Galesburg Register-Mail from Galesburg, Illinois on August 14, 1963 · Page 17
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Galesburg Register-Mail from Galesburg, Illinois · Page 17

Galesburg, Illinois
Issue Date:
Wednesday, August 14, 1963
Page 17
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Taxation Proposal Will Drop Payments For Most Citizens By EDMOND LESRETON WASHINGTON (At») — The tax bill is moving well enough along in Congress to have a look now at what it would do for you—or to you. But before getting to the fine points, the big picture should be made crystal-dear: As things stand now, the measure would cut your tax payments. True, the tax bill has a long way to go before it reaches President Kennedy's desk. The House Ways and Means Committee has lots of work still to do on the measure. Then it has to clear the House Rules Committee, face the full House and travel over to the Senate for another round of hearings and floor action. There it may run into a filibuster on civil rights. This being understood, let's have a look at the tax bill as it stands now and see.what it means to you if the measure in its present form wins approval. Pay Less If you pay any taxes at all, you'll be paying less. You would have to have a most peculiarly c structcf income not to get some benefit from an across the board slash of tax rates, even though the package also includes some tax-raising features. Everywhere you look there's a WHITE ROOF WHITE'S INSULATION 342-0185 the Treasury puis the average rate cut, for taxpayers Avith taxable incomes through $60,000, at Wk per cent. This picture is painted with a broad brush and applies to the rate changes when they would be complete, Jan. 1, 1965. Take it as a rough guide if you like—but no more than that. For 1964, figure two-thirds of the full saving. However, in tax matters, everybody is a special case. How much benefit you would actually reap depends on a number of factors. Your income bracket, whether you receive dividends, whether you drive your automobile a lot, whether you buy and sell stocks, whether your income fluctuates widely from year to year — all these and more can be important. Some guidelines can be plotted, subject to possible change. Among them are these, all applying to the complete revision planned for 1965 and subsequent years: —If your income is either very high or very low, you would do better proportionately in the reductions than the man in the middle. Average Saves $100 The Treasury says a typical taxpayer, if there is such a creature, married and with two children, earning $4,000, would save $100, about 41 per cent of his present tax bill. His counterpart in the $10,000 class would save $202, or 16.9 per cent. —If you have been in the habit of itemizing your deductions and claiming the amount paid in state gasoline taxes, a bit of your ben- "NEXT TO ME, I LIKE Mickelberryfc ^ BACON" i/x ^ Mickelbeirvs elite would be nibbled away. Local gasoline, liquor and tobacco taxes would no longer be deductible, although income, real estate and general sales taxes still would be. —And if you dent old trusty's fender, you would not be able to claim the whole repair bill as a casualty loss, only the amount over $100 for each mishap to car or other property. —If you have considerable income from dividends, one change the Treasury wants made would nick your over-all tax gain. This would be repeal of the 4 per cent tax credit, a considerable offset to the tax benefit of many higher- income taxpayers. There may be a compromise that would minimize the effect on smaller dividend recipients. Capital Gains Tax —But if you are thinking of selling some stocks, real estate, or other property you have held at least two years and on which there will be a profit, you're in luck. You would only have to include 40 per cent, instead of 50 per cent, of such capital gains in your taxable income. And if you're in a high bracket, your top capital gains tax would be only 21 per cent, instead of 25. —One or two cautions: If you are in the business of building or buying real estate, taking maximum depreciation and selling in a few years to take the most advantage of capital gains—you face stiffened rules. And if in the future you inherit property on which gains have accumulated, you would encounter somewhat tighter tax treatment. —If you are 65 or older, the new law would give you at least two specific benefits. Your purchases of medicines would be fully deductible, without regard to the present 1 per cent of income floor. And if you sold your home, you would get capital gains tax consideration on any increase in value, even if you did not buy a new house. There would be no tax on gains if the house sold for no more than $20,000, and there would be a reduced tax if it brought more. North Henderson Church Work Set NORTH HENDERSON—Women of the North Henderson Methodist Church have been asked to report at the church Aug. 19 and 20 to help clean the structure. Work is planned throughout the day. READ THE WANT ADS! Jerry's Superette 497 EAST BERRIEN STREET OPEN 7 DAYS A WEEK CD A DC DIDC Old Hickory Smoked C Jl AKC KlDj Just heat, eotond enjoy, lb. J^jQ BEEF LIVER Sliced, Tender lb. 19c SLICED BACON Bartlow's ^ Q Smokey Lone lb. ^^jrC CHUCK ROASTS U. S. Good. lb. 39c WIENERS Oscar Mayer lb. 49c Home Made. 4-1.00 Watermelons Block Diamond, Large Muscatine Each 89c LETTUCE Head 9c TOMATOES 2 29c BLUE JEAN 0LE0 7 »< 5 1.00 PEPSI-COLA With Purchase of a 69c Airwick Spray Plus CASE Air Freshener Deposit 79c We Reserve the Right to Limit Quantities. IF YOU CANT FIND IT ELSEWHERE — TRY JERRY'S FREE DELIVERY TWICE DAILY on $3.00 or More Order APPEAR IN ONEIDA PLAY - Two principal characters are apparently