The Courier News from Blytheville, Arkansas on December 19, 1950 · Page 9
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The Courier News from Blytheville, Arkansas · Page 9

Blytheville, Arkansas
Issue Date:
Tuesday, December 19, 1950
Page 9
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TUESDAY, DECEMBER 19, 1950 Senate Sets Stage for Approval Of Multi-Billion Dollar Tax Bill BLYTtlEVILLE, (AUK.) COURIER NEWS ' WASHINGTON, Dec. 19. <AP) — Senate leaders set tlie stage today for swift approval of a multi-bll- lion dollar excess profit? tax bill. ^OpttnilsU among them said they •gtill hope to have the measure on its way to the White House before nightfall Saturday. Others thought final approval may have to wait until aflcr a briet recess planned over Christmas. The Senate Finance Committee approved the bill last night, announcing plans to call up the measure for debate tomorrow. Chairman George fD-Qa) predicted the Senate would pass it Thursday, by a top-heavy majority. But he indicated he sees only an outside chance of getting the Senate and the House, which approved a somewhat different version, to agree on revised terms of the complex measure by Hie Saturday deadline. Yule Recess Sought Congress has been aiming for a Christmas recess to start Friday. George said it should go through with plans unless final tax agreement on Saturday can be guaranteed. Tax experts on his staff said an accurate, esllmate of probable rcv- ciiue.'i from the bill Is impossible ^now, although they expect it will nroctuce well more than $3.000,000.000 in its first year. George agreed. He said it probably would take a year for the measure to start bringing in the 44,000,000,003 yearly President Truman has requested. The bill proposes a heavy new tax on corporation earnings assumed to have resulted directly or indirectly from the government's big defense spending program, it also will boost the existing corporation surtax rate of about 100,003 corixirations from 20 per cent to a' new level of 22 per cent. ' Retroactive I'ur Some For some affected taxpayers all of the nex tax load will be retroactive to last July 1. For the rest, only the excess profits levy—which hits 70,000 corporations—will be retroactive. The committee, before approving the bill last night, sliced more millions off its anticipated yield by softening terms of both proposed tax hike*, it made no estimate of these changes In dollars. The excess profits tax bill's new amendments provide more liberal exemption credits for firms which, after prolonged periods of depression, finally have hit a period of prosperity. It also provides more liberal credits for corporations which have materially increased their productive capacity and are just beginning to reap financial benefits from the expansion. The committee originally designed the income surtax boost to be retroactive to last July 1 for all of the 100,000 firms that will pay it. It announced a partial change of heart 'last night, that would mean a break for 75.000 of those firms. Under that change, firms that run their business on a calendar year basis, or whose fiscal years started .since July 1, would be exempt from the surtax boost until 'next July 1. The other 25,000 would pay as originally scheduled—start ing last July 1. In general, the bill would Impose a 75 per cent levy on earnings which exceed 85 per cent of the average of the best three years from 1046 through 1949. California Railroaders to Play Santa Claus for Ailing Pal DOARTE. Calif., Dec. 19. <AP) — Santa Claus in the prseon of railroaders on the Santa Fe las Angeles Division comes to their ailing pal. 18-year-old Jill Miller, on Thursday. Ever since Jill and her mother, Mrs. Freda B. Miller, moved into their house near the tracks in 1947, Jill from the front porch had waved and smiled at the engineers and trainmen on the passing trains. Track supervisors and signal maintainers, zipping along on little motor cars, also got greetings. In turn, they dropped off magazines and newspapers for her. But a year ago they inlssed Jill. Then a sign appeared in her \vindow: "Sick." The railroaders inquired, round she had been stricken with rheumatic fever and presented her with a few Christmas trinkiels last year. Now she is a cardiac invalid, abed indefinitely. Yet daily Jill flutters a little yellow flag In her window signals at night: with a flashlght in place of her personal waves. So this year the boys of the division are giving 'her a whopping Christmas party. They'll present her with nil electric blanket, a platform rocker, an ottoman, bedjack- ets mid other items made by railroaders' wives, and a huge mirror for her wall so she can watch the reflection of the passing streamliners, the locals and the freight trains. - " Engineer O. D. Kelley of San Bernardino, Calif., with whom Jill corresponded, will head the Santa Claus delegation. Jill's .doctor.says her railroad friendship has - given her a definite mental lift in' her struggle for health. The cigar originated in the Spanish West Indies. LIFE-SAVING GIFT—Hanging up her autographed cardboard replica of a blood container on a Christmas Iree, Actress Anne Jeffreys joins the ranks of those contributing to the Red Cross blood bank during the holiday season. A mobile blood unit of the Wed Cross was set up on the stage of a New York theater to receive donations from show folk. I.W. HARPER The Gold Medal Whiskey Bottled in Bond Kentucky Bourbon's always a pleasure WO fSCSF • UKTUUH MMWH! iOUKiON UKISHY • I. W. KHHPtk DI1IIUIK5 W., IDUISVIllE, FACE SEVEN 's Merchant Fleet The lUillnn merchant fleet was to 400.000 torn at the war's . Ws Charge Red Neighbors of Inciting Frontier Incidents with inciting 1M ^rdcr Incidents The comment was In reply to ROMS (AP)-The Italian mer- end. Purchase of U.S. liberty ships o t recent, note received from Hungary e dictation of (heir Russian masters." chant fleet reached a total of 2,- .. and building of new craft under . The charge, made In the official the E.R,P. program has steadily in 722,822 tons with 1,175 ships by the creased the tonnage of the Italian end of September, It wns officially HBI.GHADE, Yugoslavia, Dec. 19. ' . cused Romania of perpetrating 55 met chant marine, now almost at Its ., , . . t/l'i— Yugoslavia charged four of her me dents. Hungary. 50, Bulgaria, ' coinlnforin neighbors last night FITZPATRICK'S TOR A CHRISTMAS WITH HAPPY HOURS Our Famous Watches alwayt cash-priced on ffie easiett possible Budget ferrru Here'$ the pick of St. Nick'* Gift Watches ...a style for everyone, a price for every budgef! UDlf EIG/N. 14Knalu,al S°/d, 19 /twef movtmen). Cfcarg. ill HAMILTON "Donald". 17 jewel movcincnl inn MK gold case. 1SK numerals. ^Charge GKdfH CURVEX "C<ivoW<. far a mar,', comfort. Handtomt broctltl. fay tettrl -,, $49.50 WIJTNAUCK to, o . beautiful in if* „»„ t ; m alMly. 11.25 wieklyl - ' ;• : . $47.50 UULOVA "Goddess of Time". She'll adore this dainty beauty. Open an account! 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It Takes Only 3 Minutes to Apen a Charge Account!" Fitzpatrick Jewelers 122 W. Main Choose Your Giftl Watch Today. Pay Us in 1951. Phone 2728

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