Newspapers / The Chowan Herald (Edenton, … / Dec. 18, 1958, edition 1 / Page 15
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-r* T The National Outlook IL Prospects For Tax Legislation gßpf., By Ralph Robey — —^ • - : —^ >l, There will be tax legislation in new Congress. The big ques tion* just as in the case of labor, is what kiiid of legislation It Svill be. Four fairly technical bills are j>retty well-assured. First is a new method for tax ing insurance companies. For some years such companies have .been taxed under a temporary formula. One of the basic diffi culties with this has been that a fcompany never knew whether the iormula would be continued and .in consequence could not calcu late its tax until Congress acted. 3n the next Congress this uncer tainty will be eliminated. Hear ings in the problem already have 4*een held and the Ways, and gleans Committee has held sev eral executive sessions: to decide its recommendations. There /-iias been no leak from these exec jl ive sessions but it is expected jlßat the new formula will result \Jn an increase of taxes. Estimates of the increase have ranged up to £l5O million. Second, we shall have new leg islation designed to encourage pri vate foreign investment. Hear ings also have been held on this problem and many technical sug gestions have been offered. No jlonclusions have been drawn as jet, *. There is support- lion a Change by business management and within the Administration, hut the Treasury Departngent op toses any change which will ma irially reduce government rev enues. ** •< Third, there probably tvill be of some new. pro posal for handling depreciation of business capital assets. A*. few years ago a law was passed which gave a choice of various methods of calculating depreciation, and this has been of substantial help- But most foreign nations have moved well ahead of us in the rapidity with which capital assets may be charged off, and with' de preciation charges now amount ing to an estimated $6 billion be low a realistic figure, there is real need for further legislation' ac- t r tion. Finally, there may well be ac tion on depiction charges. Such charges ar£, pejmijjfd in . many (natural resource industries. The theory back of them is that by charges a company is' en abled to recover tax-free the cap ital represented in the natural re- ( source, the recovery being at the presumed rate of the exhaustion •of the resource. The particular depletion Changes most under criticism is the 27 hi per cent in the oil extractive industry. Spo’kesmen for the industry insist that the depletion rates is no’ex cessive, but many other persons regard the current rate as a ma jor tax loop-hole. A determined effort is expected to be made for a thorough review of present de pletion charges, with a view of getting them reduced. Odds are that some changes will be made but whether this effort will be successful remains to be seen. Os these four bills two would have the immediate effect of re ducing revenues and two would Increase revenues. The two which would lower the amount of taxes paid are the bill to, encourage for eign private investment Bill to liberalize depreciation charges.." The two which increase tax payments are pie new method of taxing insurance companies and the revision of de pletion charges. From the view ami P L - - '/ V Our new kitchen telephone to - ■V ym ► beautiful. Mommy »ay» 1 ' ( M |l \\ W / that it makea everything so i I i,\.N W ' nice for her. When someone calto I \f " v ahe can answer without, leaving j ' thing* cooking on the stove. /» . She really likea it,^ r« ' if 'Daddy says he likee our kitchen Jt B jf telephone, too. He said he was / '-"lr I S**sZ surprised at how little it costa. H 11 * /l -> Why don’t you get a kitchen lA w telephone of your very own, Kr Telephone & Telegraph Co. point of the budget, therefore, these four measures should have little over-all effect. But this is only a part of the tax picture facing the nation to day. We need—need desperately —basic reform in the income tax rate structure. This past year there was a bill which provided such reform. This was the Sadlak-Herlong proposal. . That was a five year program which would have reduced all personal income tax rates, from top to bottom, and also would have lowered the corporate tax rate. The bill also