Masonry Magazine March 1973 Page. 36
Washington Wire
(Continued from page 22)
is necessary because of the U.S. huge balance-of-payments deficit.
Nixon wants to be able to shield U.S. firms from excessive imports. He wants to be able to raise, as well as lower, the tariffs on foreign products so as to improve his bargaining effectiveness in negotiations with the Europeans and Japanese.
OTHERS WANT TO GO FURTHER by imposing a 15% surtax on foreign goods. The surcharge would decline as other countries ease their barriers to trade. Chairman Mills of the powerful Ways and Means Committee backs this approach. There is plenty of support in Congress for imposing mandatory quotas, too specific limits on the quantity of products that can be shipped to the U.S.
The Administration will resist the imposition of mandatory restraints. It continues to believe that flexibility is the key ingredient for winning a better deal for the U.S.
A CRACKDOWN ON BIG MULTINATIONAL COMPANIES seems to be in the making. Officials are becoming increasingly disturbed by their size and influence. Some foreign governments also are concerned about the potential for trouble. Two Congressional committees have begun investigations of these companies. Senate Finance is looking at their effects on the U.S. and world economies. And Foreign Relations is interested in their impact on U.S. foreign policy.
Such firms can precipitate monetary crises through currency dealings by moving even a small amount of funds from one country to another. They did this during the last crisis.
THE FEDERAL TRADE COMMISSION WILL LIKELY CONTINUE an activist stance, despite talk that its new chairman, Lewis Engman, is a White House "plant." Engman vows to assume an independent posture and he seems to mean business. He has made it clear that he plans to carry on FTC's pro-consumer activity. And the agency's increased antitrust role seems to be going on unaltered.
LARGE COMPANIES MAY HAVE TO DISCLOSE the tax deductions they take. Such legislation has been offered in Congress and has substantial support. The measure would affect all companies with assets of $50 million or more. Specifically, firms would have to reveal such items as all taxable income, any foreign tax credit, investment tax credit, depletion, and depreciation. The data would go with the annual report to the Securities & Exchange Commission. Internal Revenue would be required to release the information upon request.
An unusual coalition of groups is behind the measure, its backers say. Organized labor is for it, feeling it will help unions in their bargaining and show more clearly the advantages of tax preference to business. Some financial analysts favor it because it would provide investment data.
However, most big businesses are expected to fight against the measure, claiming it is burdensome and unnecessary.
LEGISLATION TO EASE JOB-SAFETY ENFORCEMENT WILL BE PUSHED in Congress. Backers want to force consultation on hazards on the first plant inspection, rather than requiring that citations be issued and stiff penalties imposed. Workers as well as employers would be required to obey the 1970 safety law. Sanctions could be imposed on employees refusing to wear safety equipment. The measure would not grant an exemption from the law to small businesses. But small firms would be among the beneficiaries of less strict enforcement.
Small business may be forced to spend some $16 billion in coming years, if the Labor Department continues its present enforcement of the occupational health and safety statute.
CAMPAIGN FUND CHECK-OFF
Form 4875 is the one to use if you care to request that $1 of your income tax be paid over to the 1976 presidential election campaign fund. This costs the taxpayer nothing. He merely is allocating $1 of his tax payment to be used to help defray the costs of the next presidential campaign. By so doing the taxpayer is telling the IRS to pay $1 of his tax payment to the account of a political party's candidate for President or Vice President of the United States.
The form is divided into two columns-one for the husband and one for the wife. Each taxpayer is to indicate separately his or her choice. In a first box, the taxpayer may fill in the name of a specific party, e.g., Democrat or Republican. A second box is provided for the taxpayer who wishes to have his $1 paid over to a non-partisan general account for all eligible candidates for election to the offices of President and Vice President.
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SMALL LINE CONCRETE PUMP
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Diversify with the C30D into a concrete pumping service.
For name of local MAYCO distributor contact:
MAYCO PUMP CORPORATION
4560 Sperry St., Los Angeles, Co. 90039/(213) 245-8821