Indianapolis Times, Volume 45, Number 313, Indianapolis, Marion County, 11 May 1934 — Page 3

MAY 11, 1934

‘LITTLE FELLOW' BENEFITS UNDER NEW TAX LAW * Loopholes Plugged Up by Bill Just Signed by Roosevelt. Rii Rcrippi-Hoirnrit Xeicspaper Alliance WASHINGTON. May II —The tax law signed by President Roosevelt yesterday is designed to raise $417,000.000 in new revenue, close loopholes which in the past have been the avenues of widespread tax avoidance, and to lessen the tax burden upon smaller incomes. Drafted with an eye to revelations in the senate stock market investigation. the bill as it emerged from more than three months of congressional re-shaping, tightened up many of the provisions which in the past have yielded to tax evasion methods. The married man with an income of $25,000 or less will find his income tax reduced next year. The difference is proportionately greater in the smaller brackets. A married man with no dependents, having a net income of $5,000, for instance, will pay SBO instead of SIOO. Estate Tax Rates Surtax and estate tax rates are increased, the theory of the law being that a man who works for his living shoud be taxed less heavily than the man whose income is derived from incomes or inheritances. An example of this is the surtax rate which ranges from 4 to 59 per cent on net incomes of from $4,000 to SI,OOO 000. The prior law ranged from 1 per cent to 31 per cent, with net income subject to surtaxes only at $6,000 or more. The income tax provisions start I with 1934 incomes, that is, with returns due next March 15. The increased estate taxes are exemplified by a tax of $11,600 on a net estate of $200,000. as compared with a tax of $9,500 under present law. Further emphasis upon the idea ofi smaller taxes for persons whose income is derived from wages or salary is given in two other features of the tax bill. No Deductions Given Income taxes under the present I law have no deductions for earned j income. The new law gives a 10 per cent reduction, earned income be- i ing considered as the first $14,000 of income. Another example of this is the double exemptions permitted before the surtax rates apply. A married man can take his $2,500 exemption both for normal tax and for surtax purposes. This means that, while surtax rates start at $4,000, a married person does not become subject to them until his income is at least $6,500. A summary of the new tax bill: PERSONAL INCOME TAXES Normal tax—Four per cent. Exemptions: $2,500 for married persons, SI,OOO for single persons. S4OO credit for each dependent. Earned income deduction of 10 per cent on income up to $14,000. Surtaxes graduated from 4 per cent on net incomes of $4,000 to $6,000 to 59 per cent on net income of more than $1,000,000. Publicity—Each return required to give (1) name and address, (2), total gross income, (3) total deductions.

----- - ■ ■ ■ -■■■ At. the Very START of the. Season! * J. . i A Sensational Purchase, and SALE! a Njtirjaall.- Kiawa Maker of Fine Hats |sS| For Men In fact, you’d never expect straw hats from this ~ dn<^ STRAWS maker, to sell for such a low price! But, as usual, Young Men 17J* OllVfiHO Block’s does the unexpected—and brings you thou- W^jSSAf/ , m r. I sands of these fine hats—at the START of the ISsJ/Z/rfst Lido Ml LlllS. season—at a sensationally low price! Wide, medium Foot! • Fancy Braids! or narrow brims, block s-Thin/ Ftoo-. ras! • Lorentos! fM&I \s! • Novelty Braids!

