b'theaverageannualincreasein1976and1977,butnottoexceed9.5% inanyevent. TheCouncilonWageandPriceStabilityhasputoutafactbook explaininganumberofthetermsandconclusionsofthewage/price guidelines.Toobtainacopyofthepublicationentitled"FactBook: WageandPriceStandards",write: TheOfficeofPublicAffairs CouncilonWageandPriceStability NewExecutiveOfficeBuilding 726JacksonPlace,RoomG-236 Washington,D.c.20506 REVENUEACTOF1978 OnNovember6,1978,PresidentCartersignedtheRevenueActof1978 intolaw.TheActisdesignedtosoftentheimpactofthesubstantial SocialSecurityTaxincreasescheduledfornextyearandtostimulate capitalformationandconsumerandinvestmentspending.Amongthemost significantprovisionsoftheActare:Areductioninbothindividual andcorporatetaxrates;anincreaseinthepersonalexemptionfrom$750 to$1,000;anincreasefrom50%to60%intheproportionoflong-term capitalgainsexcludedfromtaxableincome;the10%investmentcreditis madepermanent;andtheexistinggeneraljobstaxcreditisreplacedwith atargetedjobscredit. Corporatetaxrateshavebeenrevisedfortaxableyearsbeginning afterDecember31,1978."Normal"and"surtax"rateshavebeeneliminatedandanewgraduatedratescalehasbeensubstituted.Thenewtax rateswillbeasfollows: TaxableIncomeRate $0to$25,00017% $25,001to$50,00020% $50,001to$75,00030% $75,001to$100,00040% Over$100,00046% Thus,foracorporationwith$100,000oftaxableincome,theActreduces thetaxliabilityby$7,750. WhiletheActwasunderconsiderationinCongress,certainproposed changeswithrespecttodeductibilityofentertainmentexpenses,particularlycountryclubduesandfees,generatedconsiderableinterest.Under theAct,theportionofcountryclubduesorfeesthatdirectlyrelates tothebusinessuseoftheclubisstill deductibleifthetaxpayeruses theclubprimarilyforbusiness.However,expensesincurredinconnection withentertainmentfacilitiessuchasyachts,huntinglodges,fishing camps,skilodges,etc.arenolongerdeductible- costssuchasdepreciation,rent,utilities,maintenance,compensationofemployeessuchas caretakers,andlossesrealizedonthesaleordispositionofthefacility arenownon-deductible_, Theprovisionsofthenewlawareeffectiveforexpensespaidor incurredafterDecember31,1978.'