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4 THE CLINTON CHRONICLE Thursday, July 13,1961 Removing The Ax In Tax "What this country needs is release from a harassing structure of tax rates and meth ods which defeats the public interest/' Credit for the quotation goes to Charles R. Sligh. Jr., chief staff officer of the National Association of Manufacturers. He made the statement during a recent testimony before the House Wax’s and Means Committee ses sions on the government’s tax package. And Mr. Sligh knows a fact or two about the onerous taxes on your business. The NAM spokesman knows something else. He’s well aware that personal income taxes hurt like you know w’hat. That’s why he’s pushing for the Herlong-Baker bills which among other benefits, would moderate the rates of individual taxes. Here’s wl)ere we ALL come in. We sug gest that you write your representative to get behind the Herlong-Baker bills, which have bi-partisan backing. And remind them of this: PERSONAL INCOME TAX The Problem The ruthless graduation chokes off ven ture capital at its source, discourages risk- taking, smothers incentives, curtails busi ness starts and expansions—all of which prevents job creation. It is the scourge of small business and the men on the ladder. By exacting stiff penalties on hard work and long hours, graduation is in direct conflict with the universally accepted principle of re ward for extra effort and achievement. Rates top out at 91 per cent, hit 50 per cent at 616,000 of taxable income from a start of 20 per cent. The Solution Over a 5-pear period the rates would l>e stringently compressed with the top rate re duced to 47 per cent and the other graduat ed rates lowered in a consistent pattern. Every personal taxpayer would get a mini mum reduction of 25 per cent, with the first rate reduced to 16 per cent. On the prin ciple that no unincorporated business, pro fessional person, or other individual tax payer should pay a higher tax rate than a corporation, the new top of 47 per cent would be the same as that on corporate income. The head of the Citizens Public Expendi ture Survey, a New York organization, has issued an important warning to the people of this country. It amounts to this: The potpourri of gov ernment spending plans now being hatched will have to he paid for by middle and lower income groups—not by the rich. The reason is simple enough. Taxes on big incomes have just about reached the ulti mate—91 per cent at the top. And the people with big incomes are very few in number. Even if they were taxed at a 100 per cent rate in the upper brackets the resulting rev enue would hardly make a noticeable dent in present federal budgets. So, if government spending continues to soar, the man of moderate means will have to pay the bill, one way or another. No one else can. He has no way of controlling publk- expenditures except at elections when he can vote for or against men and measures that represent excessive extravagance, debt and taxation. Tuckerton, N. J., Beacon: "Not until shortly before noon on Tuesday of every working week does the average taxpayer start working to support himself and his family. ‘The tax experts figure that it takes the first 11 hours and 26 minutes of the 40-hour working week for the taxpayer to make enough money to pay all of the taxes—both obvious and hidden—levied by the Federal, state and local governments/’ Nation’s Agriculture, which is published by The American Farm Bureau Federation, reports that in 1947 farm operators receiv ed a gross income of $34.4 billion, had op erating expenses of $17 billion, and realized a net income of $17.3 billion. By 1960, gross income rose to $37.9 billion, but production expenses had increased to $26.3 billion, and, as a result of this inflation, net income had dropped to $11.6 billion. West Concord, Minn., Enterprise: “Any government with the power to give you any thing you want, is strong enough to take everything you have.’’ Old Home Weekend General of the Army Douglas Mac Arthur returned once more to Manila—this time to honor a stable and prosperous Philippine Re public on the 15th anniversary of its inde pendence on July fourth. This second tri umphal arrival in the Islands—and his first visit to the Orient since President Truman fired him as Supreme Commander of the UN Forces in the Korean War—was cheered by crowds variously estimated up to two million persons, one of the largest outpourings of humanity ever to honor any man. With unhappy, still divided Korea at that moment in the throes of the second military take-over of the government of South Korea since the shameful truce of Panmunjon. the 81-year-old General told the Philippine Con gress that US failure to finish its job'was "a major disaster to the free world/’ “With victory within our grasp, and with out the use of the atom boml*—which we needed no more than against Japan,” he de clared, "we failed to see it through." While we could have then destroyed Com munist China's war machine “for generations to come” she was allowed, he said, to develop the military juggernaut that threatens the whole of Asia. In the Philippines, it was a