Ironwood Daily Globe from Ironwood, Michigan on July 31, 1965 · Page 8
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Ironwood Daily Globe from Ironwood, Michigan · Page 8

Ironwood, Michigan
Issue Date:
Saturday, July 31, 1965
Page 8
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EIGHT IRON WOOD DAILY GLOBE, IRONWOOD, MICHIGAN SATURDAY, JULY 37, 7965. Romney, Committee to Work On Bipartisan Tax Program SHORT RIBS—By Frank O'Neal By DICK BARNES Associated Press Writer LANSING (AP)—Qov. George Romney and a legislative committee will try to agree within two or three weeks on a bipartisan tax program that would raise $200 million in extra state funds in the next two years. Four alternative tax plans were submitted to the committee Friday. Two more versions soon will be developed. Independent analysts will try to assess the impact of the plans on taxpayers and the state's economy. Then Romney and the committee will meet at Mackinac Island for two days in an attempt to agree on one of the plans. Even if the committee reaches agreement, the chances a plan would be approved by the legislature this fall are in doubt because of strong opposition from some influential legislators to any new taxes before 1967. Romney said existing programs will carry the state into the red within two years and that tax action should be taken now, not in a time of crisis. He said the committee Friday came somewhat to grips with the political implications of tax action. Each of the plans includes a $66 million boost in cigarette taxes. Three include income taxes and repeal of the sales tax on food and one proposes a sales tax on some services. The two variants to be developed would provide higher income tax exemptions and cut out the sales tax relief. * * * About $146 million of the $200 million would be required to continue existing programs. Some $25 million would be available for new programs in 1966-67 and another $29 million for more new programs in 196768, said Romney. Rep. George Montgomery, D- Detroit, House Taxation Committee chairman and an advocate of tax action, said there "is a growing feeling in the number of votes toward a bipartisan approach to tax reform. We should play the string out." But he and Romney agreed it was impossible accurately to forecast any over-all house or senate feeling until one program is agreed upon by Romney and the committee. Romney said the "realization of a need for action has grown steadily." Romney said either the Citizens Research Council of Detroit or any of several university tax experts would evaluate the alternatives in terms of taxpayer impact and Michigan's competitve position with other states. The cigarette tax plan, used in all the alternatives, would be a two-cent boost to nine cents effective Jan. 1 coupled with an additional one-penny increase July 1, 1967. Net revenue would be $66 million for the next two years. Individual details of the other plans raising the additional $134 million or more: * * •*• PLAN ONE NEW REVENUE — Sales tax on limited services. $45 million; change inheritance tax to estate tax and adjust rates, $25 million: increase intangible tax rate from 3'/2 per cent to 4 per cent and on banks and building- loan firms to 60 cents per $100 of deposits, $4.5 million; adjust tax schedule on insurance companies, $5 million. LOST REVENUE—Double the $20 intangible tax exemption, $4 million. NET EFFECT — $151 million tops revenue increase, probably about $135 million because of implementation delays. PLAN TWO NEW REVENUE - Two per cent personal income tax, $236 million; 3 ! ,2 per cent corporate profit tax, $105 million: 5Vz per cent financial institutions tax, $12.5 million; change inheritance tax to estate tax and increase rates, $25 million. LOST REVENUE — Repeal sales tax on food and drugs or give income tax credit for same, $100 million; repeal business activities tax, $104 million; repeal intangibles tax, $39 million. NET EFFECT — Plus $135.5 million. PLAN THREE NEW REVENUE—Three per cent personal income tax, $354 million; four per cent corporate income tax, $120 million; six per cent financial institution income tax, $14 million. LOST REVENUE — Same as Plan Two, plus $100 million in property tax relief. MY DUN6EON AND DECIDED THAT IT Ng£P£D SOMETHING, YOU'D BE NOT TO SHOP HIRE ON MONDAY! ^ 'BIG DEAL" JOHNSON IS LOOSE! FIND THE WACKIEST DEALS EVER OFFERED MONDAY ONLY AT JOHNSON'S! WrVE GONE if 6&t \ Don't Break the Doors Down! NET EFFECT—Plus $145 million. PLAN FOUR NEW REVENUE — 3Va per cent corporate income tax, $105 million; six per cent financial institutions tax, $14 million; increase inheritance tax. $10 million. LOST REVENUE — Same as Plan Three, plus reduce corporate franchise fee to 2 mills, $55 million; give local units use tax on hotels and motels, $4.5 million. NET EFFECT _ Plus $139.3 million. Police Chief Theft Victim MANILA. Philippines (AP) — Police Chief Mariano Gingono, visiting