.T, : 11, i;.7.
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THE DUPLIN TIMES
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Material taataMM effloaaad vttackBg teal, KeaaBSVlll. N. C
C A ftOBKBT OBAOT. EDITOR OWMXE
rkoL A. BAB WICK; Assistant Editor
At The Fast Office, KenansvUle, N. C
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Warn fjamra Rmbwuimlm
HAPPENINGS THAT AFFECT THE FUTURE
Some years ago, when modern super weapons were
T largely in the blueprint and research stage of develop
ment, it was felt that they might substantially cut the
' 'Costs of providing an adequate national defense. That
feeling was based on the theory that the new weapons
i, 'would be so powerful that a comparatively small num
Ter of them would be sufficient, and that a permanent
arsenal could be created requiring a minimum of man
power and upkeep.
This was a pleasant prospect. Unhappily, how
ever, it hasn't happened and so far as anyone can see,
tiow it isn t going to happen.
TJ. S. News and World Report tells the present-day
arms story in its issue of February 15. And it is a story
v of "a fantastic rise" in costs.
, ' 'The article starts out with the case of the B-36
Hie great intercontinental bomber which was the back
bone of our defense for the eight-year 1948-56 period.
This was a marvelously potent weapon, with a 10,000
' mile range and an overall performance beyond that of
-any known comparable plane. We built 383 of these
machines, and the cost, including spare parts and en
gines and other needs, came to $2,589,600,000.
Today this bomber is virtually obsolete. U.S.
News says that it ". . . is being scrapped, taken out of
-' .service as fast as replacements can be built." A few
"will, be used for atomic-engine experiments. The rest
'Will soon be good only for salvage.
Its place is being taken by the all-jet B-52 a far
superior machine on all counts. These cost $8 million j
ach more than twice the cost of a B-36. And it is like
ly, before many years go by, that the B-52 will grow ob
vsolete, and worthless in turn.
The point is, the magazine continues that- in past
eras weapons normally lasted as long as 20 years. When
changes came they usually amounted to modifications
only. Now weapons rarely last as long as 10 years, and
.radical new types take over.
All kinds of examples can be cited. The F-86 jet,
'Costing $250,000, was the mechanical hero of the Korean
War. It is being replaced by a new $640,000 model.
When World War II ended, we had a great fleet of $90
million aircraft carriers. But they too are going into re
tirement. The new supercarriers, such as the Forrestal,
cost $200 million. And coming types, atomically-driv-en,
will carry a much higher price tag.
Intense work is being done on missiles, to take place
of certain present weapons used by all three of the
Jorces. These missiles will soon be in large-scale pro
duction, and they are almost unbelievably costly sev
eral times as costly, in every case, as the weapons they
"will replace.
U. S. Nevs covers the general situation in these
"words: "What's happening ... is a major speed-up ot
the rate at which weapons become obsolete, with near
ly every new weapon involving a basic change that
increases costs in rising progression over the cost of the
weapon replaced. There is, moreover, no apparent end
! i
1 '
'A
r
STOP DRIBBLING AND SHOOT?
1
.' SS '-"-'II :'J
1
to this revolution in weapons anywhere in sight.' This
is one of the grimmer facts of life in a world which
seems to have embarked on an arms race that, knows
no limits. U. S. News sums up by saying; "The result
is a record for peacetime spending for defense, planned
at $38 billion for military outlays alone in the year
ahead."
NEW TYPE HAIR CURLER
"Former President Hoover, secretary of the Treas
ury Humphrey, Senator Margaret Chase Smith and
others with national prestige and responsibility are
joining in the demand that inflation be halted before i
leads to national depression and the weakening of se
curity,' reports the Portland Oregonian. "President Eis
enhower encourages the reduction by Congress of his
own budget except in the essentials of U. S. security
and world peace."
To say that it is difficult to make substantial cuts in
the budget is to say the obvious. But to say that such
cuts cannot be made in the face of all the available
evidence including the exhaustive and invaluable
reports of the Second Hoover Commission. And these
cuts would in no way affect the national defense or any
other essential activity.
The prime problem lies in the sad fact that every
one wants economy so long as it affects the other fel
low only. According to Mr; Hoover there are, includ
ible as it may seem, more man i,uuu active pressure
groups in Washington seeking higher federal spending
for one purpose or another as against exactly two
which are working to reduce expenses! The budget
is a reflection of this situation.
The Oregonian suggests that "the administration
and Congress can co-operate more closely than hereto
fore in whittling away at unnecessary expenditures at
tributable to inefficiency, bureaucracy and empire
building." Unless this is done, and done now, there
is every prospect of more inflation and an acceleration
in the rate of inflation. And that, as Secretary Hum
phrey vividly points out, could lead to a depression that
would "curl your hair."
t.
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KCTSTON.N. Cl
STATE INCOME TAX FACTS
North Carolina Individual Tax Returns
Remember to mail
(This is one of a series of articles you "turn before
prepared by the Committee on APRIL 15
Slate Taxation, North Carolina
Association of Certified Public Ac
countants, in co-operation with the
North Carolina Department of
Revenue.)
Article No. 2 Differences in Fed
eral and State Deductions.
While both the Federal and N. C.
income tax laws allow generally
the same types of deductions! from
taxable inceme, there axe substan
tial differences in. th maaner of
listing and compuing: toos dadi-
Mil ' ' t N
may tell you that you will have no worries, -.
in your future, so far as money is concerned,
- - - But your best insurance; toward the; fu-' v ,
p ture is the money you save today. Begin now ;
, and. save regularly. .Know i what ' you can r
' count in the future, j Bank with us. ' ' ' .'
