Newspapers / The Fieldcrest Mill Whistle … / March 8, 1976, edition 1 / Page 1
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i^®n Area 35 Million Paid in 75 w Payrolls and Taxes l^^dcrest Mills’ operation ^ over $35 million to the '>% of Eden and Rocking- ^^ounty in 1975. , of $35,420,712 was paid jyjon and the county for ‘‘s and taxes alone, com- ^‘'ocords show, ® ‘orgest contribution to the '*^y of Eden was the ^rest payrolls of Wp, >'^77, paid to the approxi- !(j^ y 4,400 employees in the taxes paid in County totaled of which $558,%0 was iirl I county and $375,080 the City of Eden, 'idcrest in 1975 paid !ji^^t>895 in Social Security ' s unemployment insurance on its Eden em ployees. This was what the company paid in addition to the em ployees’ share of the Social Security taxes. By law, the company pays half and the employee half of the taxes to finance Social Security benefits for employees; but the company pays 100 percent of the taxes to provide the state- administered compensation for eligible employees \^hen out of work. In addition to the over $35 mil lion pumped into the local economy by direct payments, targe sums were distributed in the form of benefits for the approximately 4,400 active em- (Continued To Page Seven) ^perdoffer For This Week iSflj , Fieldcrest plants Pating were to have their representatives "Vm 0^ ^he National '(] “Offer Tournament by the k last week. The results known when The Mill ifa press. Gilbert of the Alexander Mill at Forest City is doffing champion of the plants outside of Tax Tip you purchased and '^nced a home in 1975, certain you do not jJ'look “points” as an ^.*‘®st deduction on your income tax return, j'ses L. E. Chewning, ’’^ger of general and tax j,®anting at Fieldcrest. ^oese “points” paid as a of your closing costs . deductible as interest Internal Revenue !>ig 69-188, ,ooy are shown on your “®ral Truth-In-Lending ^®^ent as a prepayment , interest and are ^fibed as “loan fees,” ■•'Vice charge” or by similar terms. ®deral regulations that this statement JPrnished to you at the '^otinued To Page Six) Eden. He defeated Elzie Collins, the champion of the Columbus Towel Mill, Columbus, Ga., in the final doff-off at the Columbus mill February 23. Mr. Gilbert during this week will meet the champion from the Eden mills, which was to have been determined in competition between Phillip Dickerson of the Bedspread Mill, the company’s 1973 doffing champion, and Melvin Walton, the Draper Sheeting Mill warp doffing champion. Also, during this week, the finals will be held in the filling .doffing division. Competing for the filling doffing championship will be Babe Kimbrell, the champion at the Alexander Sheeting Mill, and Ray Pruitt, the champion at the Draper Sheeting Mill. Fieldcrest is among the 31 textile companies from across the nation which have entered the National Superdoffer Tournament, sponsored by the American Textile Manu facturers Institute. Doffers in 197 plants from Virginia to Texas are competing. Finals to determine national champions in warp and hllmg divisions are scheduled at Greenville, S.C.’s Textile Hall in April. The contest threatens to take on international proportions if Naoussa Spinning Mills, of (Continued to Page Three) Honoring The Bicentennial When this group of men signed the Declaration of Independence on July 4, 1776, the United States of America came into being. The above is a re production of a painting by John Clymer de picting John Hancock signing his name to the document. The original painting is included in the John Hancock Mutual Life Insurance Company’s his torical art exhibition “Faces of Freedom”. John Hancock, the first signer of the Declaration of Independence, became the first elected Governor of Massachusetts. This is the first in a series of historical items which The Mill Whistle will carry during the coming months in honor of our country’s 200th birthday. NC Citizens Will Vote On Revenue Bonds When North Carolina em ployees go to the polls on March 23 to vote on their favorite presi dential candidates they also will have an opportunity to vote on “Amendment No. 2.” Amendment No. 2 is a constitutional amendment which will allow local government units to issue revenue bonds to help industries — particularly new industries — finance manu facturing and pollution control facilities. The bonds are considered a major incentive for industries to locate in the state. North Caro lina is the only state that does not offer such bonds. Estimates from the state Department of Natural and Economic Resources say that in the last two years. North Caro lina missed out on 20,000 new jobs and $700 million in new industrial plant investments because the state does not have these bonds. Issuance of the bonds would not affect taxes since the bonds are secured by the assets of private industry. The amendment forbids the use of any public funds to pay off an issue. Revenue bonds would be issued only for industries whose wages are higher than the average wages of existing industry in the location. An exception would be an industry locating in a county where severe unemployment exists or when the bonds are used to finance pollution control facilities. The bonds may not be used to refinance existing plants. However, pollution control facilities and in some cases new plants and plant expansions can be financed in this manner by an existing industry. The bonds are attractive to investors because the interest received is exempt from state and federal income taxes. This makes it possible for industry to borrow money through revenue bonds at a cost generally lower than conventional commercial financing. Industrial revenue bonds are a widely accepted method of financing manufacturing and pollution control facilities. They differ from general obligation bonds in that they are secured not by tax dollars but by the assets of the industry that bor rows. Other benefits citizens will receive from the bonds are: —more and better jobs created by new industries locating in North Carolina. —perj^tuation of established industries and protection of existing jobs through attractive financing of required pollution control measures. —additional tax revenues paid (Continued To Page Seven) ■■ ■ I a: r- \ V.' P. •
The Fieldcrest Mill Whistle (Spray, N.C.)
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March 8, 1976, edition 1
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