WHAT IT MEANS—
POST-WAR
INCOMES
By HERMAN R. ALLEN
WASHINGTON — The air is
thick with proposals for post
war corporation and individual
tax structures. Almost without
exception they call for tax re
ductions, but there is consider
able debate whether any very
extensive tax reduction will be
possible for many years.
Leading Proposals
These are the leading propos_
als:
1. The Committee for Eco
nomic Development plan. The
CED is a group of business men.
They suggest that personal in
conrte tax levies be reduced to a
single standard tax of 16 to 20
per cent, instead of 23 per cent
now collected on the lowest
bracket of taxable income, and
eliminating the three per cent
normal tax. Surtaxes would
start at three per cent on the
second $2,000. Elimination of the
normal tax would remove some
9,000,000 persons from the tax
rolls.
'irhe CED would tax corpora
tions at 16 to 20 per cent also,
doing away with the present
combined normal and surtax of
40 per cent and excess profits
tax of up to 95 per cent. It
would also repeal all excise tax
es except those on liquor, tobac
co and perhaps gasoline.
2. The National Planning As
sociation proposal. The NPA is
composed of representatives of
business, labor and government
officials. This plan, work of
Beardsley Ruml, sponsor of the
Pay-As-You-Go tax and H.
Christian Sonne, a banker, is
quite similar to the CED plan.
It envisions a five per cent
franchise tax for corporations,
plus a 16 per cent tax on undis
tributed profits. It would start
individual income taxes at 16
per cent and collect "a surtax
starting at one per cent on the
third $1,000 of taxable income.
3. The “Twin Cities” plan.
Backers of the proposal, a group
of Minnesota business mien, say
relatively heavy corporate
income tax rates are not as
harmful to the private enterprise
system as are heavy individual
income tax rates.” Therefore i
they would keep the corporation
tax rate at 40 per cent for busi
nesses making more than $50,
000 a year, but would eliminate
the excess profits tax. Smaller
businesses would pay smaller
tax rates.
Sales Tax Options
The Twin Cities plan offers
two suggested programs for in
dividual income taxes, one in_
volving a five per cent sales
tax, the other without sales tax.
With the sales tax, it would set
exemptions as follows: $600 for
a single person, $1,400 for a
married person, $400 for each
dependent. (Present exemption
is $500 for each taxpayer and
| dependent.) Without the sales
| tax exemptions would be $500
single, $1,200 married, $350 each
I dependent.
! Taxes would be levied at these
| rates: With sales tax, normal
tax 10 per cent, surtaxes start
ing at six per cent on second
i $2,000; without sal°s tax, same
i normal tax, surtaxes starting at
| six per cent on first $2000.
The Twin Cities plan also
proposes that 40 per cent of di
vidends received by individuals
from domestic corporations be
tax exempt. This is aimed at
stimulating investment.
Botth Parties F^r It
Both major party platforms^
call for reduction in taxes after
the war, and Gov. Dewey, in his
radio speech on Oct. 3rd, offer
ed a ‘‘program take effect im
mediately after victory is won.”
Included was a proposal to “re
vise the personal exemptions so
that the man who makes as lit
tle as $11 a week no longer has
an income tax taken out of his
pay envelope.”
j SEWARD CAN NOW BUY
TWO PRIVATE UTILITIES
WASHINGTON — The town
of Seward has been authorized
to purchase private utilities now
supplying it with power and
telephone service, under legisla
tion passed by the House and
Senate.
i'
For more than 20 years the
number of horses and mules in
the United States has steadily
declined.
I
If you suffer from hard of hearing and head noises caused
by catarrh of the bead write us NOW for proof of the
good results our simple home treatment lias accomplished
for a great many people. Many past 70 report hearing
fine and head noises gone. Nothing to wear. Send ^
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THE ELMO COMPANY, Dept. 516 • Davenport, Iowa
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wishes its many friends
in the territory.. •
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A\HAPPY KEW YEAR
•s x . • .
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* _
Governor Presents
Hog Raising Medal
MITCHELL, IND. — Governor!
Henry F Schricker of Indiana, I
left, is shown after presenting the
gold medal awarded by Breeder’s
Gazette to Warren Holsapple,
right, southern Indiana hill farm
er. for record-breaking pork pro
duction Mr Holsapple’s son, John
13, center, seems pleased about it,
too. at the banquet in honor of the
champion farmer given by the
Mitchell Rotary club
The Holsapples. who live near
Orleans. Jnd.. sprang into promi
nence at the Indiana Ton - Litter
show in Indianapolis this fall when
they swept this event with their
entry of four ton-litters all sired
by a registered Berkshire boar.
Much credit is given these pure
bred? for the great feeding effi
ciency they demonstrated and their
superior market performance in
defeating all coi petition at the
show The Holsapple’s four lit
ters weighed a total of 8,712
pounds at only 5l4 months of age.
Litters sired by Berkshire? in re
cent years have dominated this
show which is a very grueling test
of production efficiency and high
est market value
/.'-**•* »
YOU TELL ON YOURSELF
You tell on yourself by the
friends you seek,
By the very manner in which
you speak.
By the way you employ your
leisure time,
By the use you make of dollar
and dime.
You tell what you are by the
things you wear.
By the spirit in which your
burdens bear,
By the kind of things at which
you laugh,
By the records you play on the
phonograph.
I
You tell what you are by the
way you walk,
By the things of which you de
light to talk,
By the manner in which you
bear defeat,
By so simple a thing as how
you eat.
i
By the books you choose from
the well-filled shelf;
In these ways and more, you tell
on yourself;
So there’s really no particle of
sense
In an effort to keep up false
pretense.
—From “The Lighted Pathway.”
Read it in The Nugget.
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