^r- .• - \ W - MANCHESTER HERALD. Tue«d«y. Ju>e U. 1915 MANCHESTER EOCTJS SPORTS WEATHER \ Bolton’s Landolphi Clearing up tonight; BUSINESS Timing a-key issue Firebrands needed • • In sewer plant work for chili pbpk-off hangs up AD hat some sun Thursday Reagan’s tax proposal anything but simple page 3 1 / ... page 13 ... page 11 ... page 2 I , ' of the Internalrnal Revenue C«MeCode allowallows s^^paywuxpayers Wto e TRAVEL AND ENTERTAINMENT: Suiting (Editor's Note; This Is Uw Arstot a three-part series s low-income housiiu and deduct tM rew o Jan. 1, 18M. no deductiona would be allowed for rehabiUUtel on Reagan's proposed tax laet.'i s five-year period. Income to tte Invoa^ entertainment expanses — such as club dues, tickeU o o s U o v e ra l The massive tax law propoaedby President Reagan Your lor the theaUr. the World Series, the Super Bowl. The has been limited,mlted, but Ux benefiu--------------------------- have bean a. m- v would maul our tax system to a point not even incentive. This provision would be eliminated fof howls of proteat c m be heard even now. comprehended by moot taxpayers, ‘nils wouldn't be Noney'fl e BUSINESS MEALS: New limtU on deducUbility expenditures paid or Incurred h *J**;^,, "simplification''! This would be the most complex tax would permit only the first m per person per meal to a r^ IN G SOME HEALTH INSURANCT TOV. law ever placed on our nation's books. Worth be fully deductible. OnamounUover IIS, only one-half ERAGE; The way the proposals now read, whars The only way for you to grasp what la being the coet of each meal would be deductible. On, say. a employers pay the health the health InauranM c m U{ Hlanrhrfitrr Sylvia Portar Iktnlh proposed is to break down the president's requests F IA/AHr\AMHoki limgh MS diner for a valued customer in an elegant some of the insurance cost would he Included M Manohestar.'Conn. — A City of Village Charm Wednesday, June 19,1965 — Single copy: 266 Into divisions. To begin with, many traditional, tried reeUurant, SM would qualify for the deduction. And taxable income. Included In the employee a taxablg and tested tax deductions would be tossed overboard; even here, the other tough entertainment rulea would Income would be SSM a year for family c o v e r^ ^ many others would be drastically modified. have to be met. CrusUl date: Jan. 1, IMS. SISO for individual coverage. Effective Jan. 1, IS ^ Here is as simple as summary as I can manage, put e SEMINARS ABOARD A CRUISE SHIP: Deduc­ one more tax-free fringe benefit would be dropped., together with the aid of Eli J. Warach, divisional tion goee overboard. S u itin g In ISM, no more a INCOME SPLITTING: The unearned Income df senior vice president of Prentice-Hall Inc. few years ago. dwhictloDs. children under 14 would bo taxed at the parent’s ijtar. Schools e STATE AND LOCAL TAXES; Repeal of the a UNEMPLOYMENT COMPENSATION; Only certain payments of unemployment compensation e INCOME AVERAGE: Starting In ISSS. thU goes so transfers of securities, say, would no longer help Pilot warns deduction for state and local taxes would be a major by the wayside. The technique now enables taxpayers blow to the residents of higher-tax states, such as New are subject to federal income tax today. But suitin g cut fam ily Uxes. Effective Jan. l, 19M. to soften the Impact of a bishlncome or windfall year. mull merge York. Effective for tax years beginning in 19M. There Jan. 1. 1M7, there would be no exclusion for a THE SIM/SIM DIVIDEND EXCLUSION: Today, a CHARITABLE DEDUCTIONS;; OnlyUxpayerS will be violent infighting over this proposal. unempHiDyment compensation. All of it would be single Uxpayers can exclude the first SIM of who itemise deductible contributions would be able tq, e TWO-EARNER MARRIED COUPLES; The subje^ to tax. dividends each year and married couples get a SSM deduct them sUrtIng in ISM. special “marriage-penalty" provision that was e PROPERTY TAXES: Real esUte taxes you pay In sports on your home would not be deductible after Jan. 1. exclusion. Both would be gone. This la just a smattering of the whopping changes against idea designed to ease the unfair tax burden on married a REHABILITATION OF LOW-INCOME HOUS­ Reagan is proposing, but you still have tim e to act ter working couples would be repealed. Effective Jan. 1, 1986. This would be a stunning blow for many ING; To help provide housing for the poor. Sec. 1ST <k) save on Uxes! By Susan Vaughn 1986, the inequities would go back to where they were a homeowners. Herald Reporter -Ninth-grade students In the Chrysler wrestling program at Manches­ of rescue