The Courier News from Blytheville, Arkansas on January 8, 1953 · Page 6
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The Courier News from Blytheville, Arkansas · Page 6

Blytheville, Arkansas
Issue Date:
Thursday, January 8, 1953
Page 6
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Page 6 article text (OCR)

Congressmen Predict Excess Profits Tax Will Expire June 30 By CHARLES F. BABRETT WAMHNQTON (ft—Several veterans on the House Ways and Mean* Committee today predicted that excess profits taxes, no\v yielding about 2'A billion dollars a year, will be allowed to expire June SO. But Rep. Eberharler (D;Pa), B aponsor of the tax. forecast a fight by some Democrats to extend H, The tax, which can run .the governments take up to 82 per cent of business profits, was imposed shortly after tho Korean ; War started In mid-1050 to help pay for defense Expansion and diminish any war profiteering. The present law carries an automatic June 30 expiration date. Congress can extend the controversial tax as Is, rewrite it or simply let It die. Chairman Reed (K-riY) of the House Ways and Means Committee, where all tax legislation must start, already has called for "a natural death. Ho spoke agains! what he called the laws throttling effect on business, and unfair, nrbltary and discriminatory tax provisions. Others Favor Death Two other veteran Republicans on the committee, Representatives Kean <NJ> and Simpson (Pa), said In separate Interviews today they share a view the tax hurts rather t (than helps the economy—nnd will b* dropped. Hep. Martin (B-Ia) salrt ho was "very strong for' : dropp!ng it. They picked up support from aome Democrats. Rep. Mills (D- Ark),'» strong backer of the present law, told a reporter ho probably will favor lotting it rile because of Inequities. Many of the largest corporations benefiting from defense contracts are escaping the lax due (o special exemptions, while many smaller firms ore being penalized, Mills protested, Rep, Dlngell (D-Mlch) said he favors lax relief for "tho little man more than for business but probably will go along wllh the move to let the excess profits tax die. Reed, Simpson and others agreed (hat Individual Income tax payers should be given some relief at the same time. Tax Explained The excess profits tax Is piled on lop of regular corporate Income laxes like this: The normal tax lakes 30 per cent of Income up to $25,000; then it takes 22 per cent of all Income over $25,000—a total of 52 per cent; then nn additional 30 per cent levy Is imposed on Income determined to be excess profits. Actually, na one jtnovvs Just how many corporations arc paying excess profits taxes. A revenue bureau breakdown won't he completed for several months. The best guess from congressional slaff experts Js (hat about 70.000 of roughly 350,000 tax-paying businesses are being tapped under the excess profits provision. Committee members generally agreed there nre inequities In try Ing lo 'apply 'the present excess profits levy lo all types of blisi- WILSON NEWS By trm'a. «. jr. B#H,E» TAMI.T COTTRIWR WMU M«e<< Members of th> Baptist Women'* Missionary Union met at the church Monday night for their monthly business meeting. Mr«. J. B. Lovctt, president, presided during the business session. The meeting opcnen with (he group singing the WMU song, "Christ tor the Whole Wide World." followed by members repeating the Catchword In unison. Mrs. D. B. Bledsoe offered prayer and Mrs. Jack Trammel gave the devotional, During the business session, departmental reports were given by Mrs. D. D. Cnsh, membership; Mrs Ed Williams, program; Mrs. Trammel, stewardship; Mrs. Harry Woodyard, minion Mudy; nml Mrs. Isaac Alexander, community mission. Mrs. I.ovott reminded the members of the WMU Rally to be held in Osccola tomorrow. She also announced (hat a mission study Institute will be held at New Providence Church. Jan. 15. Mrs. Ed Williams offered (he closing prayer. Personals Mrs. Barda Anderson, Dwtght Anderson, the Rev. James Watklns nnd Mr. and Mrs. Ed Williams and daughter. Jo t.ce. were the dinner diesis of Mr. and Mrs. J. H, Lovett and their family Sunday. Mrs. M. D. Pierce and son, Basil, have returned to Iheir home In Little Rock after spcndlnR the New Year's holiday with her