This Day In 1970's History: Monday January 19, 1976
- In his State of the Union message, President Ford asked Congress to reduce federal taxes and curb government spending, to increase the earnings base of Social Security, to spur private industry in providing new jobs, and to give states and localities more leeway in the use of federal funds for education, health and social services. Mr. Ford also asked Congress to give him more flexibility in the conduct of diplomacy, rather than less, and to resist the temptation to legislate "crippling" and dangerous shackles on the intelligence community. [New York Times]
- The only one of a number of major tax recommendations made by President Ford in his State of the Union message that had not been leaked earlier would be a new kind of tax benefit that, it is hoped, would encourage more people to invest in common stocks. The tax incentive -- the deferment of taxes under certain circumstances for some of the money invested -- for stock ownership would not be available to the wealthy. The Treasury Department reportedly has proposed that no one with an income of more than $40,000 would be eligible. [New York Times]
- Mayor Frank Rizzo of Philadelphia, who had been a policeman there, apparently has become the city's most powerful Democratic politician. He has rejected the local Democratic organization, which gave him his start in politics, and has established his own political group, called the Loyal Democratic Campaign Committee. His break with the local machine followed a bitter fight with Peter Camiel, chairman of the Democratic City Committee, in which Mr. Camiel seems to have been vanquished, at least locally. The Rizzo group plans to endorse a presidential candidate in the Pennsylvania primary on April 27. [New York Times]
- An increase in the American Telephone and Telegraph Company's long-distance rates by $225 million a year has been approved by the Federal Communications Commission. The amount was sufficient to raise A.T.&T.'s rate of return on investment to 9.5 percent from 8.74 percent. [New York Times]
- Further use of Red No. 2, a petroleum derivative, as a dye in food, drugs and cosmetics has been banned by the Food and Drug Administration because of new concern that it is a cancer-causing agent. The ban will not require the recall of products already on the market. [New York Times]
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