The Courier News from Blytheville, Arkansas on February 9, 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, February 9, 1950
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Page 7
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THURSDAY, FEBRUARY 9, 1950 The Notion Today— Wealthy fact Loss of Inheritance 'Economies' Administration Seeks Way to Bite Heavily Into Fortunes by New Estate and Gift Taxes BLTOTEVTLLE (ARK.)' COURIER NEWS By Charles Molony (For James Mario w) WASHINGTON, Feb. 9. (AP> _ The government collects Jess tax money from large fortunes which are given away than it does from fortunes which are inherited, |^o * man with a lot of money cR save, his heirs tax payments by giving them the money before he dies. The Truman administration wants to make it cost about the satnc in taxes, no matter which way you do it. ' It also wfliit-s to break up a sj'.s- tem by which taxes on large estates are saved for a generation or two by sciting up "trusts" to pass the estates along. That's wliaC (s liehfml flip nd- minislraltnn's new estate ami (jifi lav proposal—(hat ami the desire to Rd extra $lOO,()pGG,OW in la*es out of Hie transfers nf wealth. Under the trust system, a man may leave Ills estate "in trust" to his wife for her lite (which means she gets the income while ihe lives) ami then have the estate divided among their children. Or he can stretch it out another McMath Names Study Group Committee Listed On Reorganization Of State Government LITTLE ROCK, Feb. 9. (AP) _ Governor McMath yesterday named part of a committee to study possible reorganization of state government. He said additional members would be named laier. Tie appointed Richard L. Craigo, Hot Springs lumber man. and immediate past-president of the Arkansas Public Expenditures Council, as temporary chairman. Other members: William M. Shepherd. Little nock, vice president o[ the Arkansas Pow- children for thetr respective lifetimes , with ri ivision among grand children after that, tor of the Arkansas Farm Bureau Co-operative; Prank Cantrall, Little Rock, executive director of the Arkansas Economic Council-State Chamber of Commerce; Joe Elarnin, from one person to another. But j huKh^Little^nocjI' lawvpr^W^i" property in trust Ls not taxed at \r r m'in m.i D M f ' I • ;i,J,ia./ri, n f nnrcnnc » A ttin.r iif n „ M £ Cain . "Hie Rock, former state abor commissioner; Lloyd Spencer, Hope banker; Carl Hope, North the death of persons g income. Using either the gift or irusl method in avoid taxes is as legal « iclrr present law as taking In- mc lax exemption lur ynur uife or chiltl. But President Truman and Secretary of the Treasury Snyder argue it's unfair, throwing a heavier share of the overall tax burden on other taxpayers. They put, U this way: The c.state tax reaches only about onn ot each 100 adults who die, the same proportion IKS ten years ago, while the income tax hits 40 per rent of all people over 11 years olri —about lour Limes the proportion ten years ago. The effective vat PS of taxes have increased sharply on incomes of aJl sizes, but those on e.st.ite.s have been reduced for in a r ric d pe rso ns. Or, as Secretary of the Treasury Snyder put it: "I lie lax on an Income of 510, 000 lias risen from fnur |n-r cent to Ifi per tent. Tux nn ati cslalc of S1oO,DOO h;is fallen from 11 per rent lo fmir per cent." The estate tax hits few persons because any estate i.s i.ax-exeinpt on the llrat S60.000—or $120,000 if that much pas.ses from husband to wife or wife to husband. •fc>taie tax rates on arrioiint.5 left aner cxemptiotis range now from 3 per cent up to 11 per cent when there Ls 510,000,000 or more left alter exemptions. People having that much money or property can save tnxe.s by giving at least part of !b away before their rleath because the gift rate.'j Hre 15 per cent less, and there are ariaitiona! exemptions. Indeed, anyone may give aw;iy $30000 over his lifetime, plu^ $3,000 a year per person to any number of persons, without having to pay gilt tax on It. For a married couple, the exemption figures double to 560,000 and $60,000 and S6.0CO. 1'tie ;u]niiiiislr;i(um iviiuls to change all I his to a new syslcm— a single lax on transfers of \vchilli, so the same cxchipltnns anrt (n\ rates wnnld apply to all properly passrtl ihintii; lifp or at death, by Irnst or oll>envi.sc. It proposes a single exemption of $45.000, with up to $15,000 available for gifts during tife, the rest to apply on the estate left at death. The new rstc.s on amounts left aItT;r exempt ions would stsrt at 10 per com and reach a top of 11 per ^nt at 33,OOCi ; OflO. whpvcaj? the prr.s- *a|t top 77 per cent rate begins at alO.000,000. Opijoncnls of the administration proposal contend men v;il! quit working hard and .saving to build up fortunes for their children if taxes eat more heavily Into what they leave behind them. French Unions Given Right to Bargaining PARIS. Feb. 9—-(Jl—French trarii unions will soon be permitted ti engage In collective bargaining will employers for the first time sinci the outbreak of the war in 1930. By a vote of JM to 0. the Na tional Assembly U.