The Clinton chronicle. (Clinton, S.C.) 1901-current, October 12, 1950, Image 13
# ’ Thursday, October 12, 1950
WITHHOLDING
* TAXES NOW CUT
‘ PEEPER INTO PAY
Twenty-Five Million
Workers Get First Im
pact of Income Tax
Hike.
tv
tim
Washington, Oct. 8—^Withholding
taxes will cut roughly one-fifth deep
er into wage and salary payments
since Oct. 1, promising more than
25,000,000 American workers a jolt
next time pay day comes around.
Papchecks given out in October,
regardless of the earnings period they
cover, will catch the first impact of
the new $2,700,000,000 a year indi
vidual income tax hike. The higher
taxes are aimed at:
(1) Helping the government meet
rocketing defense costs, now sched
uled to hit a $30,000,000,000 annual
rate by next June, and (2) restrain
ing inflation by cutting down con
sumer buying power.
The wage and salary workers who
feel the heavier tax blow first will
have one “advantage” over the other
25,000,000 or ao income taxpayers not
subject to withholding tax.
The increased withholdings will
keep them on a pay-as-you-go basis
so that, for the most part, they won’t
have anything more to pay when the
final 1950 income tax bills fall due
on March IS.
Many in fact, will have refunds
due them, while millions of persons
who pay outside of withholding will
have to dig deeper into their pockets
K catch up with the increase in final
Us.
WIU ■•dare Ability la Pay
The $2,700,090,990 extra federal
lax taka will reduce ability to buy
—or to save, and invaat but it will
not flatten tt
Total consumer income already la
at a record $21 •,000,000.900 a year
rata and beaded up. Ha waver, It al
go jg already being cropped nearly
$20 'XX) ooc ooo annually by federal-
local income Uses plus social secur
ity Wvtaa
THE CLINTON CHRONICLE
•'** Piei
HOME
When you have a few pieces of
ironing left over or some pieces
which are difficult to iron, wrap
them carefully in waxed paper or a
plastic bag and place them in the re
frigerator. They will not dry out,
and you’ll be amazed at how much
easier they are to iron.
To prevent starch from sticking,
use borax in the starch solution in
, the proportion of one teaspoon to a
quart.
When starch has stuck to the iron,
. avoid harsh abrasive cleaners. Fine
steel wool may be used or whiting,
j Polish the iron when thoroughly
, clean with beeswax.
Occasional tubbing cleans stuffed
toys beautifully. Let them tumble
i in rich suds in the washer for about
five minutes, rinse thoroughly, and
hang by the ears to dry in the sun.
I Any material which has acetate
present in it should be ironed care
fully with a warm iron, which means
using a temperature of less tha^i 300
degrees F. Higher temperatures
! tend to melt or fuse the acetate ray-
|on fibers.
I When ironing rayon crepes and
| Jerseys, iron with the grain of the
fabric on the wrong side. Do touch-
up jobs on right side using a press
ing cloth.
Americans Face
$60 Billion
Spending Bill
Washington, Oct. 7—The Ameri
can people today face a new era of
“belt tightening” as U. S. military
leaders plan a 60 billion dollar re
arming proeram for next year.
The high command is proposing
a five year program, starting in 1951,
which would envision 60 billion dol
lars of military spending in each of
the five years.
This sum would be exclusive of
all non-military appropriations.
The new rearmament program al
ready has been, considered by the
Truman cabinet.
Military spending in the current
fiscal year, which started last July
1 will total 30 billion dollars. An
additional 15 billion dollars was ap
propriated for non-military affairs.
However, the administration hopes
to get an early start on the five year
program when Congress returns in
November. It will be asked to
sharply increase all manner of mil
itary appropriations since seven
months will be left in the 1951 fiscal
year for expansion of U. S. arma
ments.
The new rearming program con
templates this division of expendi
tures: 50 billion dollars for Army,
Navy and Air Force expansion; 4
billion dollars for overseas aid, to be
spent annually for three years; 4 bil
lion dollars for guided missiles, and
2.5 billion dollars for atomic weap
ons.
firmly established. He said the
national product will have to
total
One of the president’s top advisers 400 Million dollars to sustain such
told International News Service that s P €nc ** n X-
there are chances that government ^ apparent in administration
spending will total 100 billion dol- circles that wage and price control!
lars a year before world peace is are inevitable.
If Ton Don’t Kead
THE CHKON1CLE
Ton Don’t Get the Newa
CALL 74
FOE YOUE FEINTING AND
OFnCE 8CPFLY NEEDS
The rate will
now. I 1-2 per com on
1 1-2 por coot on
bu: Um levy will be
era: Million praona nwwly
big pofuton ayatom m !M1
Ate. Um rat* will bo cborgod af
ter January | against Um flrot $2.-
000 of annual oamlnga Now It ap-
piMs to only $2,000
The increased incosno tax wlth-
hokLng ratea will, of courae. bit more
To Inaura that all employers start
withholding bigger sums from pay*
checks after today, the internal rev
enue bureau has mailed them new
tablet showing just bow to daduct
under the now law.
