Alton Evening Telegraph from Alton, Illinois on August 15, 1963 · Page 10
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Alton Evening Telegraph from Alton, Illinois · Page 10

Alton, Illinois
Issue Date:
Thursday, August 15, 1963
Page 10
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Page 10 article text (OCR)

EVENING THURSDAY, AUGUST Ifi, 1063 ^Proposed Income __^ ^^ ' .*- iTax Revisions ^Broadly Beneficial NOTE-fhe tax bill Bow being Shaped by the House Ways and Means Committee is of bread-and-butter interest to every American who pays taxes. Although a long road to enactment lies ahead, the measure has ad- Vanced far enough to examine its dollars and cents meaning to you. By EDMOND LEBKETON WASHINGTON (AP)-The tax bill Is moving well enough along In Congress to have a look now at what It would do for you—ot- to you. But before getting to the fine points, the big picture should be made crystal-clear: 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. Tliis 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 M you pay any taxes at all, you'll be paying less. You would have to have a most peculiarly constructed 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. The Treasury puts the average rate cul, for taxpayers with tax able incomes through $60,000, at 15',4 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 Hke^-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. Guidelines 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. 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 benefits would be nibbled away. Local gasoline, liquor and tobacco taxes would no longer be deducti- FORTY ODD By Peg Bracken end Rod Lull "Yes sir, we've finally got the kitchen rigged so Jen doesn't have to do a thing!" ble, although income, real eslate, and general sales taxes still would be. I,ess Deductions —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 properly. —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 mini mize the effect on smaller dividend recipients. —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 in elude 40 per cent, instead o.f 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. Stiffened Rules —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 tight or tax treatment. —On fringe benefits, the changes would have an uneven el- feet. If you get sick and your employer continues your pay, you would get a special deduction for it only after a month, instead of the present rule of a week. —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. OSAKA—Japan is reducing ferrous scrap imports. Visit our bright new GOLDEN KEY SHOP A complete shopping center for traditional young men. All the newest natural shoulder suits and blazers. Traditional shirtings and Ivy crew neck sweaters. Come in and look us over. Feel free to browse around and register for PRIZES. THIS IS THE DOGGONDEST PUT THE BITE ON THESE TOYS! STUFFED ANIMALS To 4.98 VALUES $O87 2 While They Last! GAMES! Stock Up For Gifts At This Low Price! $187 To 2.98 VALUES 1 WILSHIRE PAINT & Hardware HERE'S A DOGGONE GOOD ITEM (as usual) FROM KROGER'S SCHOOL NOTEBOOK PAPER • Punched for 2 and 3 Ring Binders 500 SHEET "GIANT VALUE" PACK Just made to order for a neater, leaner you. Shapely tapers this snap tab oxford and gives you a choice of white or colors. Look trim, feel slim. $5 Say goodbye to shirt hangover! Check These Famous Brands . . . FARAH LEVI JAYMAR Y.M.M. T. TRADS the traditional favorite SLIM CUT-TRIM CUT SLACKS Today, slide Into a pair of young men's slacks and taper yourself right down to your shoe tops. Treat yourself to comfort and fit that comes only with expert tailoring. Stop in today and ^choose from a-terrific selection of fabrics, patterns and colors. CASUAI.S 4,98 — PRESS SUCKS \ 2,98 WIN'.'. . An Authentic "BLAZER" and Ivy Slacks to Contrast- Come In and Register Now! lAWHtOTp A No more surplus, unsightly fabric at your.belt line with thif tapered University Club shirt by Shapely. Everybody wants this popover styling with a outtpn-down collar. 100% cotton in navy, brown, or green. $4 MYiRS BROTHERS-DOWNTOWN ALTON DON'T GO TO THE DOGS while you're camping and away from electricity! Keep slick as a whistle with this BATTERY POWERED SHAVER, a doggone good buy at $9.00. TIE BARS Values to $5.00 50c 2 Used Cameras Worth $160 each $ 30 En. ALL COSTUME JEWELERY CUT TO THE BONE—EARRINGS — 4 for $1.00 DON OTT Jeweler WE'RE STUCK WITH THESE! PATIO TABLES $2.08 Values 1.46 EASY POUR DECANTER For beverages, Julcen, etc. Lid closes to Insure freshness. METAL TV and Snack TABLES Only Gasen's Gives Top Value Stamps and Discount Prices! Only Gaten'* •\ 'Glve» TopValu* •••' Stamps and Discount '" Prlcw! SELF WRINGING SPONGE MOPS Compare at 1.00 69 WILSHIRE VILLAGE .. STORE ONLY 630 Berkshire, East Alton FULL SIZE 24 INCH BARBECUE GRILL With Hood and Electric Rotisserie HAMMOCK COMPLETE WITH STEEL STAND REG. 13.88 9 6 97 • QUANTITIES LIMITED TO STOCK ON HAND • These "DOG DAYS" PRICES ARE THE LOWEST YOU'LL FIND IN THE AREA- Come out Friday and Saturday and Enjoy Easy Parking - Friendly Salespeople and Doggone Good Prices, Too! THIS SHOULDN'T HAPPEN TO A DOG But We're Tired of Looking at These RUG REMNANTS 12'xlO'9" - "501" Green Nylon . . . $86 9'xl2' - Beautiful Wool Orange . . . $90 8«x8"xl2'- Wool, Beige . . . . . . $80 8'x7'10" - Nylon, Beige . . , . . . $49 15'x31' - Nylon, Beige (Reg. 8.95) $6.95 yd. 12'xl3'6" - Wool Twist Beige (Rig, $270) $144 SUPERIOR CARPET WILSHIRE STORE WE'RE HOWLING ABOUT THESE DOGS! Summer Sport Shoes Summer Dress Flats Sandals and Canvas Shoes ALL AT ONE LOW PRICE FRIDAY and SATURDAY! Values to $8.99 OPEN 8 'til 8 Mon, thru Sat. GAMtfS OPEN ." 9/U1 9 Mon, thru Sat.

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