Newspapers / The Franklin Times (Louisburg, … / Feb. 11, 1938, edition 1 / Page 2
Part of The Franklin Times (Louisburg, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
j IN, WASHINGTON | WHAT IS TAKING j J PLACE BY Any connection between com munity welfare, including (arm in come, wages and stability of local merchants, and fche high-sounding undistributed profits tax might, at first glance, seem remote. Yet, evidence is accumulating in Con gress to indicate that they are very closely connected. So much, in fact, t'hat drastic modification o r even repeal of the undistribut ed profits tax may be anticipated before adjournment. In simple terms, the Revenue Act of 1936, provides that corpor- , atlons (banks excepted) must pay a surtax on neti income which is not distributed to stockholders, j The rate is graduated from seven to twenty-seven per cent, depend ing on what profits are retained by the corporation. When this form of taxation was originally proposed, its sponsors contended that it would prevent the piling up of iargq surpluses by corporations and force profits in to the hands of stockholders, who would pay personal income tax to the government. Obviously, the Idea of forced distribution of cor- ' poratlon earnings to local stock fcolders seemed a logical one. However, it is now claimed tliat tbt lax lias virtually strangled Up growth of small corporations by preventing the putting up of capi tal for ialtr use in expanding fac tories and erecting new ones. If this be true, and the facts are comiDg out iu hearings, our peo ple are being hurt all down the line. Expanded factories and new factories mean employment. Em ployment means wages. Wages { mean buying power. And buying power means belter standards of Living, better prices for the farm er, and profitable sales for the merchant. If a form of taxation Interferes with this orderly pro cess, it defeats one of the primary objectives of all legislation to im prove the status of our people. lb is also charged by critics of the undistributed profits tax that it is a penalty on corporations saving a part of their profits in good years to carry along in bad years. Here again, if true, is an other bad feature. Naturally, if a factory cannot keep enough cash in the safe when orders are com ing to meet the pay roll when ord ers are slow, it means lay-offs, part-time work and sometimes closing down with unemployment. Such a condition is naturally fell by an entire community dependent upon the payroll of a factory or factories. It is most significant that in recent conferences in Washington both the so-called "little business men" and the representatives of "big business" are together in their opposition to the undistri buted profits tax. Another form of taxation, equally important to everyone, is the capital gains tax. It goes back to the first income tax law of 1913. Under its provisions1 profits from sale of securities, real estate and other capital are taxable in come. Provision was made for sub traction of losses. More recently, deductions were limited. The con tention is now raised that the tux tends to keep investments at a standstill. Many members of Congress, iu private and in public, are conced ing the arguments made against the undistributed profits and capi tal gains taxes as they now stand. Modification may be expected in the House before new tax legisla tion is finally passed. Even fur ther consideration will be given in the Senate and the able chairman of the Senate Finance Commit tee, Senator Pat Harrison of Mis sissippi is among those who have promised business and industry epeedy action. The importance of incorporated factories and business establish ments, in North Carolina and else where, being able to provide em ployment, make improvements and have reasonable earnings is ques tioned by no one. Thus, if t<he un distributed profits and capital gains taxes is a retarding factor, as it now seems, action on these leyiea cannot be obtained too quickly. CIVIL 9ERVICE EXAMINATIONS ANNOUNCED The United States Civil Service Commission has announced open competitive examinations (or the following positions: ) Senior scientific aid ( preparator In pathology), $2,000 a year, Army Medical Museum. Physiotherapy aide, $1,800 a fmr, V. 8. Public Health Service, And Veterans' Administration. Printer-proofreader, $1.82 an hour (40-hour week), Govern ment Printing Office. Full information may be obtain ed from J. A. Whelees, Secretary of the U. 