The Clinton chronicle. (Clinton, S.C.) 1901-current, July 13, 1961, Image 4
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
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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 *