Newspapers / The Chowan Herald (Edenton, … / Oct. 29, 1953, edition 1 / Page 15
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SECTION TWO—] * -w v ’ ' ' - —————————————— Need For Balanced Federal Budget With tower Expenditures Related To Tax Relief Now that the Battle of the Budget is taking a turn for the better as the Administration’s economy drive brings the books closer to a balance than was anticipated earlier this year, the national spotlight is again turn ing to the record tax load borne by the people and the economy and the mounting pressures for relief. Right now the Federal tax bite re presents a quarter of the entire nat ional income, a proportion that in the past had been duplicated only during World War II and then only for a relatively short time. With the pro longed business boom showing signs of leveling off and competition once more intense, there has been increas ing concern over the effect of such a tax burden on individual and bus iness incentive and willingness to take risks—elements that play such a vital role in the dynamics of the American economy and its forward progress. Objective of Sound Money While the need for tax relief is un deniable, the necessity of obtaining a balanced budget must not be lost sight of either in the heat of contro versy and debate. Failure to bring Federal outgo into balance with in come would be a serious blow to the returning stability of buying power which the dollar has been showing in recent months. That is why the Ad ministration will require the utmost public support for its whole program of overhauling Federal spending and taxation policies if it is to achieve its objective of sound money and a bal anced budget at a lower level of ex penditures. Some easing of the tax burden is already in the cards with the schedul ed 10 per cent cut in individual in come taxes and the expiration of the excess profits tax on corporations on January 1. The effect on the Federal budget during the current fiscal year ending next June will be small, but together they will mean an estimat ed $5 billions drop in Federal reve nues in the next fiscal year. To this sum may be added about $3 billions more in corporation and excise taxes slated to expire next Spring. Though the estimated budget de ficit has been cut by 60 per cent since January, the latest figures still show nearly $4 billions of “red ink” for the current fiscal year. Thus, with con ditions as they are and with the need of maintaining a strong national de fense, the Government faces the pros pect of finding billions of additional revenue if its books are to balance on Clob^ ( STRAIGHT BOURBOI WHISKEY ] 1 THIS .WHISKEY IS 4 YEARS OLD / | \ CUMUTIH, m. Y. • •• »•••» J '. "i- > ■ , Vi 6 FANCY PANTS Fancy pants for vacation fun an made of playtone cotton which needs no ironing. The slim toreador* type pants ace designed by McCall’s in print cotton. The shirt is coordi nated In a solid-colored cotton of the same type. June 30, 1955. Evolution of Tax Structure A country’s tax structure can be regarded as a product of evolution arising out of historical background and changing economic conditions, but there is always a certain amount of emotionalism and political opportun ism mixed in as well. In the United States, there has been an increasing reliance over the years as the income tax on individuals and corporations as a source of Government revenue, and this has become predominant in the last decade. Today, income taxes levied on the To Relieve _ 4* Misery UQIHD Oft TABLETS-SAWS PAST ftfUEP THE CHOWAN HERALD, EDENTON. N. C., THURSDAY OCTOBER 29, 1953. people and on business represent about 76 cents of the entire Federal revenue dollar. This proportion has • never been so high, even in war, and f is far greater than the use of the in- I come tax as a revenue source by other i countries. ] The Administration is now making i an intensive study of the whole tax structure and all possible sources of revenue with an eye to the new tax ! 'bill which it will send to Congress in ] | January. It is interesting in this con- < | nection to note the data compiled by 1 / the National Industrial Conference Board giving an insight into the tax , structures and revenue sources of the , principal Western countries. . Revenue Sources Abroad These figures show that no country but the United States collects as much j as half of its revenue dollar from in- . come taxes on individuals and corpo rations. Great Britain was the high est in this respect outside this coun try, getting 49 cents of its revenue dollar from income taxes. Canada’s proportion was just under 49 cents of the revenue dollar, and the ratios for the other Western countries ranged down to less than 12 cents for Italy. Many countries employ a general sales tax. It varies as sources of rev enue, ranging from about 7 cents of sales tax. It varies as source of re venue, ranging from about 7 cents of the Government’s income dollar in Great Britain, nearly 15 cents in Canada, and as high as 36 cents in France. All other countries except the United States likewise rely on excise taxes and customs duties as impor tant sources of revenue. These taxes provide the British Government with a third of its entire income, and Italy as much as 45 per cent. Excise taxes currently represent about 13 per cent of the American Government total revenue dollar while customs duties are comparatively unimportant and , make up less than one per cent of all ' Federal revenues. ! I don’t expect a friend always to ■ please my particular taste, nor do I expect always to please him. —Gelett Burgess. 0 o ° '"&*• Wesley S. Twiddy Now At Teleman School Attending the Teleman School at the U. S. Naval Training Center at Bainbridge, Md., is Wesley S. Twiddy, seaman, USN, of 102 Church Street, Edenton. Twiddy, who entered the Naval Sendee in September of this year, re ported to the school from the Ana costia Receiving Station in Washing ton, D. C. During the 16-week course the stu dents are taught to receive and trans mit radio messages on voice radios and the operation of teletypewriters and similar equipment. They also learn to operate a Navy post office. • No one ever expects a fire in his home! Are you well protected against this loss? You need insur ance to at least 75 % of hill value against fire and lightning ... plus equal coverage for wind, explosion, aircraft, hail and other hazards. It's sound business to guard your investment with Form Bureau’s com prehensive protection. Check today ... call PARKER HELMS 204 Bank of Edenton Building PHONE 175-W LONNIE HARRELL Route 3 PHONE ROCKY HOCK 114 Q UINN’S t#c< IP®AYS CUT OF On sl-00 Any Article Over $5.00 |l PlnH Dining Room Suites - chrome Dinettes I |L||g Living Room Suites *at I Bedroom Suites I S 3-lld ,j n”" " Individual Pieces Kitchen Cabinets Save SI.OO On All Item; Over $5.00 I Quinn Furniture Company I Eden ton, N. C. > v Phone 198 I • . .. ""**,• Beats An A balky mule has four-wheeled brakes. A billy goat has bumpers. A firefly has a bright spotlight. Rabbits are puddle-jumpers. Camels have balloon-tirgd feet And carry spares of what they eat. But still I think of nothing that beats ' The kangaroos with rumble seats. am Pipes - NOW 51,01 Cara Nome Cologne 5150 ya1.... 51.00 5100 Bifolifc-JjjjrNOWfor....tfc Pen and Pencil Sets $2.00 VALUE ' ONLY SI.OO ❖ ORAL OR RECTAL ' Thermometer., $1.35 value for 67c ❖ $3.98 Ladies’ Fashion Razor for $2.00 Stationery SI.OO BOXES NOW 50c MANY OTHER ITEMS ON SALE Leggett & Davis PRESCRIPTIONS EDENTON TELEPHONE 67 Hiss? “The King of Swine” BIG TYPE OIC Service Boars, Bred Gilts and Pigs S. R. MINTON MERRY HILL, N. C TRY A HERALD CLASSIFIED
The Chowan Herald (Edenton, N.C.)
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Oct. 29, 1953, edition 1
15
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