Masonry Magazine September 1971 Page. 22
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100 Barren Hill Rd. Conshohocken, Pa. 19428
(215) 825-2200
Washington Wire
(Continued from page 15)
THERE MAY BE MORE BENEFITS FOR BUSINESS than the President requested. A change in the effective date for the Investment Tax Credit appears likely. Officials had promised any tax incentive would be retroactive to April 1. Chairman Mills and Treasury Secretary Connally made the pledge last spring, hoping to convince firms to spend then, rather than wait for reinstatement. Congress could well stick with this cut-off, rather than Nixon's August 15.
Mills may even want the credit to stay at 10% after August 1972-through all next year. Then he might let it drop to only 7%, rather than the 5% recommended by the President.
Repeal of the 7% auto excise tax has come under fire from some legislators, who feel the revenue could better be used for welfare, pollution or urban projects. But Mills and a majority of Congress are expected to support the reduction.
SPENDING FOR DEFENSE WILL BE HIGHER IN THE BUDGET now being prepared. Nixon's Pentagon requests may top $80 billion for the year opening next July. Defense outlays for this year are already running higher than anticipated. The final figure will likely hit $78 billion, though first set at $76 billion.
Officials argue that this is not the time to make cuts in arms outlay. A strong military posture is deemed essential though the Vietnam war is winding down. Obsolete military items must be replaced and new weapon systems developed.
FAIRNESS-IN-FRANCHISE LEGISLATION IS PENDING AGAIN in the Congress, but its prospects are no better in 1971 than they were in '65, '67 or '69. The bill covers all franchise deals. from drive-ins to auto dealerships. It requires the franchisor to buy out a franchisee who has done a good job, but has nevertheless been refused renewal. However, the franchisor could, for any legitimate business reason, cancel a franchise after giving notice.
Stiff opposition from franchisors has killed the measure in the past. They still complain the bill is weighted heavily in favor of franchisees, despite some softening revisions.
DEBT-COLLECTION METHODS ARE UNDER STUDY by Federal Trade Commission. FTC will look into the possible existence of unfair or deceptive practices. The agency intends to take action to correct any wrongdoing it may uncover. The Commission wants information about a long list of alleged malpractices.
These practices include:
* Using fraudulent service of summons to get default judgments.
* Using deceptive methods to obtain confidential information.
* Threatening to seize items now exempt by law from collection.
* Initiating suits at distant points to get default judgments.
* Notifying a debtor's employer of his past-due credit account.
(Continued on page 28)
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masonry September, 1971