MARTINSVILLE -RAGAMUFFINS’ TO APPEAR IN MUSIC FESTIVAL

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'4 net income, (5) total credits! against net income for purposes of normal tax. and (6> tax payable. That information will be open for public inspection for three years at offices of collectors where returns are made. ESTATE AND GIFT TAXES Estate Tax—Begins at one per cent on net estate in excess of $20,000. rising to 60 per cent on net estates in excess of $10,000,000. Exempt first $50,000 of estates. No credits for state estate taxes. Gift taxes —Rates from threequarters of 1 per cent to 45 per cent, according to same brackets as estate tax. CAPITAL STOCK TAX A tax of one-tenth of 1 per cent of the “declared’’ value of capital stock of each corporation. Excess profits tax of 5 per cent on earnings in excess of 12 1 2 per cent of “declared” value of such stock. SURTAX ON PERSONAL HOLDING COMPANIES Special surtax of 30 per cent on the first SIOO,OOO of undistributed adjusted net income of personal holding companies, plus 40 per cent cn all over that amount. Personal holding comany is defined as any corporation, 80 per cent of the gross income of which is derived from royalties, dividends, interest, annuities and gains from sale of securities and more than 50 per cent of outstanding voting stock of which is owned by not more than five persons. CAPITAL GAINS AND LOSSES Losses—Allows deductions from taxable income of capital losses only to extent of similar gains, with exception of $2,000. Gains—Measures for tax purposes 100 per cent of the gain on capital assets if the asset is held for less than one year; 80 per cent if held from one to tw r o years; 60 per cent from 2 to 5 years; 40 per cent from 5 to 10 years, and 30 per cent if held for more than 10 years. CORPORATE CONSOLIDATED RETURNS Prohibits filing of consolidated returns for subsidiaries and affiliates. Railroads excepted. MANUFACTURERS' EXCISE TAXES Repeals tax on candy, soft drinks and clocks, exempts from further tax articles sold by manufacturer for less than $75, and on jewelry items sold for less than $25, increase tax on colored stem wood matches from 2 to 5 cents per thousand. TAX ON FATS AND OIL Impose tax of 3 cents a pound on processing of Philippine cocoanut oil, tax to be returned to the Philippine treasury. Imposes tax of 5 cents a pound on other cocoanut oil imports. Taxes other oils at 3 cents a

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Upper—The Ragamuffins of Martinsville. Lower—Carolyn G. Townsend, director of the Ragamuffins. One of the men’s choral groups which will take part in the first annual Indiana male chorus festival at 7:45 tomorrow night in Cadle Tabernacle will be the Ragamuffins of Martinsville. Miss Carolyn G. Townsend, assistant music supervisor in Martinsville schools, is the director, and Mrs. G. B. Breedlove is accompanist. The Ragamuffns will sing as an individual group, as well as in the massed chorus of approximately 400- voices. pound except sperm oil, perilla oil and halibut liver oil. BANK CHECK TAX Repeal 2-cent bank check tax as of Jan. 1, 1533. ADDITIONAL TREASURY PERSONNEL Provides for creation of general counsel for internal revenue department to be appointed by the President and confirmed by senate. Special assistants shall be provided to handle stabilization fund. Senate confirmation not needed. BILL HONORS” MEMORY OF GENERAL PULASKI Indiana Delegation Puts Resolution Through Congress. By Times Special WASHINGTON. May 10.—General Pulaski Memorial day will occur annually on Oct. 11, and be so proclaimed by the President of the United States under terms of a resolution which the Indiana delegation in congress has had passed. Originating with the senators, the resolution was passed in the house this week upon motion of Representative Samuel Pettengill, South Bend, Ind.

. THE INDIANAPOLIS TIMES

NEW YORK MUSICIAN MYSTERIOUSLY SLAIN Former Sousa Band Member Shot: Wife Wounded. By United Perus NE'V YORK, May 11—Richard Becher, 61, a musician formerly with Sousa's band, was shot to death and his wife Dorothy, 44, was critically wounded today in their home under mysterious circumstances. Mrs. Becher was in a state of collapse on the sidewalk in front of the home. She wore a night dress and a trail of blood led police through a hedge, upon the porch and into the house to the second floor. The telephone wires had been cut, as well as the wires of the radio set in the living room, adding to the mystery. Mrs. Becher, rushed to Flushing hospital, regained consciousness for a moment and gasped; “There was a man in the room!’’ JOINT SESSION SET BY I. C. LITERARY CLUBS Groups to Enjoy Banquets at Y. W. C. A. Tonight The four literary societies of Indiana Central college will hold a joint banquet at 7.30 tonight in the Y. W. C. A. with Mrs. Anna Dale Kek as toastmaster. Each of the societies will be represented on the program; Zetagathea by Everett Eberett, Theacallosia by Mildred Schurtter, Philomusea by Kenneth Ricter, and Philathea by Dorothy Cooper. The banquet committee includes Lester McCuen. Ralph Newby, James Eaton, Melvin Livingood, Wendell Nicodemus, Milton Gamble, Dorothy Hughes, Lavonne Huff. Willis Swingle, Kathryn Kurtz, Donna Hall and and Lena Bowman. • GAS STATION HELD UP Armed Bandit Takes S2O From Attendant, Police Told. An armed bandit robbed John J. Little, 22, of 144 West Eighteenth street, of S2O last night while Little was on duty as attendant of the Sinclair filling station at White River boulevard and Washington street. The bandit asked for change for a $lO bill and then menaced Mr. Little with a revolver.

