Page 37 - Scrimshaw1975

SCRI'1.,SHAW VOLUME I ISSUE 7 WEDNESDAY,APRIL 9,1975 Thoreau, Walden WMC Profs. Look at Economy Barb Burns While most of us were relaxing The Wall Street Journal. Basically bonus will probably not effect the encourage business to invest. One allowance removal would be to de- over spring vacation Congress was the bill can be divided into six parts purchase of consumer durable problem with this idea is that it regulate oil prices. But our busy in Washington trying to find a and the aspects of each part can be goods much either. Most of these discriminates against service professors don't see much chance workable way to help the nation's evaluated separately. - payments will go to persons over industries, which use much labor of this happening with the current economy. With the recession The first provision of the bill and age 65 who were due to get a cost of and little capital. The capital Congress. Dr. Price notes that one deepening most factions were the part which probably interests living increase in the near future intensive industries to which the good point is that the removal calling for' a tax cut proposal of our parents the most is the cut in anyway. credit. applies already ha~e ~cess doesn't apply to high-cost, some type. Congress came through personal income taxes. The Next, 'the bill supplies a tax capacity ~nd s~ the c:edit will be -marginal oil firms, which need by submitting to President Ford refunds on taxes will be of a credit of up to $2000 to home no great incentive to Invest. What some form of subsidy in order to the largest tax rebate -and mtnumum of $100 and a maximum buyers. The purposeof this was to Dr. Price and Dr. Law feel was produce extra energy. reduction package ever in the of $200. Our professors make the stimulate the housing industry, but ~eal1y needed here was a decrea~e The Jast part of the bill provides nation's history. Although the judgement that the amount of the the catch is that the credit applies In the corporate profits tax. TIns for a rise in taxes on multi-national President wasn't entirely happy refunds is really not adequate for only to those new houses finished ~ould have encouraged corporate corporations by removing some of with the bill, he found himself the purpose intended. The purpose or under construction by March, I~ves~m.ent and would n~t have their credits for taxes paid abroad. caught in a political squeeze where was to increase consumption of 1975. Since there are now 600,000 dlscrlmu~ated ~etween different This will bring Congress an most people thought the tax cut consumer durable goods such as such homes on the market Dr. types of industries. estimated 300 billion dollars of was needed. So on March 28th cars, televisions, refrigerators, Price and Dr. Law see the housing Fifthly, the bill provides for the revenue. Since the effect of the tax President Ford signed the bill etc. This part of the bill also con- industry slowing down this year permanent removal of the rise will be diminished investment which will entail a net reduction of tains a type of negative income even more as a result of the tax depletion allowance to large oil abroad, in the long run less profit about 22.8 billion dollars, for this tax- grants of up to $300 to working, credit. New houses will not be companies. Most economists, Dr. will be brought home to the U.S. fiscal year. poor people. Although these started and houses which have Price and Dr. Law included, will Dr. Price and Dr. Law see this as Last week two of the professors proposals might redistribute in- been finished but not priced, will not be sorry to see the depletion another strike out at the major oil from Western Maryland's come, they will not help much to now be priced higher than allowance go: They agree that it is companies, a type of punishment Economics department, Dr. Ralph raise sales in the durable goods previously planned. So tbts a sound move in principal, but action. Price and Dr. Alton Law, took the industries. Therefore, Dr. Price provision probably won't alleviate maintain 'that it should be ac- Overall, our professors don't time to sit down and provide a and Dr. Law see no significant unemployment in the building companied by a reduction of the seem to be too enthusiastic about summary and critique of this very decrease in unemploymeni in these industry this year. corporate profits tax. If taxes are the long run effects of the tax cut important bill. This will be helpful Heide; due to the tax cut. Provision four is an Investment not cut the removal of the bill. They feel that the govern- to those of us who really want to Tlie next part of the bill involves tax credit to industries anc allowance will depress investment ment's deficit will now assume know more about how- the economy giving an extra $50 payment to utilities. This is a credit of 10 pel instead of encouraging it. Another further expenditure increases be will be effecied, but can't seem to every person on Social Security cent on all new buildings ani possible way to encourage in- too large and that due to this the' find the time to sit down and read and Railroad retirement. This equipment, and it is intended to vestment in view of the depletion cont. on p. 6 cot 2 Baker Blows Top Gene Funk Western Maryland College's continued Thursday night and part Baker Chapel really blew its top of Friday, as the unprecedented Thursday afternoon, causing wind refused to abate for several considerable disturbance on the days. usually narcoleptic campus. Later Thursday evening, when Students, faculty, and the main- electrical service to the campus tenance crew attempting to rope was interrupted by the high winds, the area off faced a scene of speculation began among students raining rock as the slate shingles as to whether these winds were (from the chapel roof) were ripped some sort of message from "You off by winds gusting above 50 mph. Know Who." Reliable Sources saw and scattered about the chapel several students wandering about area. the area in white robes ringing Amidst the confusion of the bells and descrying the END with, scene, cries of, "The sky is "Repent YE!" and "Get Ye Ready falling!", "Holy 8--!" and "Boy, to be Called." Others wailed at the stone Of_O~;l;d~MI'~inl;~."iiliijii-;;:;;;;;;::;;;;l this place really blows!" were walls of Baker Chapel and some heard above the howling winds groups of hysterical beings kissed The de-shingling of Baker Chapel the corner suffering the constant rain of slate from the sky. There was a great wailing and gnashing of teeth. Col. Willis, Director of the WMC physical plant, said that the roof has tom loose before. The last time to the area .torn loose Thursoay this occurred was three years ago, supporting the director's according to Willis, who attributed hypothesis. this recent disaster to high winds The cost of the damage done was and a rainstorm which occurred estimated at "Several thousands of during the chapel's last re-roofing. dollars" by Col. Willis when in- It seems that sudden rain soaked terviewed at the scene of the porous material to which the destruction on Thursday. shingles, are nailed before the Cars in the area, jeopardized by workmen on the job could cover the the. falling stone, were quickly exposed roof. This material, after evacuated to the grassy area being . damaged by the water behind the administration became unable to hold the nails put in it. The area soaked corresponds Cont. p. 5 col. 5