Pampa Daily News from Pampa, Texas on November 2, 1961 · Page 10
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Pampa Daily News from Pampa, Texas · Page 10

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Pampa, Texas
Issue Date:
Thursday, November 2, 1961
Page:
Page 10
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84th THE PAMPA DAILY NEWS fMimSDAY, NOVEMBER 2, II FACE OP THE RUSSIANS—Leaders of the Soviet U.N. delegation present a study in concentration at the Russian desk in the General Assembly. In the rear is Andrei Gromyko; at left, Valerin Zorin; at right, V. S. Semenov. U.S. Income Tax Relief Based On State's Sales Levy Outlined BUYS DALLAS (UPI)— The Internal Revenue Service today told Texans how much they can deduct Soviet flooding OilMart, Says IPAA Statement HOUSTON (UPT) The - In'de- .pendent Petroleum Association of ' America said this week Russian oil production has more than doubled in the past five years and much of this production is being used to flood the world market with cut-rate oil. The IPAA said in a statement at its closing session that Russia is moving quickly into the world oil market and threatening "our position of energy supremacy." The Soviet Union now exports on terms which effectively eliminates competition from commercial enterprises," the IPAA said. As an example, it said Russia , is selling oil to Italy at about 75 cents per barrel, which is equal to royalties and taxes on the 'cheapest Middle East crude. On the other hand, IPAA said' 'in areas where-Russian oil has eliminated competition, such as Finland, their prices are at a level with world prices: And in satellite nations such as Poland and Czechoslovakia, the association • said the Russians make bloc countries pay. twice the world price, IPAA said the growing intrusion of Russian oil into world markets "is a threat to the economies, the joint security and the very existence of free world nations." It urged the government to exert its influence through trade policies and foreign aid "to halt .. and reverse this use of oil to advance the Soviet plan for world domination." In another statement on Imports, the association also urged a reduction in crude imports to strengthen the domestic petroleum which has "become static and unhealthy." on their 1961-income tax reports, because of the state's new sales tax. Sales tax deductions range from' $3 for a person with an -income! of less than $1,000 to $28 for aj person with an income of $20,000. The listed deductions will not be challenged. An IRS analysis of spending by'; Texas consumers shows a person! with an annual income of $5,000 • will have made sales tax pay ments of $11 from the time the | levy took effect on Sept. 1 through Dec. 31. The table of deductions covers only the last four months of 1961. A new list estimating sales tax- payments for an entire year will '• be issued for 1962. If taxpayers deduct the amount listed on the sales tax table, they will not have to keep records of their tax payments. But persons' who believe they have spent more will'be required to maintain their own records and be able to prove it.. . • . ;. .:.•;'.' In addition to deductions for the sales, tax, Texans also may continue to deduct the 5-cent-per- gallon state gasoline tax and .the 8-cent-a-pack levy on cigarets. Persons who .-..use'' -the standard 10 per cent deduction on their federal income tax forms will not be entitled to deduct state sales tax payments^ It's the Law! OLYMPIA, Wash. (UPI)—The state of Washington must believe it's more seemly to drink beer than to drink hard liquor. Taverns which are limited to the sale of beer, must be open to the street so passerby can see in, but occktail bars, which may serve mixed drinks, must be shielded from the street so nobody can view the proceedings. Original manuscript of the diary of Samuel Pepys, in six volumes, is at Magdalene College, Cambridge, England, Read the News Classified Ad« *.. 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