Masonry Magazine January 1970 Page.29
Washington Wire
(Continued from page 16)
SIMPLER RULES COVERING WITHHELD TAXES were issued by Internal Revenue. They'll become effective for wages that are paid on or after next January 1. About 320,000 small firms need no longer make monthly tax deposits at banks, if their employment-tax withholdings are less than $200 a calendar quarter. They will send the checks directly to IRS along with quarterly tax returns.
Some 500,000 medium-sized companies will deposit less often than presently. These companies will be required to deposit within three banking days of a payday but no more frequent than weekly if the unpaid tax liability is $2,000 or larger. Companies withholding less than $2,000 but $200 or more each calendar quarter-will deposit their withholding taxes within three banking days after the last payday of each such quarter.
IRS NOW PERMITS LONGER PER-MILE deductions on business use of cars. The tax allowance goes up from the recently prevailing 10¢ a mile to 12¢. The new deduction for medical use has been raised from 5¢ to 6¢ per mile. Parking fees and tolls can be added. The allowances take effect this year.
A SPECIAL EMPLOYMENT SERVICE FOR ENGINEERS has now begun to operate under the auspices of the U.S. Department of Labor. Both jobless engineers and job openings will be listed on a national roster. Either can register at any local State Employment Service office. No fees will be required.
PRESIDENT NIXON MAY HAVE TO ADOPT a more stimulative economic policy to forestall Democratic efforts to make the economy a major political issue again in the critical 1972 campaign. Government and industry analysts are betting that the President will move to make certain that a recession and high unemployment do not endanger his reelection chances two years hence.
FEW OFFICIALS EXPECT TO SEE FULL EMPLOYMENT RESTORED completely by the middle of 1972. But the White House wants to make certain that the U.S. economy is at least heading in the right direction-and is well on its way by the target date. Nixon men know there are only two ways to speed up the sluggish economy-the use of fiscal policy, government spending and taxing, and easier money. But the President cannot use either of these tools as freely and as fully as he might think desirable at this time.
For one thing, the Federal Budget is already heading for a deficit of as much as $15 billion for the current fiscal year and perhaps even more in the next one. Can a Republican Administration hike spending sharply and add to the red ink?
For another thing, the President doesn't control the monetary policy actions of the Federal Reserve-though he can exert considerable influence on its decisions. In any case, the Fed is already doing a lot to ease up. And many officials feel that further efforts to stimulate through pumping up the money supply would rekindle inflationary psychology which has just subsided somewhat, without having been destroyed.
masonry • Nov./Dec., 1970
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