April 23, 1969

Completes 1st solo nonstop voyage around world; illus

Under Sec Walker and Asst Sec Cohen detail Nixon proposals, including number in corp tax area net mentioned in message to Cong, HR com; Mills and Byrnes congratulate them on number of proposals they were able to complete in 3 mos since they took office; express some dissatisfaction with minimum tax approach, indicate they would like to change underlying tax preferences; Mills holds it difficult to explain to taxpayers why capital gains are not included in minimum tax; Walker agrees; Cohen defends minimum tax as valid idea, perhaps as permanent measure even after number of preferences are ended; pkg includes number of proposals similar or identical to those made by Johnson Adm Treas and some items not mentioned by Dems; brief summaries of proposals; tax preference proposal would make taxable at regular rates that portion of individual's income in excess of 1/2 of total income from mineral properties before deduction of depletion allowance and intangible drilling expenses, from real estate before deduction of accelerated depreciation, from farming without allowances for losses that arise out of imprecise 'cash basis' acctg and from appreciation in value of property given to charity; 1st $10,000 in preferred income would be exempt; allocations proposal would require individual with both taxable and exempt income to prorate deductions, instead of taking them solely against taxable income; low-income relief program calls for special tax table incorporating proposed low-income allowance; would fail to remove all taxpayers officially defined as poor from tax rolls; table; contributions proposal would raise limit on charitable deductions for ordinary taxpayers to 50% of income; would let persons who make very large contributions over period of yrs deduct contributions only to extent that gifts and all other personal deductions do not exceed 80% of adjusted gross income; moving proposal would permit deduction of certain indirect costs of moving residence at requirement of employer; capital loss proposal would permit deduction of only 1/2 of long-term capital losses; farm income proposal would recover on sale of farm some of income that has gone tax-free because of imprecise bookkeeping methods; proposal on conglomerates goes along with Mills approach of disallowing preferred tax treatment, as installment sale, of certain types of debt instruments issued in payment for corp take-overs; rejects Mills proposed disallowance of interest costs where over 35% of payment for a corp is in debt securities; would develop rules to aid in distinguishing debt from equity and disallow interest deduction where interest payments represent return on equity

Devlin holds Commons 'spellbound' with maiden s on 'oppressed people' of Northern Ireland; s is believed 1st ever made in Commons by MP on day of swearing-in; illus

Representative Hugh L. Carey has agreed to run for President of the City Council on a ticket headed by former Mayor Robert F. Wagner, according to high Democratic sources.

A modified plan for reorganization of the city's health services under a public-benefit corporation has been agreed upon by Mayor Lindsay and the City Council.