Indianapolis Times, Volume 44, Number 35, Indianapolis, Marion County, 21 June 1932 — Page 14

PAGE 14

NEW TAXES GO IN EFFECT; YOU PAY AND PAY! Most of Higher Federal Levies Being Collected, Starting Today. (Continued from Page One) accredited newspaper news messages exempt. Ca'c/.e and rauio messages, 10 cents flat each. Adwi*caa. 1 cent per 10 cent* on admissions over 40 cents. Issues of bonds or capital stock, 10 cents per SIOO. Transfers of stock, 4 cents per SIOO par value; or 4 cents per share no par value; 5 per cent for shares selling over S2O; rates to apply to loans of stock. Transfers of bonds, 4 cents per SIOO par value. Conveyances, 50 cents on SIOO to $500; 50 cents per SSOO In excess of SSOO. Sales of produce for future delivery, 5 cents per SIOO. Oil transported by pipeline, 4 per cent of charge. Leases of safety deposit boxes, 10 per cent of rental. Checks, 2 cents each. Electric energy, 3 per cent on sales for domestic and commercial purposes. Because it was impossible to read all electric meters last night so the tax may be accurately determined as starting today, the bureau of internal revenue has decided that one-third of the entire tax for the amount of power used this month will be considered as full payment for June. Thus, with the new taxes you start paying today, those you will soon assume, and those you are already paying, you will pay your share of the federal revenue bill for the fiscal year, beginning July 1. Hope to Balance Budget It is during that year that the government hopes to balance its budget. Six months and more ago, it was discovered that federal revenues, based chiefly on the income tax, were dropping off severely. There wasn’t, and isn’t, as much income as before. So at the administration’s insistence, congress drew anew tax bill, which levies more on income, and a great deal more on outgo. The result is that in addition to the taxes you have been paying for years—those on tobacco, cigarets, cigars, pistols, revolvers, club initiation fees, clubs dues, etc.—your income taxes have been raised, and other stamp, miscellaneous and manufacturers’ excise taxes have been imposed. These new taxes are estimated to yield $1,119,000,000 next fiscal year. With revenue coming in under existing laws, including customs, the total federal tax “take” will amount to more than $3,250,000,000 in the next twelve months. Then, if federal government expenditures are sufficiently reduced—by $250,000,000 to s3so,ooo,ooo—the budget will have been balanced on ! June 30, 1933. Exemptions deduced New federal income taxes that affect all of your income this year, and which you will have to start paying next March 15, are as follows : Individual income taxes: Normal rates of 4 per cent on the first $4,000 of net taxable income; and 8 per cent on all the remainder. Exemptions, $2,500 for married persons; SI,OOO for single persons; S4OO for minor dependents; 25 per cent earned income credit allowed last year not operative this year. Surtaxes start at 1 per cent on net income in excess of $6,000, and graduate upward to 55 per cent on net income in excess of $1,000,000. Corporation income taxes: Normal rate, 13 % per cent. No exemptions. Consolidated returns, of 1 per cent. Exemption of $50,000 Estate taxes range from 1 per cent on net estates in excess of SIO,OOO to 45 per cent on estates in excess of $10,000,000. There is an original $50,000 exemption. This tax became effective June 6, after j 5 p. m. Gift taxes ranged from \ of 1 per cent on gifts not in excess of j SIO,OOO to $33 1 2 per cent on gifts in excess of $10,000,000. This tax was effective June 7. Postage Rates—The increase of 1 cent on first class postage, and the increases of 1 cent per zone on sec-ond-class postage do not become effective until July 6. Tariffs—The tax tariffs on imported crude oil ana gasoline, coal, | lumber and copper become effective today, but these are indirect taxes which may not be felt for some little time. Eventually, the prices you pay for all these products may be increased in accord with the direct i tariffs, and the probable compensatory duties on articles made of copper. Boats—The new federal license tax on boats, levied according to the size of pleasure vessels, becomes effective July 1. GARBAGE MEN STRIKE Chicago Rubbish Collectors and Street Cleaners Quit Work. By I nitcit Pres* CHICAGO,June 21.—Garbage and ash collections and street cleaning halted today when 2.300 unpaid street department employes went on j strike in an effort to force payment of their wages. They have been unpaid nine weeks.