Manila from the little town of Penarubia in northern Luzon, came to police headquarters this week to report a theft. He said pickpockets got hold of him as he was riding a bus and relieved him of his billfold, his police badge and warrants for two robbery suspects he was seeking. Station Has to Turn Its Customers Away SALT LAKE CITY, Utah (AP) — Employes at a service station in Salt Lake County had to turn customers away. "We're out of gas," the em- ployes said with a smile. Scout Leaders To Meet Here There will be a meeting for all scoutmasters, cubma s t e r s and den mothers in the Lake; Superior Council of the Boy, Scouts of America, Wah Dai Bong District, Aug. 10 at the' Wesley Methodist Church here,! beginning at 7:30 p.m. ; This meeting Is called a "roundtable." a monthly get together for all unit leaders of this ; scout district. At this meet! n g, unit leaders may obtain many program ideas, and discussions will be held to help with unit! operational problems. j To all leaders attending this ; roundtable, the council has prepared a special gift that can be used in den and pack meetings. The council will conduct a I campaign this fall for the inde-j pendent Boy Scout fund in each community of the district for the necessary operating funds. The district has also scheduled a fall camporee for the weekend of Oct. 1. | This type of activity is intended for all the troops of the district to participate in, to help the troops offer a full camping program and for the fellowship ofi a district wide camping experi-i ence. : Call H midsummer madness or whatever you like, something has affected us—and all to your advantage! You'll be convinced after reading this ad that we have a few screws loose. A visit Co our store on Monday will confirm it! You'll never believe it 'til you see it all! r ^ ^tm .^ •» — — You'll be responsible for damage done in the rush for this wacky special. First one in gets itl ONLY ONE TV SET *ONE MONTH FREE SERVICE Your money CHEERFULLY refunded if you're not teti>fi»dl FREE DELIVERY NO MERCHANDISE SOLD TO DEALERS, DISTRIBUTORS OR MANUFACTURERS! LOOKIT THEEZ KRAZY DISCOUNTS! New Refrigerators 10% to 20% Off! Electric Ranges 10% to 30% Off! Electric Dryers 10% Off! '-; S 98 New Pianos 10%tO 20% Off! Radios 10% Off! TRANSISTORS A nn Not Junk. This buy one for only . O.OO is all good stuff! TABLE MODELS TOO buy one for only . . /«OO The m^nolia is the official ; state f- -if both Louisi a n ai and M' i. . for Krazy Karnival Day-Monday, August 2 from 10 A.M. to 6 P.M TABLE LAMPS Sea These Wunnerful EXXTRA SPESHULS! AUTO TRAYS Odd CHAIRS In Plastic Covers for Kitchen for Desk for Dens 2 each Utility Tables (SMALL) Selection Pictures 6 PC. LIVING ROOM GROUP Special $ ALL THESE PIECES: • 2-Pc. Suite • 2 End Tables • 1 Cocktail Table • 1 Pol* Lamp 199 $12 per Month PLATFORM ROCKERS 19 21 3-Piece DINETTE 19 21 METAL WARDROBE 19 21 Rollaway Cot TWIN SIZE, FOAM MATTRESS 19 21 Use Our EASY PAYMENT PLAN to Buy Now "Three Big Floors of Furniture & Carpeting" 212 Sooth Suffolk IRONWOOD Ph. 935-1130 FREE DELIVERY WITHIN 150 MILES FINANCE WITH JOHNSON, TOO! CHISELERS WELCOME! DEHUMIDIFIERS Prices so Doggoned Low, We Don't Dare to Mention Them. Better sneak in the back door and motion for one of the help to talk it over in the alley! Take It Easy! ONE ONLY RANGE Don't trample the paying customers in the rush for thisl 1 98 Month Free _ _ S»ruir« • So ... we're out of _LC n I- • OUr Skulls - Wha * C8I > •fc-Free Delivery you i ose ? Money CHEERFULLY refunded if you're not satisfied! Save the Furniture .„». Wav In ONLY ONE REFRIGERATOR if One Month Free Service •^•Free Delivery Money CHEERFULLY refunded if you're not satisfied 1 Better (•* it .. it'i really tol OFF USED TV'S-WASHERS-RANGES THESE HAVE GOTTA GO! WE HAVE TO MAKE THAT FIRST SALE A BIG ONE SO BE HERE EARLY AND BE NUMBER ONEI SUNBEAM & HOOVER APPLIANCES-20% OFF HAIR DRYERS NOW J OFF! Hoover Vacuum Cleaners, etc. THEY LAUGHED WHEN WE SAT DOWN TO CUT PRICES! IF YOU SEW, YOU'LL SAVE. COME SEE! BUY A CONVENTIONAL WASHER for just OFF SINGER ROUND BOBBINS (type 66) on all SEWING MACHINES Sewing Supplies Prices Really Murdered) SINGER LONG BOBBINS (limit 10) i SINGER NEEDLES 6-15 Singer short bobbins, bobbin winder rings, etc. reduced! All OTHER ATTACHMENTS (RUFFLERS, BINDERS, HEMMERS, BUTTONHOLERS, ETC.) REDUCED TO CLEAR FOR THIS EVENT! BUY A NEW TV SET for just $78 Special deals on all Television. Just slap on* of our salesmen on the back, remind him that it's Crazy Carnival Day and you'll get the TV buy of a lifetime! IN OUR RECORD DEPARTMENT! One Special Lot of STEREO and HI-FI ALBUMS Reg. 99c UKELELES IN OUR JUNK PILEI BRAND NEW 45's 29c eo. 4 for 1.00 Special lot for kids at >/a pric* reg. 7.25 ENTIRE STOCK OP 45 • including now rfloaset by the Beatles, •»<., now only 77 Starowldo Discount on All Other Hi Pi * Stcrea ALBUMS 20% OFF!

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