Shapp explains zero taxes. HARRISBURG (API *— Gov Milton Shapp said yesterday night h never paid state income taxes on his $1 9 million profit from sale of a IVilltamsport cable television company because he sold al prior to the enactment of the state tax_ l'enn*Jvania's personal income tax law became ef fective June 1, 1971, and Shapp finalized the company -.lleon May. 1971, after he becaliie governor The law was passed by the legislature in August, 1971, but carried a retroactive effective date of June 1 The 3 per cent flat tax was edined last year to 2 per cent Shipp said the current tax ‘1 as the second income levy ,ipprox ed by the legislature. The i irst a graduated version calling fur a :1 5 per cent rate effective Jan I, 1971, was declared unconstitutional by the Pennsylvania Supreme Court •'1 I ought for the original nix and I %%anted it to remain l:1« I %%mild have been glad to pad the tdc nn my Williams port sale it grhad remained legal.•' Shay p said. Shapp told a reporter that .oine Itepul?lican leaders, apparentl as part of their et forts to defeat him in his re election hid, are inferring the .lune 1. 19;1, effective date of the tax law. %%as arranged to exempt the governor from the tax — l'hat is a viscious, inilicuitis outrageous lie. — Sham) said The governor disclosed that he received a lever yesterday Pr • - ° 000 .0 1.1.F4 lircielz -sll4 . itterxetch iiL , color: •a 0 oit • • • ;AMA.. Who stole my shorts? :~ =..lr from House Majority Leader Robert Butera, R- Montgomery, containing a memorandum from Joseph W. Murphy, assistant chief legal counsel tp the House GOP. The memo detailed the Williamsport tax situation and noted the regulation Occluding so-called in stallment sale of property ••saved the governor $45,728 in Pennsylvania income tax." Under the regulation, even though income was collected after the tax was enacted, sales before that June 1, 1971 date were exempt from taxes. "Although his non-payment of taxes is technically not illegal, the above facts raise obvious questions relevant to the enactment of our present income tax, and I recommend the committee on Ways and Means be empowered to review .the situation at a public session," Murphy's memo stated Shapp said several newsmen had contacted Robert Kane. the governor's campaign manager and former revenue secretary, and Vincent X. Yakowicz, the present revenue secretary, concerning the tax matter. Shapp said Kane. in reporting the conversations to him, said the newsmen sought to learn whether the governor had made any "deals" in setting the _June 1, 1971, ef fective date to avoid paying the tax. - "Both Mr. Kane and Mr. Vakowicz denied that I had talked to either of theni about the tax matter," Shapp said. "I state categorically, and will say so under oath, that at no time did I talk to Kane or Yakowicz about any of the regulations that were promulgated to make the income tax law effective... "The regulations covering the income tax were drawn up by the Department of Revenue under the direction of Vince Yakowicz, then a deputy, in conjunction with the Pennsylvania Institute of Certified Public Accountants and the tax section of the Pennsylvania Bar Associa tion." ;i 0 i !• ..Thurs 10-5.30 to-BT Delegate descn es summi t ex pe riences of the broad representation and the wide effects of inflation: • "You Have to expect labor to have its view and management to have a different view," he said. On !the political disputes, Kelley said, "Beding inflation will ultimately require political isolutions decisions made by politicians not by economists." He also explained, "This was the first try to build a bi-partisan approach to economic policy. We have had a bi-partisan foreign policy in times of war, but we never really tried it with the economy before." Despite the delegates' inability to agree on the causes and solutions for our economic problems, Kelley said the conference did produce some consensus on some of the, issues involved. • He said there was general agreement that all groups will have to sacrifice something and that those groups hit hardest oy in flation must be protected as far as possible. He said he has long recognized that the dual problemS the s country •is facing will require long-term solutions. He said'he feels more of the delegates realize this as a result of the conference. Asked about his opinion of Fords handling of the nation's economic problems, Kelley said, "I endorse his approach to the issue. I think it shows good leadership." By JIM BARR Collegian Staff Writer President Ford's economic summit con ference last weekend was a beginning in the long fight against the nation's 'public enemy number one', according to Eugene Kelley, dean of the College of Business Ad ministration. Kelley, a nationally known authority on marketing, was among the 700-800 delegates invited to the summit by Ford. In an interview yesterday, he