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TARIFF THORN IN HOOVER’S SIDE Own Party Backs His Stand; Democrats Assail Record

Thi* Is the second of three stories bv Rodnev Dutcher. Washington corresoondent for The Time* and NEA Service, presenting an Impartial review of Herbert Hoover'a record as president and outlining the issues upon which he seeks re-election. BY RODNEY DITCHER Wathington Correspondent for The Times and NEA Service fCoovrieht. 1932. NEA Service. lnc > AMONG all the issues which Herbert Hoover has had to face during more than three years in the White House, there is scarcely one on which his record has not been used as a base of attack by political enemies. On the other hand, the Republican party can’t find an item in his record concerning which it is unable or unwilling to boast. In most cases the Democrats say he has been timid, evasive, stupid, or impotent and the Republicans contend he has been brave, forthright, farseeing, and constructive. Well, as A1 Smith used to say, let's “take a look at the record.” In a previous story we considered Mr. Hoover and the depression—what the depression had done to Hoover and what he had done to it. This piece takes up problems, issues, and phases which we would have had if economic conditions had been as usual, although one finds that the depression has had some sort of relationship with all of them. a a it THERE was the Hawley-Smoot tariff, which Hoover signed and which the Democratic publicity office has attacked day in and day out as one of the depression’s important contributory factors. The Republicans, of course, say it saved various industries from ruin—and that most Democrats voted for some of the new duties. Mr. Hoover called his special session of congress in 1929 for a “limited revision of the tariff,” as well as his promised farm relief measure. Later he explained that he meant there were some industries which needed special aid and that it was one way to help agriculture. But the lobbyists ran wild and so did congress. The President held completely aloof during the many months of lobbying and logrolling which preceded the law’s passage. It finally came to him with nearly a thousand increases and he signed it, admitting that there were some bad spots in it which he thought could be fixed by use of the law’s flexible provision. Recently he has vetoed a Demoertic tariff which would have reduced no rates, but purported to lay groundwork on which prohibitive tariffs might be reduced reciprocally later on. He took no position when tariffs on oil. coal, copper and lumber were written into the new tax bill. nun PROHIBITION has continued to bother Hoover as well as other politicians. He never has said publicly what he thought of the dry laws. As to enforcement, he has been neither more fanatical nor more lax than his predecessors, but he ha§ made strong declarations against lawlessness, which he said in his inaugural address was our most important unsolved problem. He appointed the Wickersham commission to investigate prohibition along with other problems of law enforcement. After nearly two years of close study, eight of its eleven members reported in favor of revision or repeal of the eighteenth amendment. Hoover passed the report along to congress without recommendation. A dozen other Wickersham commission reports, most of them valuable as wel as expensive—and containing important recommendations—have been ignored both by the White House and congress. The theory that repeal or a beer tax would help alleviate the depression has helped make prohibition an increasingly pressing issue. Mr. Hoover, who always has been regarded as a dry rather than a wet, remains noncommittal. Foreign relations have presented one problem after another, including many of vital importance. World peace and disarmament are among Hoover's cherished ideals. Even as president-elect he was off on a “good will tour” to Latin-America, which he designed to overcome a rather general dislike for the United States in those parts and to smooth the way for more trade. ana HOOVER was instrumental in getting the London naval arms conference actually called and followed its progress closely. The United States and Great

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President Hoover’s preference for personal conferences with foreign |||l|| statesmen marked anew era in American diplomacy. The pictures ; above illustrate three such conferences when the usual diplomatic red MlXll tape was swept aside and the President and European leaders discussed their problems face to face at the White House or at Camp Upper left, the President and Dino Grandi, Italian foreign minister; lower left, Ramsay MacDonald, premier of Great Britain, with Hoover; |j|j|r lower right, the President with Premier Pierre Laval of France. The 7? mi ni iiiiiiiilPtoW'WWl sketch depicts Hoover and MacDonald as they conferred informally at ■ the President s camp on the Rapidan. j fnr f ftrv f 0 the nrosressive.s. to

President Hoover’s preference for personal conferences with foreign statesmen marked anew era in American diplomacy. The pictures above illustrate three such conferences when the usual diplomatic red tape was swept aside and the President and European leaders discussed their problems face to face at the White House or at Camp Rapidan. Upper left, the President and Dino Grandi, Italian foreign minister; lower left, Ramsay MacDonald, premier of Great Britain, with Hoover; lower right, the President with Premier Pierre Laval of France. The sketch depicts Hoover and MacDonald as they conferred informally at the President’s camp on the Rapidan.