8. Civil Service Board of Examiners, at tihe poet office In tJUa city. Extension agents in Orange Ccjuty r.ro attempting to crento a nr*> attr interest among fatau fjuii litk it in >re fruit aiitl berry crops. Intangible Person al Property Tax The new law of taxing intang ibles is an important change in method and a radical chapge in j rates of tax on intangible per sonal property. No property of this class will hereafter be re-, quired to be listed with local list- 1 takers aii^l subjected to the local I tax rates upplying 011 tangible pro perty. All property of this class is returnable on March 15Hi as of December 31st and the tax pay able to the State Department of Revenue. The uew rates of tax re present an average of not more than ten or fifteen per cent of t-he rates formerly applying to this class of property. It is expected that the revenue at the greatly reduced rates will : be greater than under the former jnuch higher -rates by reason of a more general and complete dis-. closure of this class of property. On promise of good behavior in compliance with this law there is also an express provision that no advantage can be taken of any ti*x- 1 payer who makes a complete dis closure by assessment of a de linquent tax agaiust any suc{h tax payer for failure to make a com plete disclosure in listing of in tangibles in former years. If a , complete disclosure is made on or before March 15tb of this year, no back taxes can be assessed on such holdings. Bank deposits are not requirea to be listed by the depositor un less deposits are made in banks outside of North Carolina, as all banks within the St?te will report deposits to the Department of Re venue and pay the tax as agent on such deposits; taxpayers must jnake return of all money deposit ed as postal savings. The rate of tax on money on deposit is only ten cents per one hundred dollars and is based on the average of deposits at four quarterly periods ending December 15th. Accounts showing average quarterly bal ances of less than $100.00 are dis regarded. " The second rlassif k'utiou of tax is <tliat of money oil baud (.i.e.. ill lock box. ivsh register, etc.) as distinguished from bank deposit*, and is taxable at twenty cents per hundred dollars of amounts held on December Slst in excess of $330.00. Accounis receivable are taxable at twenty-five cents per one hun dred dollars of their face value on December 31st ill excess of $300. X> 0 . Current accounts payable may be deducted from accounts receiv able, but deductible current ac counts payable shall not include Indebtedness on account of capit al outlay (i.e., purchase of land, buildings, improvements, machin ery, etc. ) Bonds, notes, and all other evidences of debt are taxable at forty cents on every one hundred dollars of t-lie fair market value I there-of on December Slst in ex cess of $300.00. This classifica tion includes all evidences of debt other than accounts receivable. ( Evidences of debt other than cur i rent accounts payable may be de : ducted from the value of bonds, j notes, and other evidences of debt, i Bonds of this, L'iiiKd States, the 'State of North' Carolina, of coun i ties, rtiun icipalities, or other poli tical sub-divisions of this State are not taxable. Payment of such evid ; ences of debt are not enforceable i iu the courts without payment of j the tax. ? Every person, firm, or corpora tion acting in a fiduciary capacity | is required to report and pay the ; tax on all intangibles held for the benefit of residents of this i State. ,v No t?.\ levied oil, the caS^ sur render value of life insuraijtfe poli . cies. but a tax of twenty-five cents ? on every hundred dollars of value i as of Decembeu Slst is levied on ? all sums left on deposit with in surance companies by a resident of this Stale, the principal of j which is subject to withdrawal' at j the option of party Or parties en titled to receive it after stipulat ed notice. A tax of thirty cents per one , hundred dollars of fair market value on December Slst in excess of $300.00 is levied on shares of stock held by residents of this State in foreign corporations that are not domesticated and paying taie^in 'hi- si., i. Shares of stock in every domestic corporalipn are 'exempt by reason of tax payments made in ibis State by tbe corpora l-ion. and shares of stock in all foreign corporations that are domesticated taxpayers in this State are exempt from tax. This: exemption covers a Ion* list of foreign corporations that