Indianapolis Times, Volume 43, Number 170, Indianapolis, Marion County, 25 November 1931 — Page 3

NOV. 25, 1931

SENATE FIGHT ON TAX BILLS IS CERTAINTY Smoot, Harrison, Finance Leaders, Miles Apart on Revenue Legislation. Thi* U the taut of two artlrlei on *** legislation. presenting the opoojinr view* of Chairman Reed Smoot of the aenate finance committee and Senator Pat Harrison, senior minority member of the committee. United Press Interviews with house leaders were carried Monday. BY LYLE C. WILSON United Press Staff Correspondent WASHINGTON, Ncv. 25.—Chairman Reed Smoot of the senate finance committee says there shall be no more bond issues to pay treasury deficits. He is challenged by Senator Pat Harrison (Dem., Miss.), who is the senior minority member of the finance committee. Along those lines the tax battle will be fought in the senate this winter. The treasury has intimated to Republican leaders in congress that it does not want to borrow more money without additional concessional authorization. Now, with less than half the fiscal year gone, 'he deficit approaches $1,000,000,000. Majority leader James E. Watson of the senate expects the figure to be double that on June 30, 1932. In Wide Disagreement Not only do Harrison and Smoot disagree about bonds, but Smoot wants a sales tax. and Harrison says • No.” They are in conflict as to the manner in which income taxes shall be increased. ‘‘We have got to balance the budget.” Smoot declares. "The way to do it is levy new taxes. That procedure would not retard business recovery because business men will not stop doing business merely because their taxes are raised. Increased taxes arc not a pleasant subject, but they are necessary. ‘‘The best available source of ineome is a sales tax. It is productive and comparatively unobjectionable. ‘ All persons able to do so should pay a little in taxes. There now are about 2,000,000 income tax payers and as many as 6,000,000 more might be added if we lowered the exemptions.. Favors 1924 Maximum The maximum surtax should be increased to about the levels of the 1924 law, when incomes of SIOO,OOO paid about 35 per cent and those of $400,000 and greater paid 40 per cent. The maximum surtax now is 20 per cent and it applies to all incomes of SIOO,OOO and more. “Inheritance taxes should be abandoned by the federal government because it has no part in the transfer of title to property. There should not be a bond issue. The people are against it.” Says Senator Harrison: "I had hoped we could avoid tax increases. It appears we can not. But we should issue bonds to the limit of the financial fabric. “I am against the sales tax. It is a productive source of 'revenue. But it is inequitable. Manufacturers would not absorb the tax. It would

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Ruth Hurley 'above). 9-year-old daughter of War Secretary and Mrs. Patrick J. Hurley, was rushed to Walter Reed hospital, Washington. D. C., after swallowing a Red Cross button. ' Her parents flew' to her side from New York by plane.

pass on to the consumer. I think the people prefer bonds if the credit structure will stand it. “Discussing this matter with business men, I have told them that if the Republicans propose a tax bill, they can be sure it will end in greatly increasing the income tax in the higher brackets. That will be the position of the Democratic party if a tax bill is brought in. “It may be necessary to increase income taxes in the intermediate brackets. The exemptions probably should remain as they are. “There is talk of a luxury tax but who is going to say what is a luxury? We had a tax on automobiles at one time. It raised $120,000,000. but who is to say an automobile is a luxury, or radios?”

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ANNUAL HEALTH SEAL DRIVE TD BEGIN THURSDAY 67 Millions Distributed for Sale in War Against Tuberculosis. Twenty-fifth annual sale of Christmas tuberculosis seals will be opened by ninety-two organizations throughout the state, Murray A. Auerbach, secretary of the Indiana Tuberculosis Association, announced today. Sixty-seven million seals will be distributed by the organizations in a drive to obtain more than $200,000 to continue the fight against the disease. Seals will be sold from Thanksgiving day through the Christmas holidays in more than 1,500 localities throughout the nation. Proceeds of the campaign will go toward the support of hundreds of patients in sanatoriums maintained by the organization These include numerous fresh-air schools, outdoor