included a> > provision for delaying the reduc tions for any one year in the ■ event it was obvious that the bud ■ get would be unbalanced. In January and February the Ways and Means Committee held hearings on tax reform and enor mous support was given for the ; Sadlak-Herlong bill. However 1 the growth of the recession, the decline of federal revenues, the development of a huge deficit, and opposition by the Administration, prevented the bill being report i ed out by the Committee. And it is obvious that this particular i measure is no longer suitable, or i the proper vehicle, for income tax rate reform. But some bill involving the principle of forward scheduling of rate reductions will be introduced in the new Congress. It will be opposed, of course, on the grounds that with a deficit it is no time to consider rate reductions. At first glance this argument ap pears to make sense but basically it is a complete phoney. A reduc tion of rates across the board, both personal and corporate, to moderate levels would bring lar ger revenues to the Treasury. And if we added to this an overhaul of the present hodge-podge of ex cise taxes, there would not need to be any loss of revenues. Fur ther, such changes in our tax laws would add immeasurably to the basic strength of our nation , and to the growth of our econo my. .ETCH ■ Fairfax Smathers is Florida’s Poinsettia Queen for ’SB. The “southern” beauty, shown with an armload of the Christmas flowers at Cypress Gardens, Fla., hails from Atlantic City. THE CHOWAN HERALD, EDENTON, WORTH CAROLINA, THUNBDAT DECEMBER 1«. 1858. r.ILDED CAGE —'Any bird tooking for a c.lLj cage should wing U> builder Vittorio Falchi, who puts the finishing touch** to a golded pagoda ii Eome. The craftsman sells his cages for about SIOO. (.SENATOR * 1 I SAM ERVIN Senator Kennedy and I are sponsoring an anti-dynamiting l bill which will be introduced in the next Congress. Kennedy-Ervin Bill This bill is a modification of an earlier bill introduced by Senator Kennedy in the last Congress which outlawed bombings of churches, schools, synagogues, and community centers. The present bill broadens the coverage to in clude the bombing of business es tablishments. It adds a section making it a Federal offense for one who uses explosives within a State to flee the jurisdiction for the purpose of avoiding arrest or prosecution. It also provides that local authorities shall not be de prived of any jurisdiction by vir tue of this legislation, a section to make clear beyond all doubt the Congressional intent. The bill is intended to prohibit certain acts involving the impor tation, transportation, possession, or use of explosives in interstate commerce with the knowledge or intent that it will be used to dam age or destroy any building or other real or personal property for the purpose of interfering with its use for business, educa tional, religious, charitable, or civic objectives or of intimidatingj i 4 t \-• \ u \y* a Doing^Things? If you’re going places, and you want a comfortable, refreshing ride ... From Edenion to 1-way From Edenlon to lway \.?n R er .ervic.Vta* 13 ’ 40 "V* Turnpike route <.o eh.n.e, NORFOLK '. S 2.20 5 Convenient trips daily KALKIGH t 4.10 (Plus Tux) Thru-Liner service (plus tux) EDENTON BUS TERMINAL 324 South Broad Street Phone 2424 Tak *-flShwm ; any person pursuing such objec !| tives. l , The penalty under the provis ion of the bill upon conviction i would be a fine of not more than : SI,OOO or imprisonment not-more 5 than one year or both; and, if death results from a violation of *' the provisions of the bill, the con tjvieted would be subject also to . I the death penalty or to impris i i onment for any term of years or • for life. The bill also provides that who ever, through the use of the mail, telephone, telegraph, or other in strument of commerce, willfully imparts or conveys, or causes to be imparted or conveyed, infor , mation, knowing the same to be false, concerning an attempt or alleged attempt being made, or to be made, to perform any act prohibited, shall be imprisoned not more than one year or fined , not more than SI,OOO or both. The people of the nation are deeply concerned with the bomb ings of churches and schools in various communities. They are likewise concerned with the use of explosives in labor disputes as