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Taxes / Carter and Tax Reform / Property Tax Abatements #258462

CBS Evening News for Thursday, Jun 22, 1978
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(Studio) President Carter's compromise agreement on tax reform and reduction plan now in House Ways and Means Committee reported Usu. association of tax breaks with income taxes, and their position in connection with property taxes stated.
REPORTER: Walter Cronkite

(NYC) Saint Louis postal worker Bill Slaten's payment of full amount of his property taxes and tax breaks and loopholes available to owners of most downtown bldgs. in Saint Louis noted as exs. of tax situation. Saint Louis taxpayers protest against such tax abatements reported [SLATEN - says it's another case of public's being ripped off.] Saint Louis tax abatement system outlined. Tax break systems in New York City and Boston noted; companies benefitting from systems include Prudential Ins. and John Hancock Ins. [Saint Louis Mayor James CONWAY - says city wouldn't have amount of development it does without tax abatement; states developers' agreement with this.] [Resident Marie TOWLEY - says most development has been in downtown area and low and moderate income sections have suffered.] Saint Louis group fighting tax abatements for business noted and spokesperson, Alderman Bruce Sommer, mentioned. [SOMMER - reports changes in number of jobs held by city residents in downtown area over last few years Says city residents have lost and tax abating has contd.] Cleveland's abandonment of abatements after 1 year of system, when Dennis Kucinich was elected mayor, noted. [KUCINICH - says abatement system isn't fair.] Tax abatements given to Standard Oil of Ohio and National City Bank of Cleveland mentioned. Conflict between older cities' development desires and taxpayers position outlined.
REPORTER: Ray Brady

Reporter(s):
Brady, Ray;
Cronkite, Walter
Duration:
00:04:40

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