400 TO JOIN IN MALE CHORUS FESTIVAL HERE Local Music Lovers to Hear Largest State Group Ever Assembled. When approximately 400 men. members of choruses in cities throughout Indiana, present the first annual Indiana male chorus festival at 7:45 tomorrow- night in Cadle tabernacle, local music lovers will hear the largest all-Indiana men’s massed chorus ever assembled. It is expected v .hat the festival will serve as the nucleus for forming a state glee club association, w-hich would present a similar concert annuaily, it has been indicated by Professor E. B. Birge, Indiana university, general chairman for the festival. Ralph W. Wright, Indianapolis school music director and president of the In-and-About School Music Club, sponsoring organization, will lead the audience and combined choirs in singing “America” to open the program. The program, as announced by Harold E. Winslow, program committee chairman, will be: “Martyrs of the Arena’’ Adams Murat Chanters. Samuel Lewis, conducting “Dear Land of Home’’ (Finlandia i Sibelius Combined chorus. Mr. Lewis conducting. “Comrades in Arms’’ Adams Newcastle Apollo Club; D. E. Rogers, director. “Winter Song” Bullard Combined; Mr. Rogers, conducting. “Blue Danube” Strauss Music Apollo Club; Mrs. Pearl S. McDonald, director. “Mosquitoes” Bliss Martinsville Ragamuffins; Carolyn G. Townsend, director. “Morning” Speaks Combined; Miss Townsend, conducting. ‘■Carry Me ’Long” Nevin-Foster Baptist Male Chorus of Indianapolis; D. W. Hufferd, director. “Marching Song” Protheroe Combined: Mr. Hufferd conducting. "Mother of Mine” .. Goodwin Richmond Masonic Glee Club; Earl W. Feltis. director. “Pilgrims Chorus” (Tannhauser* • Wagner Combined; Mr. Feltis conducting. “Crusaders” Protheroe Raper Commandery Choir; H. E. Winslow conducting. “Where E'er You Walk” Handel Combined: Mr. Winslow conducting. “Drink to Me Only With Thine Eyes” Old English Kokomo Meistersingers; R. J. Hamp, director. "Long Day Closes” Sullivan Combined; Mr. Hamp conducting. "Goin’ Home” Dvorak Vincennes Masonic choir; R. M. Soule, director. "Land of Hope and Glory” Elgar Combined; Mr. Soule conducting. Committee chairmen appointed by Mr. Wright include Professor C. E. Palmer, Muncie, stage seating; Elizabeth K. Cochran, ushers, and Will Wise, dressing rooms. Tickets, priced at 25 cents, are on advance sale at Wilking Music Company, Pearson Piano Company, Gladys Alwes Music Shop, and Jordan Conservatory of Music. Admission at the door will be 35 cents and ten cents for children. Proceeds from the festival will be divided pro rata among the participating organizations to be used in fostering adult interest in choral singing, according to Professor Birge. GIRL, 8, SWALLOWS OPEN SAFETY CLASP Riley Doctors Prepare For Delicate Stomach Operation. Physicians at the James Whitcomb Riley hospital for children today were making preparation for taking an open safety pin from the stomach of Betty Raftery, 8, of 858 Parker avenue.

STATEHOUSE WOMEN DEMOCRATS TO DINE

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Members of the Statehouse Women's Democr a t i c Club will be entertained with dances by Miss Eleanor Sn ap pv during the floor show fol low in g the dinner next Thursday night at the Indianapolis Athletic Club. The program will be given by pupils from the Carlisle dance studio. Others in the show will be Charlotte Weishaar, Rose m a r y White. Maxine Heronimus. Marjorie Ryan and the Horton twins. Judge John W. Kern will be guest speaker at the dinner, which will be in charge of the industrial board division. The dinner program will be given by Art King's orchestra, featuring musical nov ell y numbers by the Briscoe Brothers, and Mary Virginia and Mena Lee Hilker.