,M 'it-it- ii,;'i i-oj '
mi AT" ! V - c, u
."'':& v'i'?;'l A III. Ar !i ft JIT.'liv Al itff iij-V
m a ur n ul vt mm
y'..f r-.,t': v
I.iedlcal Expenses
' While the Federal income tax
law allows you eduction for cer
tain medical expenses which exceed
3 per cent of your 'adjusted cross,
income,' th North Carolina Income
tax law allows you a deduction ft
medical expenses which exceed 6
per cent of your net income before
deducting medical expense. Medical
expenses for North - Carolina' in
come tax purposes include the fol
lowing: "V" t,
;1. Drugs and medicines; (Yoii do
not -reduce your drugs ' ana meat
cmej by 1 per cent of your adjusted
gross income as you are required to
do unoer Federal lawj -
; X Hospital bills. ' ' v t '
3. 1 Doctor and dentist bills. '
r 4. Premiums paid on hospitaiiza-
tion and health and accident insur
ance. .-, .. . -' -.,: .
5. Cost of eye glasses, hearing"
aids, dentures, and orthopedic', ap
pliances. , - . v
6. Cost of travel to secure medical
treatment.
Any insurance reimbursement for
medical expenses must be deducted
from the total in computing the de-i
duction. The maximum deduction is
SZ900. A- ' "
'Dividends..'.. '
If you own shares of stock in cor
porations which are partly or whol
ly North Carolina corporations, yea
will find a substantial tax saving is
the 'proper reporting of dividend?
received from these corporations.
Whilst rederal law aHows you a
dividend credit , against your tak.
due. North Carolina law; allows you
to deduct a percentage of the: di
vidend received to the percentage
of the corporation's Income taxed
by North Carolina, For example, if
you receive dividends from a cor
poratioa which pays corporate in
come tact; to North Carolina; on S-4'a
its earnings for the year. you. need
pay Income tax only on one4ourth
of the dividend received (the one-
fourth on which the corporation
did not pay income tax to North
Carolina.) .The correct way to take
this deduction is to enter your
total dividends received in the di
vidend schedule on the return form
and compute the taxable portion of
each by multiplying by the taxable
percentage applicable to each cor
poration the difference between
the 'total and the taxable portion
Is your deduction.
The 'taxable percentage may be
secured from the N. C. Department
of Revenue in Raleigh or one of its
branch offices (normally in the
county courthouse building), a Cer
tified Public Accountant or Attor-
If you own stock in a corporation
which pays income tax on all of
its income to North Carolina, 100
per cent of your dividends is ae-
ductible, with the result that you
pay no income tax to North Caro
lina on those dividends.
Taxes
Under Federal law, you may de
duct most of the taxes you pay to
the state and local governments.
Under North Carolina law, how
ever, you may deduct only the fol
lowing state and local taxes. 1
city and county property tax, 2
state intangible property taxes, and
3-rPoll tax. Although not ceducti
ble for Federal income tax purpos
es, following Federal taxes are de
ductible for North Carolina income
tax purposes: 1 Federal amuse
ment tax, 2 Federal telephone tax
3 Federal transportation tax; 4
Federal tax on club dues- and 5
Federal tax on safe deposit boxes.
You should note particularly that
neither Federal nor State income
taxes withheld or paid are deducti
ble on the North Carolina return.
Although deductible on Federal re
turns, personal automobile licenses,
sales taxes and gasoline taxes are
not deductible on the North Caro-
una tciuiu.. v . 7 ' . . -
. Interest v- ;'' , ' v't k ;'.
- North Carolina law allows the de
duction of interest paid on all typ
es of indebtedness except that in
eurre to purchase tax-empt goyr
eminent bonds. The interest on
money'' borrowed from a bank or
from mortgage loan company on
home loans, or interest paid to in
dividuals on loans is all deductible.
; For Federal income tax purposes
if personal property Is purchased
under certain installment contracts
and interest is hot separately stat
ed. 8 per cent of the average un
paid Ibalance may be claimed as in
terest North Carolina has no, simi
lar provision. 8!i I PX': j ' ...
which has actual: I it. rged
as such, and paia iaruii Ue year
may be deducted. flntetet included
in finance charges which o Dot in
dicate .the-specific amount of in
terest charged cannot be deducted
unless a statement is secured from
the lending agency as to the actual
amount of interest charged during
the year.; ;.v:' ("'''iW"" A;
11 IRRIGATION PERMITS '
' A total of 723 permit for -irrigation
were issued in North. Caro
lina thro January 195ft t
The common toad eats about 10,
000 garden pets in year's time. i, i
kj-J I W i J '.
f tcy lit . 3 i ,
cr ir.c
In doctor's tests, mazing' new
Stainless Fazo instantly relieved
' piles' torture I Gave Internal and -external
relief I 6 medically-proved, '
ingredients Including Triolyte, re
Uevepain,ltehingntant4Beduce. '
swelling. Promote healing. You sit,
walk in comfort I Only stainless
pile remedy. Stainless Pazow Bup-'
.positoriee or Ointment at druggists, ft '
' TftMiMMrk cf Oram LaimtahM, m. '
' - f , OMiamU 4 SuppMitonn, , ,
'l(T."ft":'
'--'.ifi-v,..-;.,.(,f. '.ii'.l'HS
if ii, '
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' ( smNp there Vv;
j GET ME AN -AUTOMATIC
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DiVER AND I RONER. v J I f
Wash
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See your electric dealer and
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