Glorious Fourth. Here at home it was more sulalued—perhaps reflective. Throughout the long week-end, the wail of ambulances drowned out the spo radic firecracker. Babson Discusses Investing His Own Funds CENSORSHIP BY TAXATION Clinton Davidson Babson Park, Mass , July 6—1 have had so many inquiries during the past two years asking how I invest my own money, 1 have finally decid ed to disclose this information in this weekly re lease Frankly, I try to invest in something which is doing much good, so that I will have a sitsfac tion in my heart as well, as in my pocketbook. I am today describing two companies by way of it lustration—the products of which especially ap peal to me . v i GIBSON GKEETING CARDS, INCORPORATED This is one of the four leading companies which print greeting cards It headquarters are in Cin cinnati, Ohio All of these companies started in a small way. When I was a boy, there was no such things as greet mg cards We had terrible comic ■i VTW valentines which we sent out to ■ friends and enemies, hut 1 do not remember sending a Christmas v card, or Easter card, or birthday S t ' ur(l Ah M>on as t,UK greeting card that a I be lieve it has an even greater fu w. rrHr- turr > n years to come The one thing that we all are short of is time. Greeting cards not only retain our circle of friends, but the sending of them takes no time and yet often takes the place of a letter. They surely make millions of people happier The above company in which I have invested has the following to commend it If you divide the number of greeting cards which this one com pany sells by the number of stockholders in the company, you get a result of nearly 100,000. I have always received a dividend on this stock; but. if it missed a dividend some year, 1 would still feel that my stockholdings (representing my ■hare as one of the stockholders) are making 100,- 000 people happy each year. This is one illustra tion. But now to a second one, which is even more marvelous. A8GROW SEED COMPANY Although there are aeveral seed companies in the United States, 1 think this one is the largest o( all. Not only are seeds very essential to a nation — whether it is a democracy, or one ruled by communism, or whether it is an under-developed nation with increasing population and a shortage of food, good seed is probably the greatest need Furthermore, few people understand that unless the seeds are carefully selected each year irom the healthiest plants, the quality ol the seeds quickly runs out and th vegetables ultimately return to their native wild state. Furthermore, a purchas er of seeds cannot tell whether they are good or bad until they are planted, which i« too late. It is absolutely important, therefore, to deal with companies of the highest reputation As an illustration of the seed volume of this company. 1 understand they sell 10 billion bean seeds. 7 billion of corn, and many billions of pea seed Figures for the small seeds, such as cab bage, broccoli, and celery, are also stupendous. To illustrate—this company sells nearly 70 billion carrot seeds each year. The company spends so much money on selection and keeping up the character of its product that it does not pay great dividends, but if I did not get the money in cash dividends I would get the satisfaction of knowing that the number of seeds raised and sold, divided by the number of stockholders—of which I am one—would give about one-half billion seeds per stockholder SEEDS AND GREETING CARDS IN RUSSIA When I was in Moscow, I found the best-treated people were scientists and ballet dancers. On the other hand, the two businesses which were allow ed to continue as manufacturers under govern ment supervision were the seed business and the greeting card concerns. This is because the rais ing of seeds depends absolutely upon the character of those in it, while the preparing of greeting cards requires an artistic originality which can not be purchased with money or forced upon peo ple It must be voluntary. This Week in Washington A Pension Plan CLINTON, S. C„ THURSDAY, JULY 1J. INI (ZltfF dllintnn (Etfnmtrlr J«ly 4, UM — WILLIAM WILSON HARRIS - Jne U. IMS PUBLISHED EVERY THURSDAY BY THE CHRONICLE PUBLISHING COMPANY M»criptioa Rate (Payable in Advance) Out-of-County One Year SI OS, Six Months |2 00 One Year $4.00 Second Class Postage Paid at Clinton, S C. The Chronicle seeks the nepwMlna ti Re subscribers mi readers - the publisher will at all times appreciate wise suggestions end kJmly advice. The Chronicle will pntolieh tetters of general internet when they are not of a defamatory nature. Anonymous cemmunkattene will net bo noticed Thte paper is not responsfek for tko views er oatdeM rf Ms AMERICAN PRESS ASSOCIATION New Yerfc. Chicago, Detreit, PhUadelphis There is a good chance that be fore Congress goes home it will make available a self-financing retirement, or pension, program for some twenty million self- employed Americans Such a program is long over due. Because of the tax laws, self-employed people, such as doctors, lawyers, dentists, farm ers and merchants, have been denied the advantages of retire ment plans available to most employees in