said now the nation "may get an economic program that goes beyond the 'old-time religion' of budget cutting and tight money" to control inflation. "The conference started with the narrow traditional view that the way to beat inflation was 4, eta government spending and tighten The money supply." Kelley said. Butt the wide range of opinions presented broadened the discussion and "focused at tention on the fact that we have two economic problems, inflation and recession or 'stagflation'," he said. "Thb nation has never been in an-economic situation like this," Kelley explained. "Tight money takes, care of inflation' but not recession.' The conference was marked by partisan disputes among political parties and special interest groups. Kelley said these disagreements were to be expected because r --,------ 1 GEORGE DOU, LTE.- FRI -aseir—suN I ocr 4-5. k, g PM ONLY II no EN am ins No am mu im ins mus mu ma am Now min on am am mg sum imil am a 0. o_• CI -5: 30 • 4 ANDANiI`AAL FARM Wilson Gym Shorts Reg. $3.25 Sweat clothing, Converse, Gola All-Purpose Shoes HE - 'TORISTS' .END, Inc. UNIVERSITY SHOPPING CENTER „,, ON WESTERLY PARKWAY STATE COLLEGE Monday - Saturday 10-9 NM MI MEI I= lOM =II MIMI NM MINI NMI ORWELL IF3EAFORV. I=lllll. , bur - l e,ix?st..rd s aovcirolf JOE'S has for men and women NOW $1.95 JUST ARRIVED! Large Selection of PADDLE BALL & SQUASH RACQUETS Store Charge '75 KERN cf. - oat — VL l - L. oto4le tAor tbmirn. MEM WIKAMERICARIt Lay-a-way Senate, Housetagree on campaign reforms WASHINGTON (UPI) Senate-House negotiators reached a package com promise yesterday. clearing the way for ap proval of the sweeping political campaign reforms prompted by Watergate. A final session was scheduled for !Thursday to nail down =minor points in the bill and give the re forms final conference ap proval. The bill then would have to be passed by the Senate and House and sent to the White House for action by President Ford. The legislation would provide public financing of presidential primaries,, general elections, and national conventions; limit political Contributions, and set spending ceilings for candidates. -A stalemate was broken earlier in the day when the Senate dropped its coNsumEß' 0 SUPERMARKET SHOPPING TIPS R 1 ) Compare store prices before shopping. N Check newspapers and flyers for weekly specials. 21 Take 'money off' coupons to the store with E - you. If they don't have the advertised item ask for a rain check, or substitute. • 3) Advertised specials must be available '4 t the R advertised price. If a store makes a habit of not having its specials as advertised, talk to the manager about it. If no action Is taken you can notify the nearest Fed eral Trade Commistion office. . . • • If you do ru I n into an consumer or housiw problems, Stop by the OTIS, office at 20 HUB or call 865-6851. VX/Very g. own Lowe Bu Ma spedals2499; itt a sweelhe flaw art of a deal. Now you can own your very own Love Bug, from Volkswagen. The Love BLig comes in two romantic colors. Red hcit red. And luscious lime green. It has lovely racing type wheels. And cute black trim. But at only $24 9*, we can't afford to be too gerlrou, i 4. So if you wont one, you'd better hurry. A love like this won't last forever. 'qfie Trve Bug Cr ©Volkswagen of Americo; 1974. •Love Bug East Coast P.0.E., Suggested RPtn,l local Taxes and Any Other Dealer Chargei; If Any, Additional. The Daily Collegian Wednesday. October 2, 1974 demands for public financing of congressional campaigns, accepting instead a strong, in dependent panel to enforce the reforms. The major provisions of the bill include: Presidential Elections Each major party can didate to receive million in federal finan cing. Presidential Primaries Each candidate eligible for federal financing of up to $5 million after raising $lOO,OOO, including $5,000 from each of 20 states. The government to match any contribution of $250 or less. Presidential Spending Presidential candidated limited to spending $lO million in the primaries and $2O million in the general election. Senate Spending Candidates limited to livited Edition MIERLEY VOLKSWAGEN, Inc. 32801 t,. Conoco , Are. STATE COLLEGE, PENNA. 16801 $lOO,OOO or eight cents times the voting age population in the primary and $150,000 or 12 cents times the voting age population in the general election. An additional 20 per cent can be spent for fund-raising. House, Spending House candidates can spend $70,000 in the primaries and $70.000 in the general elections plus 20 per cent for fund-raising costs. Sational and State Committee Spending Two cents per voting age population. Contributions In dividuals limited to con tributions of $l,OOO to any one candidate in each primary, runoff and general election and an overall ceiling of $25,000. Organizations, such as unions. limited to $5,000 in each. VOLKSWAGEN
Significant historical Pennsylvania newspapers