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THE INDIANAPOLIS TIMES

camps and clinics for the supervision and care of children. The organization also sponsors a continuing program in all counties in child health education designed to emphasize the benefits of periodical medical examinations and general prevention of spread of the disease. “The preventive side of the battle has been enlarged upon steadily,” Auberbach said. “Numerous channels of work to cut down the death rate are being all financed by the Christmas seal fund. “In this year of economic stress, it is doubly important that Hoosiers finance the 1932 health program of their county associations, for it now is established that economic stress often brings about an increase in the disease. “This year, the state is put to the test as never before. A total of $200,000 is needed for the work. Unless the state responds, Indiana’s successful warfare against the plague will be curtailed next year,” he said. / War Veterans Meet MARION, Ind., Nov. 25.—Thirteen state camps of the United Spanish War Veterans attended the annual district meeting here. Delegations, were present from Indianapolis, Lafayette, Anderson, Peru, Logansport, Kokomo, South Bend, Fort Wayne, Wabash, Hartford City, Muncie, 1 Frankfort and Tipton.

FARM BOARD'S LOSSES ACT AS SPUR TO FOES Agricultural Leaders Argue Stabilization Plan Has Given No Relief. BY LYLE C. WILSON United Press Staff Correspondent WASHINGTON, Nov. 25.—Revelation that the federal farm board carries on its books a paper loss | of $122,000,000 from its wheat and cotton stabilization operations added fuel today to the dispute centering around the agricultural marketing act as a form of farm relief. Representatives of farmers’ organizations appeared today before the senate agriculture committee to j outline their objections to farm I relief as it is provided in the act which created the farm board Chairman James C. Stone and Carl Williams, cotton member of the board, testified Tuesday. Stone presented to the committee ! the board’s annual report detailing

operations which showed paper losses on stabilization wheat nowowned to average 27 cents a bushel plus carrying charges. Without computing losses on wheat already disposed of nor including carrying charges, the farm board is out approximately $50,000,000 on paper. The paper loss on cotton now held is approximately $72,000,000. The paper loss per pound on cotton is about 111* cents, including carrying charges. This paper lass represents almost one-fourth of the entire farm board appropriation of $500,000,000. Stone said the beard went into the wheat market in November, 1930, to prevent collapse of the credit structure of the United States. He said another 2-cent decline in wheat prices then would have sent 50,000,000 to 60,000,000 bushels of wheat on the market to protect bank loans and with disastrous effect. Senator Peter Norbeck (Rep., S. D.) charged that this operation, which took place after two-thirds of the wheat had left the hands of the farmers was “bank relief” instead of “farm relief.” Stone replied that conditions were almost as bad a month ago, but have improved considerably. He thinks improvement so far warrants belief that no more federal wheat purchases will be necessary.

FIREMEN HOLD | housewarming; Draw Praise for Remodeling Engine House 22. “Life isn't. in holding a good hand, but in playing a poor hand well.” This motto of firemen of Engine House 22, Twenty-fourth street and Ashland avenue, is reflected in every room of their remodeled home. And. Tuesday night, it took on new meaning as Fire Chief Harry E. Voshell commended the men on their work in remodeling the station until “it is as fine an engine house as we have in the city.” Captain William Cochran, who holds the second longest service record in the fire department, presided at the house warming and introduced Chief Voshell, Assistant Chiefs Fred C. Kennedy and Harry H. Fullmer, Battalian Chiefs Roscoe McKinney and Otto Petty, and j Charles R. Meyers of the safety ; board. With “no more cold-storage sleeping.” and with Leroy Minnich handling the skillet, firemen of Engine

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House 22 face Thanksgiving with but one worry—“ What are we going to do next?” LESLIE TO VISIT PLANT. Three-Day Power Company Celehration Comes to Close Today. Three-day celebration of the opening of the new Harding street generating plant of the Indianapoli3 Power and Light Company was to be ended today. Governor Harry G. Leslie and others were to be guests at a luncheon at the W'est Morris street plant. Approximately 2,500 persons visited the plant, Tuesday, it was reported. The new station doubles th# production capacity of the company.

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