I brought out by recent McClellan Committee hearings. No Encroachment Under the Constitution the Congress has no power to deal with offenses of this character which are entirely local in nature. This limitation was wisely im posed by the founding fathers who knew that police powers should be retained by the states and local governments which are closest to the people. The pro visions of our bill are therefore restricted to offenses which are interestate in nature. The bomb ing is neither purely local nop federal. Here both local and fed eral authorities must cooperate to eliminate such lawless acts. [Hospital Patients] Visiting Hours 10 to 11 A. M., 2 to 4 P. M.. and 6 to 8 P. M. Children under 12 years of age not permitted to visit patients. Patients admitted to the Cho wan Hospital, Inc., during the week of December 8-14 were; While George W. Eure, Hertford; Mrs. Julia Harrell, Hertford! Dewey 11. Berryman, Jr., Hobbsville; Mrs. Helen Wilson, Edenton; Mrs. Etta Green Bunch, Edenton; Mrs. An nie P. Whitt, Creswell; Mrs. Lillie Mae Jones, Edenton; Mrs. Ella Williford, Windsor; Mrs. Vcrdie Alexander, Columbia; Mrs. Jessie McAteer, Pennsylvania; Arthur McAteer, Pennsylvania; D. W. Wheeler, Edenton; Mrs. Kathryn Barrow, Edenton; Mrs. Inez Saw yer, Hertford; Mrs. Joyce Faye Sims, Hertford; Alphonsa Rob i erson. Merry Hill, l Negro . Annie P. Sawyer, Creswell: f Priscilla Long, Edenton; Claudie White, Hertford; Mary Louise Bond, Edenton; Luth'er Felton, Hertford; Myrtle Rivers, Edenton; 1 Hannah Clemons, Windsor; Jessie • Parker, Corapeake. Patients discharged from the hospital during the same week were: White > Thomas Nixon Tarkington, Ro ■ per; Mrs. Elizabeth Hawkins, r Edenton; Preston Parks, Edenton; ' Reuben Bass, Edenton; Rudy Parks. Hobbsville; Mrs. Alice Ca ! sini. Edenton; Mrs. Shirley Berry man, Hobbsville; Lonnie Proctor, • Hertford; Dewey Berryman, Jr., Hobbsville; Mrs. Helen Wilson, Edenton; Mrs. Ella Williford, Windsor; D. W. Wheeler, Eden ton: Mrs. Kathryn Barrow; Eden vv WVVVVV>^<^eArVt^VVWWW»AW »WW\^w>AA^v<vAA^/'^A^AaVAA^WVV SHOE SALE! I I SUEDE DKESS SHOES AND SUEDE FLATS | I LADIES' SUEDE HATS LADIES" SUEDE DKESS SHOES I I 156.50 values $9.95 values I I NOW $4.95 NOW $5*95 I I LADIES’ SUEDE FLATS LADIES’SIIEDE DISESS SHOES I I 0-4 nr . a . O no i $7.95 illtd $7.50 VillUtfS 51.95 and $3.98 values I NOW, $3.45 NOW $4*95 I I LADIES’ SUEDE FLATS LADIES'SUEDE DKESS SHOES 1 I / $2.98 values $6.95 and $6.50 values I I NOW $1.98 | NOW $4.45 I I LADIES’SUEDE DRESS SHOES LADIES’SUEDE DRESS SHOES I I $12.95 - $11.95 - $10.95 values $5.95 and $4.95 values I I NOW $0.95 NOW $3.98 I I ELLIOTT COMPANY I I EDENTON, N. C. I ton; Alphonsa IlobeTson, Merry Hill. Negro Jerry Felton, Hertford; Roy Lee Brothers, Edenton; Marcellia Lil ley, Hobbsville; Priscilla Long Edenton; Claudie White, Hert ford; Myrtle Rivers, Edenton; Hannah Clemons, Windsor. Births Births during the same week were: Mr. and Mrs. Aubrey Sims of Hertford, a son; Mr. and Mrs. Raymond Rivers of Edenton, a son; Mr. and Mrs. William Cle mons of Windsor, a son. Visiting ministers for the week of December 15-21 are: White, J Schenley Distillers Co., N.Y.C.* Blended Whisky of Elegance •S 6 Proof. 65 G- iJeuhu Spirits r the Rev. R. O. Denton; Negro, the Rev. George Rountree. , EASTERN STAR MEETING Edenton Chapter No. 302, Order of the Eastern Star, held its regu lar meeting Monday night, after ’ which a Christmas party, arrang ed by Mrs. W. A. Harrell, worthy matron, was enjoyed. Refresh ' ments were served following ’ which the group sang Christmas ' I carols with Mrs. Grace Byrum and 1 Mrs. Frances Wilkins at the piano. We make a living by what we ; get, but we make a life by what ,we give. —Winston Churchill. PAGE THREE ' —SECTION rsmm WIN CASH WITH YOUR - SOCIAL SECURITY NUMBER : 1 Cash prizes offered each week to holders of Social Security numbers published in Baltimore ‘ I Sunday American, IS YOUR j NUMBER LISTED? Check and ’■ be sure; you may win. You car. send in your number on a post ' card to "Box 2135, Baltimore & ; Maryland . . . then look for yoiu ; number in the 1 BALTIMORE SUNDAY AMERICAN i | On sale at your local newsdealer
The Chowan Herald (Edenton, N.C.)
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Dec. 18, 1958, edition 1
15
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