government and in dustry Under present taws, costs of a retirement plan partly financed by employers and partly by em ployees are not taxable as in come A self-employed person, however, must pay income taxes oh money used to finance a re tirement program Bills to enable self-employed to set aside a portion of their in come, before taxes, to finance a retirement plan have been intro duced in every Congress for the past ten years Most of them have been opposed by the Treas ury Department. A GOOD START One of the first bills introduc ed when the present Congress convened last January was HR 10 by Rep Eugene J. Koegh, New York Democrat, to encour age the establishment of volun tary pension, or retirement, plans by self-employed people Later, identical bills were introduced by 16 other congressmen Within a few weeks the House Ways and Means Committee had considered the proposal and vot ed 18 to 5 to report favorably on the Keogh bill, and to recom mend to Congress that prompt action be taken on passage. A somewhat similar, although not identical, bill by Sen. George Smathers of Florida, has been introduced and is awaiting hear ings in the Senate Another bill, along the same lines as HR 10 was introduced by Sen. Wallace F. Bennett of Utah. A MATTER OF JUSTICE “The Intent of this legislation,’’ Sen Bennett said, “is to give equality of opportunity to the self-employed to set aside a por tion of their income for their old age, in much the same manner in which corporate employees now contribute to company operated pension plans ” WOW! wha- ta BUY CkroRkb PnMishins Co. Gary •!. CBwIm, 8. C. \ It would make owners of a company eligible to that avail able to their employees, but would limit the amount they could set aside to the smaller of $2,900 a year or 10 per cent of their in come As a general rule retirement benefits received by self-employ ed would be taxed as ordinary in come at the time received Re tirement funs could be invested with a bank as trustees or used to purchase retirement annuities from an insurance company. The Senate Finance Commit tee, which has the bills under consideration, reported favor ably on a similar measure last year It is to be hoped that Con gress will not again postpone action on this important propos al. Choir Clinic Slated For C" ‘ -Lydia A choir clinic sponsored by Clinton-Lydia Cotton Mills will be held the last two weeks in July beginning on July 17. This clinic is for the purpose of help ing the individual churches to or ganize youth choirs for juniors, intermediates, and young people. The first week the clinic will be held at Mercer Silas Bailey School, and the children of Lydia will be furnished transportation to Clinton. The second week it will be held at Providence Ele mentary School The children from Clinton will be transferred by bus to Lydia during that week Parents are asked to encour age their children to attend the school, which will terminate with an interesting program. Minis ters of the two communities are requested to participate in the clinic. Those who expect to register will call Mrs. Eva Land at 833- 1707 or Miss Nellie Osborn at 833 1101. New MRS MAGGIE REARDEN MR & MRS LARRY SAVEL- KOUL REV. BRICE SHUMPERT Clinton. EDWARD C HENDERSON Kinards, S. C. Thanks and welcome to our large family of readers New* Of Bond* Crot* Road* MRS. RICHARD JOHNSON HONORED Friday night, June 30, Mrs Richard Johnson, of Newberry, was honored with a household shower by Mrs. Tiiflie Blackwell, Mrs. D T Pitts, Mrs. E. T. Shouse and Mrs. N A. Shouse at the home of Mrs. E. T. Shouse on the Joanna-Whitmire highway. As the guests arrived they were met by Mrs. David Pitts and Mrs. E, T Shouse Each guest was favored with a small cor sage of white carnations For entertainment a “Lover s Examination” was held The re sults were read by Mrs E. T Shouse and Mrs N. A. Shouse. Guests voted Mrs. Richard John- son’s paper the winner. After this entertainment and a brief period of chit-chat, the guests were invited into the din ing room where a delicious sai- ad, ham biscuits, potato chips, pickles and a fruit drink were served. Mrs. Johnson was presented a shower of useful gifts. Flowers for the occasion was an arrange ment of white gladioli in the liv ing room. The dining room table was decorated with a centerpiece of white tapers. Mr. and Mrs. Felton Crapps and granddaughter. Ann Shipes, of Columbia, along with Mr. and Mrs J W. Crapps and daugh ters, of Whitmire, spent several days at Myrtle Beach. Mr. and Mrs. James Johnson and son, Jimmy, were visitors at Lake Greenwood on the 4th. Mr. and Mrs Wm. McMillian, of Greenville, were supper guests of Mr. and Mrs. N. A Shouse on Tuesday. Christie Bonds, daughter of Mr and Mrs. Huey Bonds, of Clinton, spent several days with Lynn Keller Nabors, daughter of Mr and Mrs J C. Nabors. Mr and Mrs. Jumes Evans and Mrs Frances Oswalt were visitors in Greenville on Thurs day Susan and Kay Shouse spent several days at the home of their grandfather, N A Shouse Mr. and Mrs Felton Crapps and Ann Shipes made a tour through the mountains of North Carolina and Tennessee on Thurs day and Friday They also visit ed the “Tweetsie Train" at Boone N