Masonry Magazine October 1972 Page. 27
Washington Wire
(Continued from page 19)
it is just the equivalent of a national sales tax. Opponents contend the value-added tax is regressive and hard to administer.
The Treasury sees certain problems in relaxing the property tax. It's felt that the levy would be an intrusion into the states domain. Most states already have sales taxes. Value added would raise rates higher. There is also a question of how to distribute the relief. Property taxes vary by state. Federal supplements would be fine for a state where such taxes were high, but it wouldn't do as much for other states.
INDUSTRY WILL SOON BE FORCED TO SPEND BIG to curb water pollution. Companies will be required to employ "best practicable technology" by 1977 in discharging their wastes into the nations rivers, lakes and streams. And firms will be required to use the "best available technology" by 1983. These tough new provisions are contained in legislation passed by Congress.
The legislation grants financial aid for industry, too. Some $800 million will be available for low-interest loans. And $18 billion will be used to help build sewage-treatment plants.
AN EXPANSION OF FEDERAL FLOOD INSURANCE SEEMS CERTAIN for next year. The White House has sent Congress proposals to quadruple the programs' size, to raise sharply the insurance limits on property, and boost participation. President Nixon decided to move because of vast flood damage this year. Only $5 million of an estimated $3 billion in losses was covered by insurance.
SOME COMPANIES WOULD BE REQUIRED TO BUY THE INSURANCE under the plan, if their facilities are located in government-specified flood-prone sectors, Refusal to purchase insurance would mean that the firm would not be eligible for mortgage insurance, loans from Federally regulated banks, and other aid. Since practically all the nation's banks are Federally insured or regulated, the penalty for failure to participate in this insurance program is severe.
The proposal would also raise subsidized coverage for firms to $100,000, triple the current limit. The annual premium for the flood insurance would be $3 per $1,000 of coverage.
EASING OF OCCUPATIONAL HEALTH AND SAFETY RULES SEEMS SET for next year. Congress is under heavy pressure from businessmen to modify the tough rules. One possibility: a penalty-free consultation and inspection at the worksite. Employers could avoid violations by accepting an inspector's safety advice.
Pressure from employers has already brought an exemption for small firms. Congress has voted to end coverage for companies with 15 employees or less. The Labor Department may not use its funds to enforce safety at these companies.
CONFUSED ON WAGE-PRICE CONTROLS? There's some help available now. The Internal Revenue Service has issued a series of plain-language booklets. Called IRS Stabilization Publications, they spell out the ABC's of controls. Simply, clearly, they answer wage, price, rent, (Continued on page 30)
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