Newspapers / The Chowan Herald (Edenton, … / Feb. 8, 1962, edition 1 / Page 5
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The National Outlook Federal Budget Balanced In 1963? . By Ralph (ton* As repeatedly promised, Presi dent Kennedy has submitted a 1 balanced budget for the fiscal; * year starting next July 1. But f it is a most curious balanqe. ' Expenditures are projected at $92.5 billion, which is an in crease of sll billion over 1961, and over $3 billion above the amount estimated for this fiscal year. Almost every major cate gory of spending shows a rise. The balance is obtained by estimating government receipts at $93 billion, and that is fan tastically high. It is $h billion above what is expected for this year. Back of these official expec tations is an estimate that cor porate profits in this calendar ‘ year will be $56.5 billion. That, of course, is pre-tax profits. Most competent private econo mists predict that pre-tax cor porate profits this year will be nqt above $53 billion, and many think they may be even lower.. It is generally believed, too, that the peak of profits will be in the second quarter, and certainly not later than the July to Sep tember period. If these private estimates are correct, the Presi dent’s prediction of $26.6 billion revenue from corporation in come taxes will be one or two billion dollars too high. The other large increase in government receipts is to . come from a major rise in personal! income taxes. This is based upon a prediction that personal income in this calendar year will be $448 billion. On this item private economists anticipate a growth quarter by quarter, but for the year as a whole it is believed the total will be at least $5 billion below the President’s ? figure. However if personal in come continues to grow in the first half of 1963, as it should the official estimate of $49.3 billion from individual income taxes may not be as wide of - the mark as the prediction on " revenues from the corporate in- IN## come tax. The difference be tween the two in this respect is that corporations pay a tax for the previous year, while in dividuals pay currently on their, income. An increase is anticipated in the other, divisions mental -iacomg*- but in ia stance it' is relatively Insiginifi capt. These huge totals for corpor ate profits and personal income are based upon a predicted gross national product of $570 billion for this calendar year. Our personal estimate for gross national product for this year is $5G0,565 billion, and we think that they may be a bit high. But, if we happen to.be correct, it certainly will be impossible to have corporate profits of $56.5 billion and personal income of $448 billion. On taxation there again is a recommendation of an 8 percent tax credit for investment in de preciable equipment. The loss of revenue caused by this is to be offset by enactment of the same suggestions that e were <1 7 I ■ a . m mmm —Main if V MOM AM MM HQ AUTOMATIC WAsm f MKTWC DftYß • WM- • iteuhfol StySog I. wV" Ita, »wdi Ndw • UtkMCMrallW • • • tax. Maftk • lCrd»-HmladZ«l i 2 1 I • hi A bni t m f - *• t . m •'♦VwU.i—lCHt ' —l| • I • * T.’T ' g -I Ede ® tc^ u "” ture CO made last year—withholding on dividend and interest income; repeal- of- the present divicjend credit, provisions; statutory pro yisions\ covering business • ex penses for entertainment and other expense account items; elimination of tax deferal privi leges on foreign business, in come, except in less-developed countries; and so forth. It is also recommended that the 10 percent tax on transpor tation of persons be repealed in so far as railroads are concern ed- as of July 1,1962. Also rec ommended is enactment of ‘‘new systems of user charges for commercial and general aviation and for transportation on inland waterways,” but. no details on this are given.. A recommendation for a lift ing of postal rates sufficient to put the Post Office Department on a self-suppci ting basis also is made. Now, does this budget make sense? It makes sense only if one assumes fairly substantial inflation within the next eigh teen months. 