*t night passcrl i. bill resr.oring the right to'bargain collectively. The law will remove oflicial ceilings and controls placed on wages just before the outbreak of war. Tiie new wage laiv requires compulsory conciliation attempts ii labor disputes but leaves arbilra tion optional. Bencfiriatlon Is any process by Ehich the yield of mclal from ore 9 Increased. . Little Rock labor leader; Oaston Williamson. Little Rock lawyer; w. C. Blc.n-.ster, Magnolia, president Arkansas Bankers Association; Roy Penix, former mayor of Joncsboro; Hovte Pyle. Litle Rock, executive director ol Arkansas Educational Association; Miss Mcrthyne Rogers. Little Rock business woman; J. s. Brooks. El Dorado attorney, and Wayne Stone, Helena banker, and J. L. <Bcckj Shaver, Wynne, former lieutenant governor. McMath also named to the commission Don Reynolds. Fort Smith newspaper publisher, but said an acceptance has not been received from Reynolds ,who is in Huwuii. IT PAYS YOU To Keep Voor Sho« in GOOD REPAIR H-fl LT€RS ^L'TY SHO£ SHO! >. %^ ^- « | N ST Luther B'irbank experimentet with popping sorghum like corn. Manganese has been mined in thr Shady Valley district of Johnsoi county. Term., since [883. Navy Pilot Sets 'Flexible' Record SAN FRANCISCO, Feb. 9-(,1-)_ The pilot of a record-breaking Navy bomber doesn't expect his new mark lo stand long. The twin-engined plane landed at San Francisco airport after a 5.000-mile flight from the carrier Franklin u. Roosevelt, Cinclr. Thomas fiobfiison commented: "We dipped the old record of 4.ROO miles, but the next flight will probably break ours." 1'ne Neptune bomber made a Jet- assisted takeoff from the carrier off Jacksonville, Fla., at 12:13 p.m., (KST), Tuesday. It landed here «t 2:12 p.m., (EST), yesterday—an elapsed time of 25 hours, 5D minutes. The Navy said that is a recorl for a carrier-based bomber. It was a Neptune bomber also that, in 194G. set a record for non-fueling flight by land-based planes—about 11.000 miles from Perth, Australia to Columbus, Ohio. Church Record Leads Judge to Discriminate In Kidnaping Sentence OKLAHOMA CITY, Feb. 9. (AP) —Two young men were sentenced ye.slcrday in federal court for kld- Itnc's two rtlescl engines were parked for inspection. The line operates between Harrison and Sclieman, Mo., over a section of the old Missouri and Arkansas Hallway, which ceased operations after a labor dispute in Arkansas Public Service Commissioner Charles C. Wine was principal speaker at todays Inaugural celebration. PAGE SEVEN naplns a Tcxnn. One got seven years, thu other onu day. U. s. District Judge Slcphen Chandler sentenced James Edward Oglcsby. 17, Little nock, to one day In custody of the U.S. Marshal. ti He sentenced John Warren Col•ins, 31, Hcsiis, N. M., to seven years. Both previously hud pleaded enll- ly to ki(in:i|)hiR John p. Dry of Winters, ex.. robbing him of MO, and transporting him in his automobile to Sayre, Okla. Where he was tied to a Iree. In sentencing OKlusby to Just one day judge Chandler Commented: "Up to (his time you have been an •••specially line bc>y' with a wondcr- Inl school and clumjh rct-oul." SIDEWALK" MODEL—shovei- ing the snow becomes great sport when you use this pint-sized counterpart of the rotary snow plows that clear the highways. The power sidewalk shovel ta made by an Omaha, Neb., manufacturer. Students Give Civic Program The Blytheville High School trio and three Boy SconL-i from Blytheville troops presented the program at the weekly meeting of the Kiwanis Club in Hotel Noble yesterday nnoii. The Boy Scouts. Glenn I.add Jr., ot she Cub Pack, Bob BlortgoU, first chss scout of Troop 38 and O'Nenl Declman. senior scout of Troop 3B. presented a brief program in ob-' servancc of Boy Scout Week, telling at the activities in scouting. Members of the trio. Miss Mary Margaret. Aulen. Miss Mary Jo Eaton and Miss Susie Taylor gave three vocal numbers. They were accompanied by Mrs. John Caudill. Other guests at the meeting were R. A. Porter and P. D. Foster t>r. ol Blytheville: Tom Gillespie of Cleveland.. O.: Dave Qriirilh, Memphis Kiwanian ami Frank Wagner Jr.. and Larry Ashley. Blytheville Hi^h School seniors who were guests of the club. Arkansas-Ozark Railroad Begins Full Operation HARRISON, Feb. . 9—Wj—T h C Arkansas and O/.arks Railroad formally began operations yesterday. After a full-scale celebration the LISTEN TO BOYD McKAY'S 'Songs Thot Are Different" Stotion KLCN 5 P.M.—EVERY DAY EXCEPT SUNDAY Sponsored by at HubbardV We invite you to see and hear the bigger, better and more beautiful Magnavox America's grcaiest television — Magnavox — cosis no more! Yet M.igji.ivox brings you more advanced engineering features, larger and clearer pictures, greater cabinet beauty plus the most for your money in television today! Only glare-free Magnascopc by Magnavox provides built-in filler to end cycsirain. Sec Magnavox, tne finest 1V in sight, at our store now. 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