shocked by the crystal ball reader (left), rather than the ghost (right). This is a sequence from a play, "Blithe Spirit," to be given Friday and Saturday at Oneida. Pictured (left to right) are Becky White as spirit-maker, Helen Reed as shocked woman, Jim King as shocked man and Vlcki Adams as serene ghost. Noel Coivard's Play Planned ONEIDA—Curtains will rise on Noel Coward's "Blithe Spirit" Friday and Saturday at the ROVA Junior High School Auditorium. The first production of the ROVA Summer Theater will begin at 8 p.m., under the direction of Miss Barbara Klinefelter. "Blithe Spirit" is an adult comedy dealing with the appearance of ghosts, through the able assistance of a crystal ball reader. Advance tickets may be purchased from any cast or crew member, or from Town and Country grocery stores in Al- Toiir Planned by Chestnut 4-H Club MAQUON — The Chestnut Hot Shots 4-H Club met recently at the London Mills Methodist Church. Plans for the tour were discussed. Mark Meyers gave a talk on the care of his steer; Jerry Barkley, "Sheep"; John Kidwell, "Care of Livestock at a Show"; and Lyle Leverton, "Pasture Improvement." Special numbers were given by Dale Tessier, Rick Snyder and Harlan Cook. Refreshments were served by the Tessiers. tona, Oneida and Victoria, from Murnen's in Galva or Butch's restaurant in Rio. London Mills Man Charged With Theft MACOMB—Robert Cox, 21, of London Mills, was being held by McDonough County authorities Tuesday on a charge of theft. Accused of taking tires July 24 from Mounce Motors in Macomb, Cox was picked up by Fulton County authorities and turned over Monday to the McDonough sheriff. Cox remained in custody after failing to post $2,000 bond, and his hearing is scheduled in McDonough County Court Aug. 21. Union School Unit Maps Opening Plans for Pupils The school year for Union Community Unit 115 of Henderson County will begin with a workshop for teachers at Union High School on Aug. 23 at 9 a.m. School for students will open for a half-day at 8:30 a.m. Aug. 2d for registration, payment of fees and assignment. No school lunch wilt be served that day, but buses will run their routes. The first full day of school will be Aug. 2? and school lunch programs will open. Teaching personnel for the school district is now complete. New teachers for the 1963-1964 school year are as follows: Lynn Wenzel of Sharon, Wis., who attended Carthage College will teach vocal music in the district. Named Principal Jerome Custer of Burlington, a graduate of Iowa Wesleyan at Mt. Pleasant, will be principal of the Gladstone Elementary School. Mrs. Alta Mae Brokaw of Raritan, who attended Western Illinois University, will teach seventh grade at Gladstone Elementary School. Richard Clifton of Dallas City will be eighth grade teacher and coach at Gladstone. He is a graduate of Western Illinois University. Mrs. Carolyn Olson of Gladstone, who also attended Western Illinois University, will teach third grade in the Oquawka Elementary School. Larry Ives, formerly of Keithsburg and now living in Monmouth, will teach science at Union High School. Ives is a graduate of Iowa Wesleyan. Mrs. Burneta Schweitzer of Qalesburg Register-Mail GALESBURG, ILL., WEDNESDAY, AUG. 14, 1963 SEC. 2 PAGE 17 Biggsville, who is a graduate of Monmouth College, will teach mathematics at Union High School. Other changes within the district are John F. Eckley, former mathematics teacher at Union High School, will be principal of the Biggsville Elementary School, and Raus Cooper, formerly at Gladstone Elementary School, has transferred to the Oquawka Elementary School as eighth grade teacher and elementary coach. Bus routes for the district will remain about the same as in previous years. Any new students or changes should be reported to the principal of the school that the student will attend. Post Time for Kindergarten At Victoria VICTORIA — Registration date for kindergarten at Victoria is Aug. 27 at the kindergarten building. Hours for registration is the same as class hours, 9:30 to 11:30 a. m. Classes start Sept. 3. All children who were under 6 before Dec. 1 may enroll. READ THE WANT ADS! Made <pa. ttitcC Mickelberrvis KING SIZE FRANKS^] ALLSTATE Tire Sale Hurry! 4 Days Only Buy the First Tire at the Mo-Trade-In Price Plus Tax... SEARS I\ 1 1 1 i<r< K \\ !-i Get the 2nd Tire 27 Month Guarantee 4-Ply Nylon Hi-Way Special Tires on Plus Tax Any Size Tube- Type Blackwall No Trade-in Required 2nd Tubeless Blackwall Tire, any size 5.50 • This Hi-way Special tire has a deep tread with hundreds of traction edges for 4-way skid protection. • Full 4-ply nylon means resistance to hard road impacts ... protection against tire failure and blowouts .. . and more stability for easier, safer driving. • Silencer buttons in the tread grooves reduce the vibrations that cause squealing . . . drive in today, NO MONEY DOWN en Sears Easy Payment Plan Similar 2nd Tire Offer on Most Tube-Type and Tubeless Whitewalls. Tube-Type Blackwalls Six* No trade-in price, lit tire plu» tax No trade-in price, 2nd tire plus tax 6.70x15 21.95 4.50 7.10x15 23.95 4.50 7.60x15 25.95 4.50 Tubeless Blackwalls sue No trade-in price, lit tire plus tax No trade-in price, 2nd tire plua tax 6.70x15 7.50x14 23.95 5.50 7.10x15 8.00x14 25.95 5.50 7.60x15 27.95 5.50 Sears Companion Nylon 65 Guaranteed 15 Months 6.70x15 Plus Tax And Old Tire Off Your Car Yes, it's true! A strong nylon tire for extra strength and safety, backed by Sears famous guarantee, priced so low —buy now! 4 Wheels Balanced Including Weights $ 5 ATTENTION TRUCKERS Complete line of Truck Tires for every job. Service Station Ph. 342-5141 Check Sears Low Prices On Compact Car Tires

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