■ ESTABLISHED 1936
I EDWARD A. YUZRJK - EDITOR & PUBLISHER
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4 THURSDAY, JANUARY 15, 1970 NUMBER THREE
SUBSCRIPTION RATES $3.00/YEAR
OUT OF COUNTY $5.00/YEAR
SENATOR Jr
SAM ERVIN
WASHINGTON—The Tax Act which Resident Nix on
signed on December 30th contained a number of signifi -
cant reforms.
Among these reforms are the minimum income tax,
changes in the natural resources depletion allowance, re
visions in the tax treatment of private foundations and fi -
nancial institutions, and a variety of modifications affect*
ing hobby losses, interest deductibility, and penalties _
failure to pay taxes on their due date.
The Act lowers the mineral depletion allowance— the
percentage to be subtracted from net income before taxes
—from 27 1/2 percent to 22 percent for domestic & foreign
oil and gas companies. Other mineral producers which
had allowances of 23 percent are now limited to 22 percait
Minerals which had a 15 percent rate now get a 14 percent
allowance, except for gold, silver, oil shale, copper and
iron ore producers whose depletion allowances remain at
15 percent.
The Act taxes private foundations for the first time at
the rate of 4 percent on investment income. Foundation
will also be required, under the new law, to distribute to
charity or other non-profit activities all of their investmot
income in the year after it is earned or an amount equal
to 6 percent of their assets. The latter percentage payout
will come into effect over the next five years in gradu a 1
stages.
In response to criticism that foundations should not be
permitted to use tax-free money to lobby for legislation,
the Act restricts activities of this nature. The Act bars
lobbying by foundations in behalf of legislation, although
the measure specifies that this does not prevent the exami
nation of broad social, economic and other problems by
such organizations.
The law, has new disclosure requirements for foundation
All tax-exempt organizations with gross receipts of more
than $5,000 a year are required to file an annual informa
tion form showing the names, addresses and pay of direct
ors, trustees and key personnel. Church groups would not
have to report on religious activities, but private founda
tions would have to provide more detailed reports to be
made available to the public.
The Act also seeks to tighten up rules which have per
mitted some wealthy Americans to pay little or no income
tax. The new law levies a flat 10 percent tax on sever a 1
different kinds of previously untaxed income or special de
ductions that exceed the sum of $30,000, plus the actual
tax otherwise due. These tax preferences include deduc
tions for interest to buy investments, certain stock
some long-term capital gains, and rapid depreciation al
lowances.
The Act places new restrictions on the deduction of
farm losses from non-farm income where these losses ex
ceed $25,000 a year and non-farm income exceeds jSQOGO
annually. Moreover, the law specifies that no losses will
be deductible on a business or farm activity not engaged
in for profit.
Taxpayers who fail to pay their taxes at the time of
filing such returns can no longer finance their government
obligation at 6 percent interest. The new Act provides a
penalty, in addition to the regular 6 percent, of 1/2 per
cent per month up to a maximum of 25 percent on the
unpaid tax.
Despite the major revisions which this Act made in the
IRS Code, tax revision will probably continue to receive
much Congressional attention because of public interest in
this subject.
I m |
strstiglrt Cecils: VjF
By Tom Anderson m
u
TV-INSTANT POISON
The Livid Liberals have been in a state of
berserk apoplexy since the Vice-President un
loaded on them. Agnew called the TV com
mentators “the tiny and closed fraternity of
privileged men.”
Chet Huntley said, “I hesitate to get into the
gutter with this guy (Agnew).” He would
rather stay in the gutter with David Brinkley.
Senator Eugene McCarthy has cracked that
Agnew has become “Nixon’s Nixon,” which
is still not as .bad as being Ho Chi Minh’s
McCarthy.
Just as Pavlov manufactured neuroses in
dogs by ringing dinner bells, the pink press
foams “McCarthyism” mouthings at the cour
ageous few who dare to tell the truth about
our brainwashing “news” establishment.
The “Liberals” can of course shout “LBJ,
how many kids did you kill today?”, can call
the Pentagon “murderers-for-profit,” call Hay
nesworth a crook, call Wallace a Hitler, call
the President “Tricky Dick,” call Ho Chi Minh
the George Washington, of Vietnam, call Gold
water a sick racist in need of psychiatric help
—-and that’s merely “free speech.”
Immediately after Agnew’s first blast, the
three leftist network Presidents pleaded inno
cent and charged Agnew with advocating
“government censorship.” This was a deliber
ate distortion, the kind Agnew had described.
