_ J
State of the Union address
already draws fire, praise
WASHINGTON (AP) — Presi
dent Bush’s State of the Union ad
dress will lay out a program to “get
America back working again,” his
chief of staff said Sunday as he de
fended a controversial proposal to
eliminate the luxury tax on yachts.
Samuel Skinner, who replaced John
Sununu as the president’s top aide
late last year, said Bush’s Tuesday
night address and the budget he sends
Congress on Wednesday will try to
overcome an unexpected “wall of
resistance” that’s keeping the econ
omy from reviving.
“The No. 1 issue is jobs and the
economy. That is what we are going
to be dealing with,” Skinner said on
ABC’s “This Week with David Brin
kley.”
The president’s package, much of
which has already been revealed, will
propose a middle class tax break in
the form of an increase in the personal
exemption for families and up to $5,000
as a tax credit for first-time homebuy
ers.
It will also propose up to $50 bil
lion in additional cuts in defense
spending over the next five years,
increased incentives for business
investment and a 90-day moratorium
on many new government regulations.
The election-year budget also has
a host of increased spending meas
ures in such popular areas as environ
mental cleanup, Head Start, space
exploration and creation of new parks
and recreation areas.
Officials confirmed that the Bush
budget will propose eliminating a 10
percent tax on yachts costing more
than $100,000. Some congressional
sources said they expect the admini
stration will also propose repealing a
similar luxury tax on the purchase of
i-—
airplanes.
The luxury tax, passed in 1990 as
part of an effort to control huge budget
deficits, also covers purchases of
jewelry, furs and expensive automo
biles.
Skinner defended the proposed
repeal of the tax on yachts against
criticism that it was a tax break for the
rich. He said the tax — which was
supposed to raise $145 million over
five years — had cost thousands of
jobs in the boat-building industry while
generating little revenue for the gov
ernment.
“What we’ve got to do is get
America back working again. We’ve
got to get government off America’s
back. And if that means a tax destroys
an industry, we ought to look at it
again,” Skinner said.
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Macy’s likely
to file Monday
for bankruptcy
NEW YORK (AP) — With sales
flagging and debts growing, R.H. Macy
& Co. Inc. was believed to be on the
verge of filing for bankruptcy court
protection, company suppliers and an
analyst said Sunday.
The 134-ycar-old retailer wouldn’t
reveal whether it planned a bank
ruptcy filing or was still trying to
avert one through negotiations, said
company spokesman Michael Frcilag.
But suppliers, who have not re
ceived January payments from Macy’s,
expected the privately held depart
ment store chain would file as early as
Monday for protection from its credi
tors under Chapter 11 of the federal
bankruptcy laws.
“I don’t sec any other option than
(Chapter) 11 out there right now
If they could pry a judge out of his
bedroom, they would do it today,”
Bud Konhcim, president of the ap
parel maker Nicole Miller Ltd., said
Sunday.
Books
Continued from Page 1
culi Morali,” a vellum-bound work
written by scholar-architect Leon
Batista Alberti (1404-1472) and pub
lished in 1568.
Eva Sartori, development officer
for the UNL libraries, said the collec
tion had been valued at more than
$20,000.
A special exhibition case is being
commissioned to display the collec
tion. The case, a gift from William
Laurie Porter, husband of a UNL
alumna, will have a security system
and will follow the latest preservation
guidelines, Sartori said.
Until the case is completed, the
collection will be stored in Special
Collections on the third floor of Love
Library. The books will be available
for study, but willnot be circulated.
H [ 1
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