Newspapers / Amco News (High Point, … / March 1, 1963, edition 1 / Page 13
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ECONOMICS Q. Why is the present federal tax sys- term held responsible for blocking a faster rate of economic growth? A. Because the rates of income tax which take up to 91% from indi viduals and as much as 52% from corporations impede the steady flow of capital vital to economic progress. Q. Just how do they do that? A. Capital has but one source the savings of individuals and busi nesses. If the rates of tax make it impossible to retain enough of their respective incomes theywill be unable to enter into investments they otherwise would make. Q. Does the inability to invest more of those in the, say, middle to top income brackets have any effect on the number of jobs? A. Very definitely. Since it costs $22, 000—on the average—to pro vide a single job in industry the heavy demand for capital is ob vious. Thus, when the tax system slows the flow of investment funds needed for research, new pro ducts, new plants and equipment it puts roadblocks in the path of economic growth; adversely affects the well-being of all Americans. Q. Do the present rates of tax have other ill effects? A. Yes. Among other things they stifle incentive by denying just rewards for success as the harder people work and the more they earn the bigger the share that must be paid in taxes. - 1 Q. Do the rates have any bearing on the opportunity for starting a small business? A. Naturally. If the person wishing to go into business on his own does not have sufficient capital it will be difficult for him either to accumulate it out of income after taxes or to acquire it from those who would like to in vest in the project but are pre vented by the tax drain on their income s. WATER TANK REPLACED iinriit I III! I u MS ,4 1 The new 20, 000 gallon capacity tank at Plant #4 supplies water for the dye house. Water is pumped from the plant's own deep well and the city sup ply in Kernersville. The use of this tank enables the plant to use their own well and to store water from the city supply, thereby furnishing an ample supply for the dye house without creat ing a shortage in the remainder of the plant. 3 -
Amco News (High Point, N.C.)
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March 1, 1963, edition 1
13
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