The Courier News from Blytheville, Arkansas on July 27, 1950 · Page 7
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The Courier News from Blytheville, Arkansas · Page 7

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Blytheville, Arkansas
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Thursday, July 27, 1950
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Page 7
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j THURSDAY, JULY 27, 1950 Truman's Tax Hike Plan Aimed at Recouping Loss By CIIARLKS MOLONY *— — * *^ BLYTHEVIU.r (AR1U COURIER NEWg By CIIARLKS MOLONY WASHINGTON, July 27. (/P)_ President Truman's $5,000,000,000 JK< hike proposal is aimed at re- •upfng less than hnIC the $10.913,000,000-a-year revenue loss the gov- friiment figured it took on' the (wo big postwar tax cuts. But it returns (lie (ax course to the upward patli followed with few exceptions over Ilic last 20 years and, In genera), since the starling days of the republic back in 1789. Tor instance, the 55.000,000,000 extra looms large against lota! federal lax collections of F.ll kinds In 1932. the pit of the depression. The Riweniment's total tax take then' was Sl.500.000.000. Fedora! rccdnts got above 55,000.000.000 in 1038 lor the first time In a peacetime year. World War I lax- rates had brought In $0.095000000 In 1D?0. Revenues at War Peak- World War TI sent revenues snaring to a peak'of $14.762.000000 In fiscal 1945, which covered the 12 months ended June 30. 19-iV-afier victory in Europe, but before victory In Japan. The 55,000.000,000 a year tax raise now proposed by President Truman *s an addition to the S36.200.000.000 In revenue officially estimated earlier would leave this year's total €ne 53.500,0(10.000 below the 1015 rk. But Mr. Truman is slated to tot for more taxes before this j-par Is over. ' Of the 23 major tax bills enacted Into law In the. last 22 years, only the two passed in 1045 (with President Truman's approval) and in 1043 (over his veto) have brought big-scale tax reductions. 1848 Act Was Cosily The 1MB -act, effective In the spring of that year, cost the government revenue figured by Secretary of the Treasury Snyder at $4.987.800,000 a year. The 1945 act, effective nt 1946's start, cut off revenue estimated at $5,925,000,000 n year. Individual income taxes, due for » »3.000.000,000 a year increase under the new proposal, got the biggest share of the postwar tax cuts —$2,645,000,000 in 1945 and J4 738000.000 In 1948; or $7,383,000,000 altogether. • , Corporation taxes, due for a si - S0fl,000,000 lift, were cut $3,140,000000 in 1045, but weren't touched in payer and de|xmdent~and the number of individual Income tax returns filed had soared to M.SOO.OOO. When the 19i8 act broadened the exemption to $600 for each taxpayer and dependent with an additional 5COO exemption for those over 65 or blind, an estimated 7,400,000 persons were relieved of Income taxes. The lax rate changes for individuals and corporations have been more complicated in character, but the rates have risen . considerably over the years, although rises have varied among income brackets. HOUSE FOR WREN - This enterprising wren built her nest in the pockel of 3 carpenter's apron hanging on a shack at a Danville, 111,, construction project. Inside the nest, out of sight, are her four young ott- 1948. Before New Proposal Before the new tax proposal, official estimates counted on a $17,000.000,000 income this year from direct taxes on individuals (some of it from estates and gifts) and $19.500,000,000 from corporation taxes. A feature of the individual income tax changes over the years has been the shifting of personal exemptions and allowances for dependents—shifts that determine for millions of persons whether they do or don't have to pay any federal Income tax. From 1D32 to 1940, these amounted to $2,500 for the married man, 31,000 for the single person and $400 for each dependent. Only 7.800,000 individual Income tax returns - were filed in 1940, since the exemptions and allowances freed, millions from tax debt. By 1948, the provision had been trimmed to a flat $500 for each tax- With the Courts Chancery: Richard Orsera