are domesticated taxpayers in this.; State. A complete list of such foreign corporations will be furn ished on application by the De partment of Revenue. Shares of stock in all other foreigri corpor ations owned by residents of this State are taxable at the rate of thirty cents per hundred dollars, j If there is indebtedness incurred | directly for the purchase of the stock, aud for which slock is, pledged as collateral, such indebt- 1 eduess may be deducted from the fair market -value of the stock. Marginal accounts' with stock-' brokers are, therefore, taxable yn ; the basis of the net equity of the taxpayer. If stocks are carried in a broker's account, some of which are taxable and some exempt, in-! debtednes8 may be proportionately I prorated. Nonresidents of the Sta;e are liable for tax under these sched ules only if engaged in business in this State and to the ext'ent that intangibles are related to the business carried oh in this State. Foreign, corporations engaged in j business in the State are liable for a return of such intangibles held by them related to the busi-' ness carried on in this Stat?. Failure to make report and pay the tax levied on March 15th will subject any resident and non resident of the State liable for | such tax to a penalty of one hun dred per cent of the amount- of the tax due and payable. None of the intangible taxes apply to re ligious. Educational, charitable, or benevolent organizations not con ducted for profit, nor to life in surance companies (except Sec tions 701 and T04) paying a gross premiums rax to this State, nor to building and loan associations : (except Section i')4) paying a lax oij shares of stock us required by Section 138, nor to evidences of debt held by commercial, industri al. or savings banks representing' investment of funds h<-ld on de posit. iteport Dianks (Form H-l) lo be used ill making return of intan gible taxes have been distributed to more than 100,000 taxpayers; additional forms and further in formation may be secured from t he Ihtailgible Tax Division. De partment of Revenue, Raleigh, North Carolina, or from any Field Deputy of the Department. All intangible taxes are payable not' later than March 15th to the , Department of Revenue, and one | half of the proceeds of these taxes is retained by the State and t he .other half distributed to the coun ties and cities of the Suite. The act represents an effort to apply raies of tax on intangible personal property that will not be oppres sive to any taxpayer, aud the De partment! of Revenue trusts that , it may have the whole-hearted support aud cooperation of the people of the State in making a success of this extremely moder ate tax law. FOR FIRST CLASS PRINTING PHONn. ' Watch Your Kidneys/ Help Them Cleanae the Blood of Harmful Body Waate Tear UdMn in eonaiantly (Hurler JMU mattar Iron th* blood mu. Bui Hdaaya aomtimae lag la their work? do not act ae Nature intended? (all to re. m<r?e topurttlee that, M retained. may tfrjtsjztr ^ rzzz anaitty lad loan of pop ud etrrnrth. Other ripi of kidney or bladder die order may bo burning, ecanty or too frequeot urination. Than ihoaM bo bo doabl that prompt traatBMBt la vioa than amlin Uao WOa 0oaa'? have boon winning new frienda for mora thaa forty 7 ?arm. Tbe*.haTe a natloa-wide roputation. kn Aimzunended by grateful people tho ccantry orar, Atk tour angttorl Doans Pills I w H SI n you c o by GRE Y HOUND ?15^ Raleigh ?1.35 Durham . . . 2.10 Wilmington . 5.WO Greensboro . 3.7? Winston-Sal. 4.UO Henderson . ? ,.V> GoMf-boro . . 2.JMj KayeMeville . 3.S0 ? harlot u- .. tl.40 Asherille . . B01>1)1K 1>RI'G STORK I'lione 329-1 Louihburjc. N. C. FROM LOUISBVRG TO use the BABX PO\NDtR that doctors .ecommend N6w you can get a baby powder that will keep your baby safe* against germs and skin infec tions It's Mennen Antiseptic Powder Your doctoi will tell you that whenever you buy a baby powder it surely ought to beMennan Because Mennen is mora than lust a dustint powder -it's antiseptic) And it coats no moral So. mother, buy ? tia from your druggist, today nsnnsn powder 1 # ^ *** f # M ' ***?