Newspapers / Jones County Journal (Trenton, … / April 19, 1962, edition 1 / Page 4
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one is very cog* This is the si when evety >{ taxes. The Internal Revenue Code of 1954, 1012 pages ini length, contains the federal tax laws. The Senate Fi 0 nance Committee is considering the tax revision bill (fifc. 10650) which contain^ some 240 pages amending the 1954 'Internal Rev enue Code.. , . Earlier this year I . Stopped in Edenton and was1 reminded that the independence of our countty arose out of the question of taxa tion. . Rarely does a, change in tax law produce agreement on what is an equitable tax provision. T h e proposed changes are no expecUbn.' A steady stream of witness**. Are appearing daily before the Senate; Finance Committee to give testi mony on the tax amendments. As passed by the House on March 29, the major provision of HR 10650 grants a seven percent investment tax credit to business enterprises At the same time other provisions have been drafted to offset this revenue loss. These provide stricter regula tions for taxing overseas earnings, modify existing tax deductions for entertainment expenses, increase taxation of mutual insurance com panies, cooperatives, and various savings institutions, provide for the withholding of twenty percent of : dividends and most forms of inter est af their source with certain ex .. emptions for persons anticipation: *o ’tec liability, sind provide tax deductions for costs of lobbying before the government which dir ectly affect a taxpayer’s business. Tax Hearings The Senate Finance Committee has announced that it expects to hold hearings on this bill for about five weeks before “marking it up” for Senate cpnsideration. 1 While I am not a member of this committee, the evidence taken by the committee will be made avail able to me when the hearings are concluded. The soundness of any tax proposal must be viewed in the light of two governing factors. The need of the United States government for revenue, and the burden which a provision will im pose on the individual taxpayer. I am cognizant too of the* truth of'a statement made by the late Daniel A. Reed, once Chairman of the House Ways and Means Com mittee, when he said: “When you take too much taxes, you weaken the Republic, you weaken, the spirit of the Republic, you discourage the people of the Republic.” I have formed no final judgment on, the tax bill. Many changes are likely to be made in. the bill before it is reported for the considera tion by the Senate. I do appreciate the views'’given me by. those con stituents who have written to me !$gp|tt£jjMiith me about the bill. Tax PnHcy ' UtMiPmfe large considerations and judgments which will soon have to be made in the field of appro priations and taxation at the fed eral level. My view on this sub ject might be summed up in this way. I think we are going to have to have two things occur before this country can get its financial house in order. First, is .that the pedple of the 'country are going to have to ex ercise some restraint in demanding that the federal government make so many grants to the states and embark on so many federal pro grams. - Pswmrf says: You’ll be glad ' you planted ora GLADIOLUS! We Just received e shipment of gladiolus in many colors end varieties from Holland, 7 KNEADS THE DOUGH— Singing wildly as ho works, Mickey Rooney worts with a large pile of dough. He is rehearsing for a scene he plays in a television-show. ■■ .....: ■■■■ ■■ —..d.x i. Second, I think that Congress it self is going to have, to begin to exercise restraint in this field. I am not aware of any present pow er that will restrain Congress ex cept either a demand by the people that Congress exercise prudence, or that a Constitutional amendment be enacted which will require the federal government to live within its revenues. s'* , The unpleasant alternative is that of oppressive taxation for the gen erations yet unborn. -it--;-__ Shft didn't win .. .. .but easily could have . . . voted most popular . . . Look for an announcement soon re that much discussed Wake For We had this recalled to us last week as Frits. Kennedy called the hand at U. S. Steel (and made it stidc): “True statemanship is the art of changing a nation from what it is into what it ought to be. . Concrete Company Ff**Ettfimat*s New Bern Highway, Kinston, N. C. % “Helping to build a better Livestock Market for Eastern North Carolina” No Commission Charge No Waiting Phone JA 3-5103 Kinston, N. C. Epoxy is an organic material applied and "First Cured" on the specially prepared steel surface, both inside and out. It forms' a toOgh, durable coating that defies penetra tion. Its chemical resistant properties have been time , tested on Myers steel sprayer tanks under extreme carta sien condition's. The high gloss finish will not chip, crack or peel. Bonded "Fire Cured" surface withstands the most corrosive water. for Water Pomps
Jones County Journal (Trenton, N.C.)
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April 19, 1962, edition 1
4
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