vs. Sarah Orgera, suit for divorce, l.'enimon Pleas: J. E. Stevenson, Jr., vs. Willie Beaslcy. suit for $600 payment'on note. '. The pangolin of Sumatra, a member of the aiileater family, is clothed in scally armor so strong that it can resist a revolver bullet. HE'D PUSH BUTTON-Alvin Vork, lop hero of World War I, said in Wolf River, Term., that if we fight Russia we should use the atom bomb, and "IJ they can't find anyone else lo push Hie button, I will." The 63-year- old mountaineer, who captured 132 Germans by himself in (he first war, is currently recovering from a siege of pneumonia. GOP Has Trouble; Official Quits WASHINGTON. July 27 (,v,_In- leriia) dimension within Ihe Republican National bominlttcn cnme to PACT SEVEW chairman or the party'* committee. In « letter to nutional committee members and oth«r party officials, Siimmerfield charged that National Chairman Guy G. Gabrlelson planned to let the strategy group "die on the vine." G»brielson tola i reporter the party'i executive committee had "urged me to dissolve the strategy committee" In view of regional party conferences belnj held at var- lout cltlei. Contact U» For Tfct Best In Wedding Pfctm FAUGHTS STUDIO Gleneae BU(. ^Straight Kentucky Bourbon in all its dory! *Naluralty a finer drink Never Sold until Four (4) Old! IE HOOF. KENI1ICI! Slliltl And it's only $J.67 $194 $<50 •fl-5 Qt fcPint I li 1 suet iismunc ci. luiiiin. umtcu EOYALTiX U.S.ROYA1S I* 11 r/ffiff TIRE LIVES IN ONE * Eilremt tread Jeptk permits continuous maintenance of Roynllex nan-stij traction. to 60% MORE SATE MILES Hitk skill protection ncrcr known or passible aefortt YOU e*t f VERLASTIN6 WHITE WALLS ft tth Pnleclivt Curc-SiiaiJ to maintain the spotless beauty of your tireis. You Get New U. 5. NYLON LIFE-TUBES! For tha-oul pnteclion never /inssiile before. IHE lowtST COST PER SAH MIU IN Tint HHTQgri UNITED STATES RUBBER COMPANY The great MID-CENTURY MASTRRS tfve you cMrcme Ircad Jeplh. Their ori^inil rfc-jkiddcd trcatl trMlment cun he entirely refreshed and renewed al any time — when other tires are giving up their lives. Tims you riJc with freiti, new all-seajon traction lor years In com*. »U YOU NIID TO DO fj vitil your U. S. Royal tie ali-r. lie hat all ifie rijuiprr.t*!. lie will fully restore every iltlail nj your Koyallcx non-skit ta/ely traction, Tire Ouolities and F«*turw Never Known Before! Equip yourself >nd flraily wilh ihi, tiMUly, nillcajc mj Hincr-Mfclv tnJey. Get COMPLETE 1'ROOH dcmDnslrotion heiorc you buyl t mm II vw 4e4n HM. * tr * I Ask for fhem on (he neif tar you buy fur r*M OK YOU* r HSENT c« IOB*YI LANGSTON-McY/ATERS BUICK CO. STILL A YOUNG MOTOR CO. fhoiw 591 VACATION SALE OF SPORTS AND AUTO NiEDS REG. 10.95 TRUE TEMPER ROD Sturdy, low-priced! One-piece medium action icliu steel. X'A' long. • Sen. 2.79 Sport King ReW 2.47 • Sltel Jadttt Box, 2 Tray* «. M 5.50 REG. 11.95 GUARANTEED 24 MOS. Power-packed for Irouble-free summer driving. 100 ampere-hour capacity, 45 pEotei equal other makes jelling for much more. Buy NOW at sale prices! 10 95 1.9* WUTWN CAMP JUG 1.77 Keeps Iliulrts hoi or «>M tur hoori! Suy-lo-clcan l-pirf« liner, enameled iteel jieket. CAMP STOOl Handy W vas wol, owrtino «1rip«d. Ken- forced hardwood frame. NEW LOW M1CI REG. 43t 33 C Can't be beat «t ony price! New pep and power—quicker starti. Extra |a> tav'mfi. 75c WHIH COTTON^ T-SHIRT *jc A^,^. 04 For work, K hool, iporttl M cut for somfort. In Wor* Sporting Oeodt I NEW TANK MODEL HAWTHORNI BIKI «*t. 44 M 39" There'» no bike lilt* i(| New, powerful teated-beam lighl, horn in tank, N»w Departure brake, (on vinyl plattlc tad- dU, duomed rims, "Air-Cu»hkxi" lirtil RIG. 13.75 MST QUALITY fxlro heavy fiber reiiits tcuffing, dirt and fading—wipes clean easily. Beautiful plaid patterns. Elastic inierti give wnoolh, mag fit. Save, bw priced! VITALIZED OIL PRICES SLASHED! I'RKMIUM GRADE— none fin- 4 f 1 C «r! In handy containers for v»- 1 / * cations. *Ked. Tax Incl. 114 • Salt! Rtg. 1.35 Five l-q(. 1.15* ,t • S«l«! R«(r. 1.95 Two-gal. can 1.44* ' SCAT CUSHION SALE! Regularly 1.35 F«fra comfort in *« ccf—•! ballgamei tool &vrdy beautiful plaid*.

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