Masonry Magazine April 1974 Page. 19
LEGISLATION TO CREATE A NEW CONSUMER AGENCY
Legislation to create a new consumer agency is headed for passage by Congress this year. Many business objections have now been met, and the White House seems to be softening its opposition. The bill would elevate the consumer to a "party of interest" in a wide range of Federal actions. The new agency would have broad authority to represent consumers in both formal and informal proceedings before such other Federal agencies as the Agriculture Department, the Civil Aeronautics Board, and the Food and Drug Administration. The agency could request any department to take up the complaints of consumers, seek information from industry, and go to court.
Similar legislation came to a vote last year, but fell four votes short of a majority large enough to stop a filibuster.
Auto sales will likely remain lackluster for some time, even though deliveries appear to have bottomed out in recent sales periods. Retail sales, other than autos, are sluggish, and have been that way for some months. And there's still some question about the strength of housing, with prices soaring and mortgage rates high.
Net, a second-half recovery now seems more likely, though it would be quite moderate. No more weakening is expected. But no quick return to vigorous, boomy economic growth is being forecast by analysts, either.
THE PRESIDENT WILL ASK CONGRESS
The President will ask Congress for tax breaks for certain workers, if the business recovery proves too weak to hold down the unemployment rate. Officials don't think a major reduction is a good remedy for the economy. It would simply overstimulate U.S. business activity, worsen the inflation, and limit Federal revenue growth needed to cover rising government spending. But the White House does realize the political appeal of a tax reduction, especially in an election year, just when purchasing power is being eroded.
So officials are readying a plan to cut overwithholding and leave more take-home pay for millions. Overwithholding would be reduced for single-earner families. The $6 billion cut would have a quick one-time impact on incomes without permanently cutting taxes and still stimulate the economy.
The Administration proposal would require legislative action by the Congress. Withholding tables would have to be revised.
WORK ON SEVERAL MAJOR TAX-LAW REVISIONS
Work on several major tax-law revisions will be started this year. The House Ways and Means Committee will focus on about a half-dozen issues, instead of taking up sweeping tax reform promised earlier by Chairman Mills. If the revisions don't pass this year, they are good bets to make it in 75. Revision of present capital-gains tax provisions is a major change that seems sure to pass. The holding period required for the break will be lengthened. Mills backs a one-year holding period, rather than the current six months.
Reform of gift and estate taxes will also get top-priority treatment. Consideration of this sensitive tax area has been put off several times. Strong support also
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