**?? * WHAT'S WHAT * * ABOUT * * SOCIAL SECURITY * *i* * * * * * * QUESTION: How many em-! plovrts does au employer bave to1 have before he comes under the Social Security Act? ANSWER: Employers of one or I more persons are subject to the taxes provided in Title VIII of the Act. Employers of eight or more persons are also subject :o taxes under Title IX of the Act. XIX QUESTION: What is the age limit for benefits under the un- . employment compensation provi sions of the Social Security Act? ANSWER: There is no age limit for benefits under the unem ployment compensation provisions of the Social Security Act. t tt a QUESTION: I lost my job. What do I do to get utiemploy- 1 inent compensation benefits?. , ANSWES: Go to your local un employment compensation office and register with the Reemploy- 1 ment Service. If you are eligible from the standpoint of your previ ous employment record, you can I file a claim. Then, after the ex piration of the required waiting period of three weeks, if you have not been able to find suit able employment, you will be eligible to receive a weekly un employment compensation bene fit. * 1X1 QUESTION: Is part-time em ployment covered under Hie North Carolina Unemployment Compen sation Law? ANSWER: Yes. Generally speaking, an Individual is deemed to be partially unemployed if the wages he has received in any .week are less than 5-6 on the weekly eligible. Roughly, the unemploy ment compensation of a partially unemployed wage earner will equ al the difference between the full time benefit to which he would be entitled were he totally unem ployed and 5-6 of bis remunera tion for that week. Detailed in formation ou (his point should be secured from your local unemploy ment compensation" off icel Farm record books kept by Jackson County growers show a 100 per cent improvement over those of the preceding year, re ports H. R. Clapp, assistant farm agent. GUANO GUANO I have on hand one hundred tons of quality ferti lizers, Fish Brand, Golden Bell, Roysters, Agrico, and Farmers. There are no better brands of ^fertilizers made. Come to see me at Union Ware-, house when you want quality fertilizer. I shall render to you the same service that I have in the past. YOUR BUSINESS WILL BE APPRECIATED. GROVER C. HARRIS FARM 8 HOME Supplies at Unusually Low Prices STOVES AND RANGES r.VST IRON t <H>K STOVES $9.75 HEATERS Of All Kinds Wood, O,oal and Oil COOKING RANGES $21.95 FURNITURE 3 Pc. BKl> ROOM SUITES $35.00 9 X 12 Linolicum * BUGS $4.49 3 Pc. Bed, Spring and Mattress $14.25 3 PC. Living Room SUITES' $26.60 FARMING SUPPLIES BKDiLES 90c Vp HORSE COLLARS $1.25 AX E 6 #1.50 SHOVELS 80c Rnssel One Horse WAGONS $57.50 PAINTS, ETC. Paints, Oils, Varnishes, Stains, Kalsomines, Etc. Largest Stock in Franklin CJounty R*ady Mtaed PAINT ?18.9 / Gal. Texollte Past Paint Mix With Water SUPPLIES PLVMBINO ? Galv. Pipe, Cant Pipe, Bath Fixture*, Pipe Fltttap, Etc. KLECTRICAIi ? Copper Whw, B.X. Cable, Switches, Etc. \ FOR RENT ELECTRIC FLOOR SANDER & FLOOR POLISHER "G*?e Your OW Floor A Jfew Face" H. C. TAYLOR , HARD WAftS IT OKI PHONK in-i liODHBroO. N. O. FOR SALE One car load of fine, fresh mules; also some milk <&?> and heifers. I. B. GARDNER, Spring Hope, N..C. 1-21-41 Subsoribr to ine r rauklin Timet FOR KENT " A service station at Castalia, well located on main highway with practically new equipment. Apply to GUPTON OIL CO., 2-4-2t Louisburg, N. C. * SEE HOW MUCH MORE a Dollar Now Buys itf a New QlKtmamoR.' So littl* money buyi so much G-E Refriger ator that practically every home can now afford one. America bought more G-E Refrigerators last year than ever before, and this year G-E is even a bigger buy. Now Popularly Priced! Bigger dollar-for-dollar value . . . low current cost long life 9 ?nipULii'v' REFRIGERATOR New, faster freezing General Electric Quick Trays provide in stant ice cube release . . . two or a trayful in Seconds. Six-tray modelscan freeze 48 lbs. of ice in 24 hours and average current coat is less than the price of ice. MAY WE SERVE YOU ! - THE ? BROWN FURNITURE HOUSE J. L. BROWN. ! YOUNGS VILLI, N. 0. " 1 1 IRONING BOARDS A Convenient, Durable and Serviceable Household Necessity Come in and see it or call me for demonstration. Prices reasonable. Remember I repair all kinds of woodwork and make most anything you want in wood necessi ties or novelties. I also upholster and rebuild your old furniture. _ . SEE ME AND SAVE MONEY TROY P. WILLIAMS Kenmore Avenue Louisburg, N. C. OUR LINE OF FALL FURNITURE Is NOW COMPLETE. Visit us and secure our prices before buying. Our Undertaking Depart - , ment is at your disposal. 1 4 ' > ? i .. V / ^ W. E. WHITE Furnitore Co. Lenlaborf, North Carolina '
The Franklin Times (Louisburg, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 11, 1938, edition 1
2
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75