Or, more plainly, the network Presidents were
lying. Agnew had explicitly emphasized: “I
am not asking for government censorship. I
am asking whether a form of censorship al
ready exists when the news that 40 million
Americans receive each night is determined
by a handful of men responsible only to their
\ \ '■ . f •* . •• '"-y ';■? ■/'
BILL KENNEDY^
\ * "ABOUT THIS FREEDOM FOR WOMEN
It is now obvious that the women are going
to join the Revolutionary Movement. They
are joining in to get peace, equality and free
dom for themselves. A spokesman (pardon
me) spokeswoman for one of the. female
liberation organizations (there are now many)
has said that “women may very well be the
third force to link up with youth and black
people in the revolutionary struggle.” *
This leads me to the conclusion that, come
the revolution, young, black females will be
very much in demand. Think about’ it . . .
They will be the only ones who can (I) free
love with the Flower Children; (2) kill Whitey
with the Black*Panthers; and (3) nag at us
with all the rest of the women about equali
zation for females.
(Speaking of Flower Children, I listened
in on two Yippies conversing on an alley
corner the other day—they fascinate me—
and they were remarking at length about what
a coincidence it was that this fellow Christ
happened to be born during the holidays,-They
seemed to feel undue attention to Him de
tracts from the merriment of the season.)
One of the several female organizations
springing up to become involved in the re
volt is SCUM (Society for Cutting Up Men).
The whole mess started when one bunch of
broads rebelled against underwear up in At
lantic City. They took off all their girdles and
bras and burned them on the sidewalks during
the Miss America Beauty Pageant—they were
against that parade of beauties for some rea
son or other.
If the girls want freedom, I say we\ought
to give it to them. I always have felt that way
about it. I don't know how the young ones
are going to work out a freedom-to-stay-young
corporate employers and filtered through a
handful of communicators who admit to their
own set of biases.”
“To paraphrase Voltaire,” some wag said at
the Republican Convention, “if Spiro Agnew
did not exist, it would have been necessary to
invent him.” Nixon invented him —to say
things Nixon should be saying.
“Television does to your mind what cotton
candy does to your body,” says Federal Com
munications Commissioner Nicholas Johnson,
“ft attracts your attention, makes you want it,
and then leaves you with nothing but an empty
feeling and a toothache.” But cotton candy is
not poisonous! Television is.
Whether complete objectivity in a commen
tator is desirable, obtainable, inadequate or an
achronistic is really not the point. Goodnight
David Brinkley claims “a truly objective man
would have to be put away in an institution
because he’s some sort of vegetable,” which
statement itself is a typical David Brinkley dis
tortion.
Trying to pin some of these smoothie com
mentators down to the truth is like trying to
sew a button on a scoop of ice cream.
Fairness is a better and more practical goal
than is objectivity. But how many collectivist
commentators who find it impossible to be
objective, find it possible to be fair?
Almost non-existent is the “news” story or
network picture showing what the hippies, an
archists and Communists did to the police be
fore the police were forced to respond. The
most brutal thing in the rioting at the Demo
crat Convention in Chicago was the TV club
bing of the truth.—American Way Features
system that is any better than the one used
by the ladies on our side of the generation gap
(which is to lie about their age), but I think
they should have the freedom to try.
They haven’t demanded yet that menfolk
must give birth to some or all of the babies;
but some of them are demanding that the
government take charge of the babies as soon
as they are born, so the dams (sic) will not
be tied down by household chores and family
life. They are suggesting that child care nur
series be maintained so that the brood women
can dump their young there for up to 12
hours a day.
They say that women should also be free
not to marry before they start having babies
if they so choose. They’re behind times on
that, of course, the government has already
taken care of that part—supporting through
welfare all females who have babies but no
sire “living in” on a steady basis.
And some of them have been askifig for
• • The right fqj, t>vo women to marry each other.
1 m almost certain that this will be one way
to avoid being hampered and bothered with
babies.
They are also talking about and experi
menting with communal quarters, where sev
eral women, and as many men as they want '
or need, all live together. You know, like a
herd of cattle, or a pack of dogs.
Let us keep the record clear. Women do not
get paid nearly enough for what they do, some
of them don’t. I wouldn’t take the job the
average housewife has for anything like the
salary they make. Most of them could do j
better if they wanted to. and they know it. But
they just don’t want a better job. God bless
■eni.r-Anicrican Way Featyres