Oklahoma City Times (Oklahoma City, Okla.), Vol. 56, No. 23, Ed. 1 Wednesday, March 19, 1975 Page: 5 of 58
This newspaper is part of the collection entitled: The Oklahoma City Times and was provided to The Gateway to Oklahoma History by the Oklahoma Historical Society.
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WASHINGTON (AP) -
itemational public opin- The Supreme Court today
struck down a special in-
come tax imposed by New
.
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al defense program de-
signed to save an estimat-
ed $11.28 billion over the
next 10 years.
Britain's Atlantic Alli-
ance partners responded
critically, saying the re-
ductions would have a
"weakening effect on
NATO's conventional capa-
bility vis-a-vis the Warsaw
Pact." Although the pro-
posed cuts will reduce
British spending to 4.5 per
cent of the estimated gross
national product by the
mid-1980s, it still will be
higher than the current
level in most other Euro-
pean members of the alli-
ance.
The cuts carry out a
campaign promise by
Prime Minister Harold
Wilson's Labor party to
save several hundred mil-
lion dollars a year on mili-
tary spending.
Tax struck down
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has not acted in several
years and will make his
debut as a producer in
"Escape from Witch
Mountain." (AP)
Newspapers buy
surveying firm
ROCHESTER, N.Y.
(i^P) — The Gannett Co.,
me., newspaper group has
announced an agreement
in principle to acquire the
int ' .
ipn and marketing survey
from, Louis Harris and As-
sociates, for $4 million and Hampshire on out-of-state
"closing adjustments." residents.
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Save up to $48 on BankAmerica
Travelers Cheques through March 31
From March 17 through March 31,1975 you can buy up to $5,000 in BankAmerica
Travelers Cheques for a maximuh fee of $2. A saving of up to $48 at any financial
institution that sells our cheques. This World Money “ sale lasts only a few days,
so even if your vacation isn’t until later, hurry in and take advantage of our money-
saving offer soon. Offer good only in the United States, excluding California.
to Congress.
The major features of
the proposed legislation, in or(jer of withdrawal.
— Ceilings would be
eliminated on VA and FHA
home mortgages.
—Savings and loan asso-
ciations and savings banks
would have increased lend-
ing authority for consumer
loans, real estate loans
and construction loans.
—Banks would have add-
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our C
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f wore relaxed occastom, Itke
:oum?Hs close-fitting cool knrt reacts to ev
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Ib No wrinkles or wihtng either —H's losh-
60% cotton and 40% polyester. • w4
, white, lighi blue, cornel, yellow, brown.
melion and sizes S-AA-l-XL Men's Sports-
gress.
"If the Congress will en-
act this biU into law, our
financial institutions will
benefit from the ability to
offer new services and en-
tlon plan, interest ceilings ter new markets, and their
on savings accounts would customers ... will share
be eliminated 5>/2 years these benefits," President
after Congress approved Ford said in a statement
the action.
The change was con-
tained in the proposed Fi-
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checking accounts and en-
gage in credit card opera-
tions.
—Banks, savings and
loan associations and mu-
tual savings banks would
be able to offer so-called
NOW accounts that will
pay interest on checking
account-type deposits.
NOW stands for negotiable
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LONDON (AP) - The
British government today
announced cuts injt^glob- ed authority to make real I
j_ pstate |oang and jnvest in
community welfare and
development projects.
—An incentive for in- |
vestment in home mort-
gages would be offered to
individuals and corpora-
tions who keep at least 10
per cent of their assets in
residential mortgages.
For individuals the
credit would amount to 1.5
per cent of interest
earned, and for corpora-
tions, it would vary be-
tween 1.5 and 3.5 per cent.
The only major changes
from the 1973 legislation
are in the elimination of
interest rate ceilings and
the mortgage tax credit.
Both changes were made
to meet objections of the
savings and loan institu-
tions.
The new proposal has
done away with a 1973 plan
to phase out an interest
rate differential between
banks and savings and
loan associations over a
five-year period. The new
act also provides for a
last-minute review after
five years on whether ceil-
ings should be maintained.
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savings’ interest
on
addition to eliminating in-
1975, a revised version of a terest ceilings, are:
‘ t —Savings and loan asso-
not approved by Con- ciations and savings banks
WASHINGTON (AP) — nancial Institutions Act of
The Ford administration
proposed today that inter- similar 1973 proposal that
est ceilings be eliminated was i
____________ ~____________________________________________
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Bennett, Charles L. Oklahoma City Times (Oklahoma City, Okla.), Vol. 56, No. 23, Ed. 1 Wednesday, March 19, 1975, newspaper, March 19, 1975; Oklahoma City, Oklahoma. (https://gateway.okhistory.org/ark:/67531/metadc1796596/m1/5/?q=j+w+gardner: accessed July 11, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.