It won’t help workers any If an
employer Is alow making the change
or doesn’t withhold as much as ho
should. The worker will owe the
difference on his final tax bill next
March. /
Withhold Inf la Prepayment
Withholding, of course, la Just a
pre-payment toward taxes due and
by no means a final tax settlement,
since withholding may overpay' or
underpay the amount finally owed.
The fact that the increased with
holding rates apply only to income
received in the last three months of
this year doesn’t mean the 1950 in
come *tax hike applies only to in
come received in that period.
What happened was that congress
approved this month a bill to in
crease individual income taxes by
12 to more than 20 per cent a year,
and they’ll actually go up that much
on 1951 ncome.
Ths year was so far gone when the
bill was passed, however, that con
gress didn’t want to make the whole
increase applicable to 1950 income.
0
, /
f
I >
iA
Auto Tag Shortage
Results From
Lack Of Steel
Because of the failure of steel sup
pliers to supply steel on schedule,
motor vehicle owners who have or
dered their license plates through the
mails may be delayed in receiving
them.
This was the. situation as viewed
yesterday by Chief Commissioner
Claude R. McMillan of the state high
way department, who said that he
had been notified by the license man
ufacturing plant of the state peniten
tiary that it had been able to get
steel necessary to manufacture only
about one-half of the 550,000 or more
plates needed for the new issue. The
highway department placed its order
for the 1951 supply of licenses with
the penitentiary last February.
So far the motor vehicle division
has been using all the plate it re
ceived from the penitentiary plant
in filling window orders. It has al
so been able to fill all orders for
trucks carrying “H” plates by re
processing plates left over from is
sues of former years. It has not filled
any mail orders, of which it has re
ceived about 50,000 to date, except
ing for truck plates. The supply for
window sales is expected to be ex
hausted within the next several days.
So, if you haven’t received your
plates, or don’t receive them within
the next aeveral weeks, don’t be
alarmed. In order to be ready to
Triple Benefits
The triple benefits of safety, profit and conven
ience appeal to all in res tors at Citizens Federal
Karings and Loan Association of Cliatoa. And the
safety benefit has been doubled by the new fed
eral law increasing the insurance on each account
from 16,000 to $10,000.
You caa opea aa account at Citizens Federal
with aay amount at aay time with additional in
vestments at year own convenience. Your funds
are readily accessible when needed for illness,
accident or financial emergency. And your pro
tected funds give yon liberal earaiaga.
Why not save with Citiaona Federal?
EDERAL SAVINGS
INP LOAN AtfOCIATlON
Tsitaa—s No. •
A Clinton Institution Serving Clinton People Since 1909
MAKE IT THE fEST C0NSBERAT10N
■t YOU* PUNS FOK
BETTER UVMGI
■Jf will fret you so
and worry of
and dam per-watching? With
Sites Automatic Oil
te
i that ttayt <
WMMT-ttOHT NOW it the time to pcvpsra
for all cbt cold, mimrthlt weschar ahead this
wissar. Don’t wait until the lam miasm!
I Authorised Timken Stet
a detailed metal la
tioo propoaal Hc’t lined below or is the
’yellow Paget’*.
T.C. Johnson
Company
Plum Mot. Heat Mg ElecWkwJ Ceu
TIMKIN tILINT AUTO
ruan Ah oerson ass jack toe.
MC DIVISION a The TtaMM-OeOeS Aate
• osmosa. on.. encA. a r. • asstamu ass kotos, erne . mw castil pa.
mi 's m summit "marmm
ms mm mm mm
m m us mm i
HIGH COMPRESSION!
Oldtmobile’e "Rocket” Engine
Mjii«*nra more power from every
drop of furl! IVaignrd for higher
|»rr**urrtt than ordinary engine-, it
given you mart ”g«>” on /e*s ga#!
TEAMWORK WITH
H Y 0 R A M A TIC !
The nio«t thrilling |K»\*er team on
the road! Smooth new Oldxniobde
Hvdra-Matic Drive* eon verts the
"fWketY’ flashing high • compre»-
aion (tower into instantaneou* action!
TRY IT YOURSELF!
Get net for a new nensation when
you try your tir-t "Rocket” ride!
Jiwt one exciting trip behind the
wheel will convince you: Your
dml is the "Rocket (Mdsmabtle!
01DS MO Bill
’(MJtmaltlt t/yjrm Mmu Dru* ml I
i rmmi m» mil mmdtll
A GCNBAI MOTOt) VAiUt
SIB YOUR NIARIST OLDSMOBILI D I A L I R <
TIMMERMAN MOTOR COMPANY
Phone' 119, or visit 109 Gary Street