Masonry Magazine April 1973 Page. 24
Washington Wire
(Continued from page 8)
BUT A NON-INFLATIONARY SETTLEMENT PATTERN is still far from assured. Labor leaders will find it difficult if not impossible to hold any line if the price indexes continue their sharply rising trend of recent months. Rank-and-file members will demand big settlements to cover higher prices, and there will be nothing labor leaders can do to moderate wage contracts. So the prospect of labor peace in 1973 depends on a cooling of inflation.
TAX REFORM LEGISLATION MAY BE PASSED by the house by the end of June. At least that's the plan of Chairman Mills of the Ways and Means Committee. He believes the Committee will vote revisions in the capital-gains area, estate and gift taxes, the taxation of foreign income, and other shelters.
The Committee might decide to lengthen the time assets must be held for favorable treatment. One plan involves a sliding tax scale, depending upon length of ownership. Another would allow for inflation that has occurred in the ownership period. The Committee may reduce the breaks on the taxation of foreign-earned income. It might cut the benefits that come from not repatriating such profits. But it probably won't change the credit for taxes paid to the foreign countries. Gift and estate-tax changes also seem likely to obtain House approval, but it's too soon to know the nature of the changes.
STATE JOBLESS INSURANCE PROGRAMS may be made subject to Federal rules. The Administration is drafting legislation to impose new Federal standards. States would have to make huge raises in maximum weekly jobless benefits-to 66.6% of a worker's average weekly wage. Four states are at that level. The Nixon proposal may include extending the duration of jobless benefits. Today's Federal floor is 26 weeks. A hike to 30-35 weeks may be suggested.
Business groups are expected to oppose strongly the Nixon legislation. They believe it is the first step toward the federalization of the entire state insurance system.
THE OUTLOOK HAS IMPROVED GREATLY for the President's trade measure. The Administration now counts Ways and Means Chairman Mills in its corner. Mills has publicly endorsed most of the trade proposals Nixon has espoused. Since Ways and Means will handle trade proposals, Mills is a valuable ally. The chairman has made it clear he will block all protectionist proposals-like the Burke-Hartke bill, calling for mandatory quotas on many products. The administration also strongly opposes them, and is seeking a compromise.
Mills believes it's necessary to give the President broad trade power-new authority to crack down on the nations guilty of unfair trade practices. The President is asking for the right to raise as well as lower American tariffs.
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masonry April, 1973