try Seabrook owners ter's two Junior high schools will probably compete on the high sriteol level for the first time next Bv David Zenlan year os a result of a plan worked United Press International Long wait fruatratea join Ul to cover looks to o u t Tuesday by school administrators. BEIRUT, Lebanon— The pilot of families of hoatagea Under the plan, ninth-graders a hijacked TWA Jetliner told — see page 7 the ’90’s would Join the h i ^ school wres­ reporters today be and bis fellow Fitchburg defauit 4^ tling team and Junior high school American hostages would “ all be tfams would consist of only dead men" if anyone tried to By Jon A. Zverlnn SEABROOK, N.H. (UPI) - A Seabrook obligation to the tune of seventh- and eighth-graders. rescue them. United Press International We’ve been told that they’ve boon Connecticut utility and four other |10,0M," said United Illuminating 'The plan for wrestling is similar Three ABC news correspondents were allowed to approach the TWA taken to a safe place, that they are owners of the Seabrook nuclear spokesman Jeffrey Belmont. “ We DETROIT — In the bleak, to one which has been in effect for . plant will chip in to cover a a r e just increasing our spme time with ninth-grade Boeing 737 and question pilot John comfortable and being well token near-tankrupt days of Chrysler ‘Testrake and fellow crewmen as care of.” construction payment default by a payments." Corp. some five years ago, a “ For aodmmers, who are members of the armed militiamen watched. “ Do you have any message* f o r Massachusetts owner, a spokes­ Belmont said the utility's lawy­ Sale" sign was s^ked Into the lawn the high school swim team. Assist- ers determined the action did not Tbe interview — on the sixth day your family? Glass asked Um. man for the project said. of lU old Outer Drive Stamping apt School Superintendent Wilson conflict with state regulatory E. Deakln said today. He said it of captivity for some 40 American “I'd like (or my wife and my John Kyte, a spokesman for Plant in northeast Detroit In a restrictions on Seabrook pay­ may also be applied to the track hostages — was the first time family and ailof my friends badt in Seabrook management, called the dMperate bid to raise cash. ments. He said the utility has sent Journalists have been allowed to Missouri to know that tha Lord hoa arrangement a "complex situa­ (% rysler had a buyer lined up, prigpram at IlUng Junior High regulators a letter to inform them speak to any of tbe captives. taken very good care of ua ao tar tion" and said the other owners are but the sale was called off at the School. of the action. One reporter asked Testrake and He has seen us through aoma accelerating payments to compen­ last minute for a minor reason. In order to take effect, the plan Kyte said the other four Sea­ what be thought about tbe possibil­ very trying times and He will sea sate for the default by Fitchburg 'n a t same site, called the Outer must win approval from top-level brook owners increasing their school administrators. It does not ity of a U.S. rescue misston. us ferough to tbe end.” Gas and Electric Light Co. Drive Manufacturing and Technl-_ payments are New England Power need to be approved by either the - “ I think if they did we'd all be Flint gave this account of tha "M y undersUndlng is that they cal Center, today houses the heart Co., of Westborough, Mass., Con­ dead men because we are continu­ scene; (the owners) are doing it through of the new Chrysler c;orporation. sbhool board or the Connecticut necticut Light A Power Co., of Interecbolastic Athletic Ckmfei^ ally surrounded by many, many “ We’re standing a (aw feat away their parent companies," K)de The 43-year old plant, in a run Hartford, Cum., Montaup Electric ence, srMch regulates school guards," be replied. from tbe plana. One o f tha said Monday. “ That's an impor­ down part of town, got a new lease tant thing to note because there are Co., of Boston, and Canal Electric ■DOftS. M id. In Washington, national security bijackere is loaning out of tha UPI photo on life after operations from regulatory restiictioiis on what Co., of New B ^ o r d , Maas. IPrindpals at both Illing and adviser Robert McFarlane flatly cockpit window, pointing a pistol at Chrysler's Vernor Tool k Die Plant those companies can contribute." "What they’re pajdng is a little Qennet Junior High schools today denied that the United States was us, and we don’t quite know what and Its ancient Clairpointe plant Kyte said the payment arrange­ bit more than their share,” said FuturlBtlc speed boot responded positively to the idea.