son, Stan- Icy Pierce, and family. Mr. nnd Mrs. Charley Corkran of nesses, wilh widely varying operating conditions^ But Eherha'rler said these Inequities, should be corrected. He said an effort definitely will be made lo extend the law. Mtpiphit were th« week end guesl* of Mr., P«u)ln« Corkran.Bnd Mr and Mri. Piere* «nd family. Other w«k *n<l gueaU were Mr. and Mrs. K. B. Tucker and'ton* of Luxor«. Week end guests of Mr. and Mrz. Floyd 8. R*e» -it their suburban horn* were Mr., and Mr». J t Plttmtn «nd Mr. tnd Mn. Fred Bmith of Osceols, Miss Nora Pittman of Memphfa and Mrs Love B Adams of Blytheville. Studenli who have returned to school Include John Kills, University of Tennessee, Knoxvllle; Marianne Grain and Joanne Cullom, Vanderbllt Unlvtrslty, Nashville; Charles Standefer. University of Arkansas, Payettcvllle; Martha- Traylor, Mississippi Southern. Hat- tlesburg; Jimmy Oarrett. The Citadel, Charleston, S, .C; Carolyn Lynch. Blue Mountain Collcee, nine Mountain, Miss.; Lcwell McAfee, Henderson State College. Arkadelphia; Edwin Webb and Mary Melody, Little Rock junior College 1 ,llin Deer and Sarn Elkms, Henrtclx College. Conwny; jimmy Durham, rvank Keel,' Helen Harnden. and Billy Zock. Arkansas State College. Jonesboro; Nancy Craln, Miss Hutchinson's. Memphis; Emily Buchanan, All Saints, Vlcksburg. Miss. u Mrs. H, P. cash Jr.. visited her nunt, Mrs. Minnie Bell Byford, at the Baptist Hospital in Memphis Monday afternoon and night. Mrs. Byford. who lives In Crawfordsvllle, suffered a stroke «l her home Monday morning, she is a former resident of Wilson. The condition of Connie Ann Cash, who has been ill for several days with an ear infection at the horn* of her »r«ndj>arenli hi WB- con. 1* much Improved according to h»r grandmother, Mri. H. P. Cash. Jr. She li the daughter of Mr. and Mr«. tf. V, c«»b, Iir. Judy McDantel. daughter of Mr and Mr«. Arnold McDanlel, aUo Is on the ilck list thU week. Now Many Wear FALSE TEETH With More Comfort PASTEETH. > pleasant alkaline Inon- acid) powder, holds false teeth more firmly. To ed(. nnd talk In more com- lort. Just sprinkle a little PASTEETII on your pkatcc. No gummy, gooey. pasty taste or feeling. Checks "pliite ndor" (denture breath> Opt PARTF1KTH Bt Any rlniff ntnre First iron railroad bridge In the United States Is said to have been . \. THURSDAY, JAK. 8, Anil Treaty Amendment Is Proposed WASHINGTON in— Sen. Brleker (R-Ohto), Joined by 60 other sena tie* which mJght Interfere with rj. S. dome«tlc affairt. Brlcker Mid yesterday In a 8<n- at« speech the amendment they offered would prevent any such intervention by the United Nations. The senator, who has fought before for similar legislation, declared the U. N. was threatened by a "desire to Interfere In matters essentially within the domestic Jurisdiction of lt« members." resolution would specify »a4 in? treaty or treaty provision which denies or abridges any constitutional right would b« invalid. Th« resolution wa« the first plee« of legislation formally introduced In the Senate this year. Th* number of co-sponsors quickly grew to a total nearly sufficient to asrjur* Senate approval. tors, haa proposed amending the Constitution to guard against trea- The amendment he offered by ENGINEERING" SHOW iY CHRYSLER CORPORATION First Showing in Memphis... P ace „,«„ , 0 r ^ dream cars of tomorrow-The K-310 by Chrysler. This motor car blends the spirit of the sports car with an advanced interpretation of the ideas that meet the traditional needs of the American car owner. Though modern Roman in mood, reflecting the exotic fashion of Ghia of Turin, Italy, who executed it-this dashing experimental-car was conceived and designed in Detroit by Chrysler Corporation engineers. It is one of more than 100 exhibits that will give you an exciting preview of the "New Worlds in Engineering" in the making for you at Chrysler Corporation. Come bring your family and friends to the "New Worlds in Engineering" Show by Chrysler Corporation. There's no admission charge! You're welcome any tiros fiom ll-.QO A.M. to 11:00 P.M. daily except Mondays—January 10 thru 21. The Auditorium-West Hall, Memphis, Don't miss seeing automotive engineering wondert heretofore not revealed. 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