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i Thursday, December 22, 1919 THE CLINTON CHKOMU K Page Seven More and More Money SOCIAL SECURITY TAXES TO BE INCREASED ON JANUARY 1 A 50 per cent increase in soci^ ( have vastly exceeded benefits—as insurance taxes will go into effect expected—so that the insurance fund Jan. 1 raising $667,000,000 more a has built up a backlog of about year. $11,608,000,000 for future benefit Beginning Jan. 1, employers and payments, employes each will pay 1 1-2 per I This' money is “on ’loan” to the cent tax on wages and salaries up treasury—like a lot of money held to a wage or salary jmaximum of j by private insurance companies for 83,000. The present rate is 1 per j policy holders—so that the govern- cent. It has been in effect since the ment insurance system will draw in- system of retirement and survivors, terest (over 2 per cent a year) while benefits was started 13 years ago. the treasury uses the money on gen- The schedule of benefits will re- oral government operations, main unchanged. ; Of the total surplus backlog, some However, under a bill passed by’$1,275,000,000 is accumulated inter- the House and pending in the Sen- est. ate, both the premium and the ben-j • ‘'omciita ^dited r ih, taxes wm Loufe™ County Got W. G. King, Jr.; secretary, Robert E.Wysor, III. Jane Variety Shop, Laurens; cap ital stock, $5,000; nature of business, mercantile ;a« president, James F. Tumblin; secretary, Imo Tumblin; Gray Court Gin Co., Inc., Gray Court; capital stock, $40,000; nature of business, cotton ginning; presi dent, C. D. Gray; secretary, Louise T. Gray. Laurens Electric Appliance Com pany, Laurens; capital stock, $30,000; nature of business, mercantile; pres ident, Ben H. Clarke; secretary; Wil liam P. McMahan. Eleven Corporations In County Chartered During the Year Effect some 39,000,000 workers and $712 000 School 2.700,000 employers next year, re- r j p . y cuirihg employers and employees to rUnuS rOSt Teor share equally In tax payments asi high as $90 a person per year. The Special to The Chronicle, present maximum is $60. i Columbia, Dec. 21.—Eleven new Under the pending legislation, the corporations in Laurens xounty re number of workers affected may ceived charters from the office of the raise to 50,000,000 and the top em- Secretary of State of South Carolina t loyer-employe tax payment per -ersop. to $108 before 1950 is over, they said. The House-passed bill, which a Senate committee ^is to take up in January, would apply the 1 1-2 per during the 1948-49 fiscal year, ac cording to the annual report of the Secretary of State. The new corporations chartered are: Gilder and Weeks, capital stock, cent levy to earnings up to $3,600, $10,000; nature of business, drug thus upping the combined contribu-1 store; president, James N. Burgess; tion of employer and worker at that secretary, C. E. Abram, ievel another $18. | Carolina Surburban Gas Company, The higher levy to go into ef-jLaurens; capital, stock, $3,000; na- iect automatically on Jan. 1 results,ture of business, petroleum; presi- ^rom legislation passed in 1948 by dent, George B. Sheppard; secretary, the 80th Congress. George B. Sheppard. The extra money won’t help the! The Bob Moorman Rest Home government pay its own bills or Inc., Laurens; capital stock, $25,00; balance its budget. The reason is,nature of business, rest home; pres- that taxes paid in for social insur-j ident, Robert Moorman, Jr.; secre- ance and money spent on benefit | tary; W. F. Kilgo. payments are not counted in the Ladies Shop of Laurens, Laurens; budget bookkeeping. capital stock, $10,000; nature of bus- The government’s insurance - in take and output is recorded^in an other set of books as a “trust fund,” iness, costumers; president, Etta Lee Mason; secretary, Edna P. Thomas. Ott-Wallace Company, Inc., Lau- with the government holding the tens; capital stock, $30,000; nature money in trust for those whio paid i of business; plumbing; president, F. it in, until they’re eligible for ben-iE. Ott; secretary, F. E. Ott. •efits. ! The Laurens Rest Home Inc., Lau- The $667,000,000 increase officials rens; capital stock, $25,000; nature estimate in receipts next year is ex-; of business, rest home; president, D. pected to raise total social insurance |D. Pitts; secretary, B. W. Crouch, tax collections to $2,424,000,000 for Jr. 1050. j M. S. Bailey and Sons, Bankers, The benefit, payment total, climb- Clinton; capital stock, $300,000; na- ing steadily as more insured work-i ture of business, banking; president, ers reach the retirement age of 65 i Robert M. Vance; cashier, G. L. or die, are expected to move above; Simpson $700,000,000 next year. ; Joanna Development Company, In the first years of social in- Joanna; capital 'stock, $1,000; nature surance operation, tax collections of business, real estate; president, Special to The Chronicle. Columbia. Dec. 21.—A grand to tal of $712,852 was distributed to the Laurens county schools during the 1948-49 school year through the South Carolina State Department of Education, according to the annual financial report of the department. Of the total amount distributed to schools in Laurens county last year by the state education department, $562,711 was given for “salaries of teachers, etc.”, $63,660 for trans portation, and $2,547 from the state for the school lunch program and $25,137 from federal funds for the school lunch program. Also, for vocational education, $6,257 was given by the state for agriculture and $4,700 by the fed eral government for agriculture. The federal government also gave $32,- 190 for veterans’ farm training in Laurens county, and $2,301 for the home economics program in the schools of Laurens county. The state gave a total of $3,699 for the home economics program in the county. Other funds distributed to the Laurens county schools for voca tional education were $1,820 by the state for trades and industry and $4,090 in federal funds for trades and industry, and $15 from the state for distributive education and $1,143 from the federal government for distributive education. The other funds distributed to the schools of Laurens county through the State Department of Education were $600 for adults schools and $1,980 for attendance teachers. No appropriation was made by the state for Jeanes teachers in the county. The schools in ithe state as a whole received $33,735,652 during the past fiscal year through the de partment of education. ITH IVMV good wish FOR A fYl Wc PITTS SERVICE STATION PITTS COAL COMPANY * 10 KOPE YOU ARE ^ SURROUNDED 4HEER* JOHNSON BROTHERS SERVICE STATION AND GROCERY 1 Handle holiday thirsts with ease. Serve Canada Dry Bev erages. Each bottle brims with the lip-smacking deli ciousness that*makes drink ing sheer delight. Canada Dry is truly America's “first family of beverages”—a pleasure to drink, a pleat- ore to serve. r . ... .