20 YEARSAGO Continued from Page 1. Section 1 senting employers and Henry Rogerson and Gumie Hobbs, representing' employees. J. L. Wiggins, Chairman of I the Chowan County Draft Board announced that he had been au thorized to conduct a third registration of men in Chowan County between the ages of 20 to 45. Though Chowan County was reportedly financially better off by having closed' the County Home, the possibility loomed that it may be reopened. R. N. Hines, superintendent of the Electric & Water Depart ment, appealed to parents for cooperation in preventing chil dren from shooting air rifles in Edenton. Mr. Hines reported that it had cost the department over SSO since Christmas to re place street lights which were broken by youngsters with air rifles. The wedding of Miss Grace Ireie Spruill and Irving Cason Griffin was solemnized at the home of the bride's parents, Mr. and Mrs. Sidney Spruill. ■'* Twenty Chowan County white men were taken to New Bern preparatory to being celled into military service. Miss Myrna Skinner Teaching At Troy Miss Myrna Skinner left on Thursday of last week for Troy, N. C., where she has accepted a position as teacher of the sev enth grade in the Troy schools. Miss Skinner, daughter of Le roy Skinner, graduated at East Carolina College on Thanksgiv ing. POCAHONTAS MEETING Chowanoke Council No. 54, Degree of Pocahontas, will meet tonight (Thursday) at 8 o’clock. Mrs. Virginia Williams, Pocahon tas, requests a large attendance. THE CHOWAIf HERALD, EDEHTOW. NORTH CAROLINA, TKTTRSDAT. FEBRUARY ?, 1952, ‘SUPER-RIGHT” QUALITY WHOLE FRESH (FOUNDER’S VALUE) WISCONSIN MILD LAMB CHUCK BLADE ROAST 29c «§h RV PIICC (E |L A LAMB BREAST FOR STEWING ... 15c Mmjffl k Jg§| VllE C) E !&• • OVEN READY WHOLE : wllvJn Hlf Suner-Ri«dil Delicious Ail IVL^il LAMB LEG LB 59° EDAtHfC JO# as L , 49c Lb 69c IKANR* M iHAII ALLGOOD \ kJ OMf SLICED jj ’)) 1-lb. pkg. WFt / T n , tt -t o 1 „ , ir ~ n T j < ~ , ~?R-sn!aßnß l *i Jane Parker Family Size Jar.s Parker Vanilla Creme Iced CHERRY PIES ea. 43c MS CAKE *■*» 20c [CoMoa Treasury | - B c’j Ifr - © f ANN F*AGE CREAMY CONDENSED TOMATO I Northern Bathroom ft P DI . V , _ a.h Sultana Specially Priced fftb 4Tk BVi ,<»• F'*'- -- - TISSUE 4 rolls 35c • PEANUT BUTTER l T 60c Fionda loo.sm «- a aa U. S. NO. I Vi'IIITE HHH F”' '1 A TEMPLE ORANGES 12 - 3S& I b PHILODENDRON 5 & 51.49 E LB. PllhrVt Sweet Anjou Pears M ■> jTW fel UAG JR® tS JrVj Red Delicious Apples f4si V pjjs V J FOUNDER’S VALUE! A&P* FAMOUS MILD AND MELLOW EIUHT D’CLOUS Hrik ■ HU ii n. H mam Bhbb 3-h>- i>;i» , , Large 20-Gallon Galvanized Steel Russell’s Brand Freshly Baked Ad Detergent ”&?*• 33c tu 79c CARBAGE CANS e.c $1.99 VANILLA WAFERS 25c r all VARIETIES BUSH PREPARED A&P BRAND APPLE Lu.; Toilet Soap 2 a e f 3 21c BEANS S -49 c SAUCE 6 - 69 c Palmolive Soap 2Ks 21c HANDY ANDY CASHMERE BOUQUET SOAP SUPER SUDS Lux Liquid 'ci?' 37c 2 c»°'' 63c 'oj°‘ 39c *SSf' 69c 2bX 21c 15c fe 34c & 81c Wisk Liquid & 73c *£'■ $1.39 Tomato Paste 2 '&£? 49c 2 iZ. 27c SWAN LIQUID 37c 63c 1 ■ r • ' r ■ W i t' l ■ ❖ U t 701 North Broad Street - Edenton, N. C. ... ——? : PAGE FIVE !—SECTION OxiE
The Chowan Herald (Edenton, N.C.)
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Feb. 8, 1962, edition 1
5
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