unanimously nominated for the post last week choose the perfect pumpkin for a jumbo jack- his district that he would deliver the treasury secretary formed in 1OT3. the first time that day. accustomed to winning. He Is being called by the Egyptian parliament. o-lantern from a patch at the Botticello Farm on in person. But Regan is cautious. He refuses to speculate on how He is author of the book “ A View From The Street,” B I T AS T H E eight-seat Cessna closed in on the upon by the White House to convince his The weekly newspaper of Egypt’s ruling party, Mayo, Hillstown Road. The painted pumpkin (right) far interest rates will fall or to discuss what will happen an analysis of the events on Wall Street during the crisis valley community of Holland, the fog was so dense the former business colleagues that the com­ reported that an brings the frightening reminder that Halloween if the administration’s unorthodox “ supply side” years of 1969 and 1979. v.v.v.v.v.-.:.w.;. agreem ent has pilots were forced to circle for more than an hour. bination of budget cuts and tax cuts will get is just a little over two weeks away. economics fail. Regan was born in Cambridge, Mass., on Dec. 21, Regan, mindful of his tight schedule and reminded the economy going again —if business does b^n reached to “ W e'll cross that bridge when we come to it,” was his 1918. He and his wife, the form er Ann Buchanan, have repeatedly by Vander Jagt that the breakfast “ had been its part. rGiOCtS delivery response to what will happen if the budget is not four children. Eavot sold out for two or three months. " took matters into his to Egypt of 439 U.S. M-60 tanks, ■'kY< own hands. 48 F-16 fighters "Can’t you try an instrument landing?” he asked the SOVIOI CI8IIT18 pilots. and surface- I* No, they replied, Holland doesn't have any equipment .V.V.V.- toair missiles to ■'Y for an instrument landing. protect against ■'Well then, contact the tower and have them hook me Libya. ‘V* • up to a telephone at the meeting and I’ll deliver my It said the United States also has agreed to provide speech and take questions over the phone,” he ordered. Sudan, Egypt’s strategic southern neighbor, with tanks, That wouldn’t work, the pilots told him. Holland planes and other weapons to counter the Libyan threat. ■-0 ' doesn’t have a tower. MERCURY But Egypt today rejected charges by the Soviet Union s Finally, nearly two hours behind schedule, the plane that the United States was interfering in Egypt’s inter­ was able to land in nearby Muskeegan.
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