Masonry Magazine June 1970 Page. 23
Now Available
New 1970 Federal Graduated Witholding Tax Tables
All MCAA members should have received the new Tax Tables which are effective July 1, 1970. Copies have been sent to Chapter Secretaries for distribution to all members.
Additional Copies of the 1970 Federal Graduated Withholding Tax Tables are available at $2.50 per copy from Mason Contractors Association of America, 208 South La Salle Street, Chicago, Illinois 60604.
Washington Wire
(Continued from page 13) reserves of cash or readily cashable assets is great. The "Fed" is prepared to go a lot further than most appreciate to meet this desire, since this sort of rise in money supply won't by itself touch off a jump in spending by business and consumers. But credit will still seem tight as everyone tries to get past the door at once.
The list of those who will be trying to line up cash is long:
-Corporations were drained of cash reserves over the tight money squeeze of 1969. Now, lower profits cut into retained earnings. But banks don't have enough funds to meet all the demands. This is why many companies are now selling bonds.
-The Treasury must borrow several billions more this summer and fall to meet the deficit now projected for fiscal 1971.
-States and localities need huge sums to pay for facilities.
-Home building will absorb all the mortgage money it can get.
INTEREST RATES WILL STAY HIGH because of the great dearth of money. Indeed, the recent record levels could be topped, if the gloomy psychology lasts much longer, and many bond-buyers continue to stay on the side-lines. But some experts wonder whether the increase in rates hasn't gone further than supply-demand calls for. A leveling off and maybe a slight decline-could occur, once the fears that have been unsettling buyers begin to fade.
Rates could come down more substantially around the turn of the year if inflation does ebb some. Under such conditions investors wouldn't be so adamant in demanding large interest premiums to guard their funds against erosion of the dollar.
GOVERNMENT EFFORTS TO "JAWBONE" LABOR AND INDUSTRY
into going slow on wages and prices aren't likely to produce all the results backers claim. The biggest problem will be to get the unions to cooperate in the restraint. Leaders note that no central agency can accept for the independent unions. Even more important is the fact that many members feel that (Continued on page 32)
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