Britain there came to terms with respect to cruiser strength and joined with Japan in an agreement to limit that class of warship. Further achievement, including participation of France and Italy, was prevented when France demanded a security treaty and Hoover refused to have anything to do with one. Under Hoover’s leadership this government also favored the calling of the current Geneva disarmament conference on schedule. A year ago Mr. Hoover asked the senate to ratify the world court protocol which had been signed by American representatives, but the senate has not acted yet. . War debts have been a paramount. issue in our foreign relations since Hoover took the reins. At the outset, the administration let France know that there need be no more fooling about ratification of the Mellon-Berenger funding agreement and France, rather than pay a $400,000,000 bill which she would have owed us otherwise, ratified. The Hoover moratorium of last year appears to have been the big “break” in the war debt situation, however. It may have marked the end of payments of both debts and reparations. Hoover took the step reluctantly, only after shivering New York bankers had implored him with piteous cries. nun GERMANY had been borrowing billions of dollars which had enabled her to pay reparations and other obligations. Then credit dwindled and Germany faced a financial collapse with huge loss to foreign investor and perhaps a surrender to Corlhnunism. Nobody knew what might happen to Europe and to the world if Germany and central Europe really crashed. Hence the moratorium and subsequent measures in which the Hoover government took a leading part. With the moratorium Hoover had conceded an important change in American policy by abandoning the pretense that there was no connection between war debts and reparations. Afterward he sent both Secretary of State Stimson and Secretary of the Treasury Mellon to the London seven-power conference, which* arranged new credits for Germany, an agreement whereby banks would hold off on private collections and a re-examination of reparations. There seemed no safe way in which we could hold aloof from European affairs. non PREMIER LAVAL of France subsequently visited Hoover here, as did Dino Grandi, Italy’s foreign minister, indicating the

THE INDIANAPOLIS TIMES

President’s preference for personal conference with foreign leaders —as had his previous meetings here with MacDonald of England. Hoover declared his flat opposition to anything resembling debt cancellation when he presented the moratorium to congress for its approval, but he said that still further “readjustments” would have to be made, because some nations obviously couldn’t pay. He urged revival of the debt funding commission. Congress slapped back at him, however, by. adopting a flat stipulation against consideration of any further debt revision. Both caution and forcefulness were demanded of Hoover and Stimson when Japan invaded Manchuria and Shanghai in alleged violation of various peace treaties. Seeking above all things to avoid war, Hoover nevertheless authorized the notice to Japan that we would recognize no changes brought about by violation of the treaties—a notification believed to have had a distinct stabilizing effect. The administration took the lead in that and other nations fell in line. Experts on foreign affairs regard it as a bright spot in Hoover’s record. ana TURNING back to domestic problems, one finds the President still markedly conservative on the power issue, although he declares for effective regulation of the utilities. He is strongly opposed to government operation or ownership of Muscle Shoals and is unsatis-

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factory to the progressives, to whom the power issue is especially dear. The Hoover record of appointments has caused him to be praised one day and attacked the next. There are both able men and weak sisters in his cabinet. he has managed to mingle his acquiescences to the demands of politics with the selection of some outstanding men of character and ability. Next: Looking forward to the 1932 campaign with Herbert Hoover. BUSINESS PICKS UP IN FURNITURE FACTORIES Slight Gain in Employment Is Noted in May Survey. Slight gain in employment in furniture factories in the state is noted in a business review for May by the Indianapolis branch of the Indiana university bureau of business research, published by the Fletcher American National bant’. Work in furniture factories is still 13.9 per cent below a year ago. Employment in textile industries is 8.9 per cent under normal, with operating schedules about the same as during April. For the five months from Jan. 1 to May sl, the review states, general business activity was 24 per cent less than a year ago, 36.7 below to years ago and 45.1 below the 1929 volume. Sales of new automobiles failed to reach the usual seasonal volume and the total is 62.5 below normal. Six lucky shoppers will win cash every single day during The TIMES SALES SLIP Contest.

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STENCH BOMB LAWS PASSED Council Acts to Protect City’s Theaters. Protection of theaters and business establishments against attacks by stench bombs and other nuisances was provided by the city council Monday night through passage of two ordinances making such attacks or the possession of material for the purpose, punishable by fine and a jail sentence. The ordinances provide fines of SIOO to S3OO and not more than six months imprisonment for violations. The ordinance provides against the use of stench bombs, and was introduced as an outgrowth of recent attacks on Indianapolis theaters and the increasing occurrence of bombing attacks on theaters throughout the country. The companion ordinance prohibits the throwing or depositing of reptiles or rodents on another’s property or the possession for that purpose

Our Appreciation and AN APOLOGY • ———

When the Federal Tire Tax was announced we thought we had a sufficient stock of tires on hand to take care of all requirements. But we were mistaken. Motorists swamped us with business. By last Saturday we were out of most popular sizes. In the meantime we were

reserving tires we didn’t have in to the Government. However, we stock. urge you to take advantage of presNot to disappoint our many friends ent low prices as we will have to and customers and because we pay tax on all future shipments.

Several Carloads Received Monday Tax-Free Tires (No Tax on Tires Shipped Prior to June 21) [notS’i m I LLEH i= GEARED-TO-THE-ROAD TIRES NOW ON SALE They 9 1l Go Fast So We Urge You to Buy Now Still LOWEST !| Still EASIEST PRICES in History || TERMS in Town Space ri S3SS First Door South of Elevation on South Meridian Street

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.JUNE 21, 1932

knew that thousands of motorists were, for some reason, unable to come in, we phoned Akron last Saturday to rush us several carloads of tires. They were received and unloaded late Monday night. There is no tax for you to pay on these tires as the Miller factory paid none