C. Mrs Ben Summers and Alice with Mr and Mrs. Dan Wells and family enjoyed a trip to the mountains last week Mr. and Mrs. Tillman Crapps and family enjoyed a trip to the beach last week. Miss Claudia Johnson spent a week at home with her mother, Mrs Texie Johnson Mr and Mrs George Cobb and young son, George, of Rock Hill, were week-end guests of Mr and Mrs David Fitts Mrs J. C. Nabors visited Paul McCarley, who is a patient in Veterans Hospital Sunday. Mr. and Mrs. R. L. Franklin, Brenda and Linda Franklin are spending a few days this week in Georgia. Mr. and Mrs. John William Callaham, Sr., and John Wm Callaham, Jr., of Liberty, Mrs Wm Seiffert, Billy, Bobby and Linda Seiffert, of Long Island, N. Y., were guests of Mr. and Mrs. N. A. Shouse Sunday. Mr. and Mrs. Bill Shouse and daughters, Mary Evelyn and Pa tricia, of Lubbock, Texas, were guests of Mr. and Mrs. N. A. Shouse over the week-end. They were enroute to Winston-Salem, N C. MISSIONARY SOCIETY TO HOLD MEETING The Woman's Missionary So ciety of Fairview Baptist Church will meet Thursday night, July 13, at 7.30 at the home of Mrs. J. C. Nabors at Bonds Cross Roads. Mrs. James Johnson will present the program. Mrs James Johnson attended COOL ME, MADAM Old women once held curative powers—or so Mfcs believed. Their wrinkled hands laid on feverish brows were thought to coo) the fever. Now, in this golden era of modern medicine, we have more reliable methods of reducing temperatures. But, remember, a temperature is only a symptom ... not an illness in ilaslf. Fevers have many causes .. some ssrious. So, be sensible. When you or a ■ of your family is ill, let your doctor do the disgnowng and prescribing. Then, if medication is necessary, let us fill his prescription promptly and accurately. HOWARD’S PHARMACY “OteTke YOUR RKXALL DRUG STORE Dial 833-1M0 the meeting on Community Mis sions at'Newberry recently. Mr. and Mrs. Marion Work man, of Greenville, were visi tors in the community on Sun day. Friends of Mrs Wilbur Work man will regret to team of the death of her father. S W. Har- ling, of Greenwood. Recreation begins for young people of the community. The first period of recreation was Wednesday, July 12, at 4 p. m. at Shady Grove Club House. All children of the community are invited to come have fun each Wednesday at 4 p m. during the month of July. Hoys Article Receives Recognition An article recently published by a Southern Technical Insti tute professor will appear in a forthcoming anthology of read ings for engineering students. The article, entitled “WTiat Is Technical Writing?” was written by Robert Hays, Southern Tech, Chamblee, Ga., professor of Eng lish. Hays’ article was originally published in Word Study maga zine, publication of the G. and C. Merriam Company, one of the nation's best-known compilers of dictionaries A reprint of the ar ticle is to be a part of the an thology prepared by two profes sors at Ohio State University and will be published by Ronald Press Company. OFFICE SUPPLIES CHRONICLE PUB. CO. PHONE 833-4541 - I AGREE WITH UNCLE SAM! Or, rather, I agree with Uncle Sam’s Treasury Department, which recently saluted the women of America for 20 years of service in the U. S. Savings Bond Program. As the Treasury so aptly stated, ‘Thousands of husbands and fathers owe their Payroi Savings nest-egg to the influence of their wives. Many a boy and girl wouldn’t have a full Savings Stamp book, but for Mom. And many a bond would not be sold, but for women volunteers . . .” • •as “DID YOU KNOW” DEPARTMENT — With your phone, you can make more than 122 million other phones in the world ring! a a a * WHY YELLOW? Why are the Yellow Pages of yow telephone directory yellow? Why not blue, or pink, or purple? Did someone, back during the telephone's infancy, like canaries? Not at all. (At least, that’s not the reason Yellow Pages are yellow.) The reason is purely scientific —determined by an eye specialist. Black print on yellow paper is the second most legible color combination! Black print on white paper is first, but that’s “taken” by the alphabetical section. a a a a VACATIONING SOON? Don’t forget to carry along your toothbrush, film for your camera . . . and your little blue book of telephone numbers for those long distant^ calls you’ll be making to the folks back home! RIGHT AT HOME on the farm nowadays is—you guessed k—farm interphone! And talk about convenience! A farm interphone system gives you both intercom and regular telephone service from strategic spots around your farm. With farm interphone. Mom can throw away the din ner bell, too ... just call the family to supper! How ya gonna keep ’em down on the farm? Install an interphone system, of course! m " m | : l?v Make your dream vacation come true! Nearly everyone looks forward to a glorious vacation - sometime! And by saving with us regularly, your money will earn excellent re turns and you can be ready for that trip before you know it! This emblem assures you that your savings with us are insured by the F8LIC. a United States Government agency. 9 CITIZENS @ FEDERAL SAVINGS AND LOAN ASSOCIATION 22* W. MAIN ST. CLINTON, a C. cr Icdcra! Hon-.c Lear. Ban! S *