Masonry Magazine June 1975 Page. 25
Washington Wire
The Justice Department would get new power to make pre-merger inquiries, including for the first time the right to question individuals as well as firms. The Federal Trade Commission would enjoy more power to enforce its subpoenas. Big firms would have to give the government 60-days notice of a merger. Officials could sue to stop it while determining its legality.
The measure is controversial among antitrust lawyers and businessmen. But its chances appear good this year or next.
INDUSTRY'S NATURAL-GAS COSTS WILL GO UP SHARPLY in coming months. Congress and the President are struggling over legislation to boost prices. The President wants complete deregulation of newly discovered natural gas, contending this is the only way of getting producers to find new supplies. Consumer-oriented law-makers oppose total deregulation by the government. But even they agree that some control or price increase is clearly needed.
Administration officials worry about a natural-gas shortage. They are developing plans to force curtail-ment of supply to business users. Some firms might be forced to switch to more plentiful fuels. Officials note that two mild winters in a row have averted a gas shortage. But severe weather next winter might well make that threatened shortage a reality.
NO BOOST IN SOCIAL SECURITY TAXES WILL BE IMPOSED this year or next. Congress and the President feel a new tax hike will be economically unwise. The Social Security System will need some additional revenue in the future. Benefits are expected to begin outrunning taxes this year. Without a hike, the System reserve funds will be depleted early in the decade of the 80's.
But the Administration doesn't think that Social Security is in big peril. A tax increase that took effect in 1977 would be enough to make it solvent. Existing law will hike taxes.
BUSINESS WILL PROBABLY BEAR THE BRUNT of plans to conserve energy. Politics will lead the law-makers to ease conservation steps on the public. There is strong support in Congress for a tax on energy use by businesses. The levy would be put on use of oil and natural gas for all-sized companies. The tax on oil would start at 17e a barrel in 1977 and rise to $1 in 1982. The tax on natural gas would be 44 per 1,000 cubic feet in the first year.
Standards may also be imposed on how much fuel may be used in a plant. Other programs will be aimed at forcing business to conserve energy. By contrast, the restraint on the general public would be quite mild. Only a small tax on gasoline will finally be enacted into law by Congress. Big gasoline taxes will be put on the public only if other moves fail to work.
TAX BREAKS FOR SHAREOWNERS WHO REIN-VEST dividends is getting study. The Administration sees
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