INSULL RELEASE ON BOND IS PREDICTED We Already Have $200,000 U. S. Bail, Says Son. By United Press CHICAGO, May 11.—Samuel Insull will be free on bond before the end of the day, it was predicted today by his son, Samuel Insull, Jr., who is supervising efforts to raise the necessary collateral. “We already have got together the $200,000 necessary to make the federal bond,” said young Insull shortly before his father was taken into court for arraignment. “We hope to have the $50,000 required for bond on the state charges before the end of the day.” Buick Plant Closes By United Press FLINT. Mich., May 11.—Fourteen thousand employes of the Buick Motor Car Company here were temporarily out of work as the entire plant closed its doors. Company officials said the plant would reopen next Tuesday. They would give no reason for the shutdown.

PETTENGILL TO TALK AT BANKERS’ SESSION Hoosier Representative to Explain Stock Exchange Bill. By Timex Special WASHINGTON, May 11.—What the stock exchange control bill means will be explained by Representative Samuel Pettengill, South Bend, Ind to members of the Indiana state Bankers Association at their annual convention at Indianapolis, May 24. Mr. Pettengill was a member of the committee which wrote the bill and sent it to passage in the House, despite the largest “Wall Street lobby” in congressional history. MALCOLM M. MOORE SUCCEEDS HACKLEMAN Life Insurance Company Names General Agent Here. Appointment of Malcolm M. Moore as general agent for the Massachusetts Mutual Life Insurance Company was announced yesterday from the home offices of the company in Springfield, Mass. Mr. Moore, who has been associated with the company seventeen years, succeeds Ward H. Hackelman, who died last month.

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RLUNK DUE TO TAKE STAND INOWN DEFENSE —yp* Guard to Answer He Aided Dillinger Escape. By United Prr* CROWN POINT. Ind. Mar 11.Ernest Blunk. former deputy sher iff of Lake county, was expected to day to take the stand in enmina court to answer charges that hi aided John Dillinger in his “to; gun” escape from the Crown Poin jail, March 3. From testimony given late vester day by Sam Cahoon, turnkey an< trusty "at the jail, it was apparen that Blunk would base his defensi on a contention that he was a; much frightened by Dillinger's whit tied gun as the half-dozen other jai attendants who walked meekly inti cells at the outlaw's direction. Cahoon, himself accused of par ticipating in a plot to liberate Dil linger, said that when he callec Blunk under orders by the escapins desperado, the deputy sheriff ap peared stunned with surprise to fine other guards and prisoners herdec into cells. The aged trusty was the first defense witness called after Judge Maurice Crites had overruled * motion for a directed acquittal. ; M'NUTT CONTRIBUTES TO DILLINGER REWARD Indiana Joins Four States in Offer--ing $5,000. Governor Paul V. McNutt has re-< ceded from his refusal to offer reward for the capture cf Johri Dillinger and will join four othej states in contributing $5,000 as 4 bounty on the head of the Indiand desperado. Illinois, Indiana, Ohio. Michigaq and Minnesota are pooling the re-1 ward with SI,OOO apiece on the sugj gestion of Governor Henry Horner Illinois. The Indiana share will come from the Governor's contingency fund and is ready now, Gov-i ernor McNutt said. INDIANA ACCOUNTANTS TO ELECT OFFICERS Association Will Hold Meeting ai Columbia Club. Annual meeting and election oj I officers and directors of the Association of Certified Public Ac-! countants will be held tomorrow a( the Columbia Club. Sessions will in the morning and afternoon, witlj luncheon at noon in the Riley room; BATTLES AUTO THIEVES City Man Beaten Up by Negroes, Police Informed. Evan E. Inman, 33. of 4982 Wes( Eleventh street, suffered knee in 4 juries and a cut on the neck las| night while fighting with two Nei groes who stole his automobile. Hi I told police he was stopped at Wesi j Tenth street and Capitol avenue bj j the Negroes. Police recovered thj j car. Mr. Inman was sent to citi | hospital. '