Indianapolis Times, Indianapolis, Marion County, 22 October 1936 — Page 12

Text of Pride

(Continued from Page 10) in TE Loopndiey which coud BF Use only by men of very-large fac :

TALKS TO INVESTORS

I want to say a word to you avers. age investors and stockholders who are being flooded by propaganda about this tax-propaganda, inecidentally, paid for by your money. It is being disseminated by those who have used corporations in the past to build up their own economic power, who seek, by holding back your dividends, to keep down their taxes. It is a fact that 98'4 per cent of all American corporations will pay a smaller normal corporation tax under the new law. It 4s a fact that the law permits corporations to expand and build up adequate reserves. But for the’ first time it gives the stockholder a practical chance to determine for himself whether or not to keep his earnings in the corporation for expansion purposes. He is now the one to choose between using his dividends for something else and reinvesting them in the stock of the corporation. What we are concerned with primarily is principle—and the principle of the law is sound. If in its application, imperfections are discovered, they must be corrected for the good of American business. 1 am certain that the average .of our citizenship is not taken in by the amazing amount of other tax misinformation — which has been turned loose in his political campaign, People tell you there are 58 taxes on a loaf of bread, or 63 taxes on a lady's coat. But stop, look and listen. You will find what the propagandist do not tell you—that only two or three of all of them are Federal taxes imposed by the national government. All the rest are imposed by local, town, county, city, district and state governments. Two-thirds of all the taxes paid in America are state and local taxes—not Federal taxes.

POINTS TO BENEFITS

This Administration has had something to do with these local taxes. It has made them easier to bear. At the request of local and state governments for whom the local burden had become too heavy, we assumed the cost of paying in greater part for work for the needy unemployed. And, by a national fiscal policy aimed at reducing interest ratés we have greatly lightened the burden of carrying ldcal government debts—helping those of you who own homes and farms or who pay rent, I want to say a word also to the wage earners who are finding propaganda about the security tax in their pay envelopes. I want to remind them that the security law was designed for them—for the greater safety of their homes and families. The fund necessary to

provide that security is not col-

lected solely from werkers. The employer, too, pays an equal share. And both shares—yours and the employers—are being held for the sole benefit of the workers. I have spoken in Chicago and elsewhere of the simple fact that the overwhelming majority of business men are like the rest of us. Most of us, whether we earn wages, farms or run business are in one sense business men. * All they seek and all we seek is fair play based on the greater good of the

SITE IS SUGGESTED FOR DETENTION HOME

With county commissioners still undecided on a site for the proposed new Juvenile Detention Home and Court, the John H. Holliday Post, 186, American Legion, adopted a resolution last night proposing erection of the home near the Lock-erbie-st residence of James Whitcomb Riley. County Commissioner Dow W. Vorhies today said the commissioners were opposed to any park site in Lockerbie-st for the home. “Although Mr. Riley was interested in children he would not have wished that a detention home be built in Lockerbie-st,” Mr. Vorhies said. The commissioner said his board would decide within the next few days on a site. \

|GREDIT SYSTEM CUTS RENT LOSSES, CLAIM

The credit system recently adopted by the management division of the Indianapolis Real Estate Board has reduced .the amount of legal suits for possession of property, W. 8. Keller, chairman, told members

of the division at their luncheon meeting in the Towne Tavern yesterday. Losses in rent also have been reduced as result of the new credit system, Mr. Keller said. He explained that a five-day notice of suit for possession is legal, and that a 30-day: notice is not required where the date of the expiration of tenancy is| fixed by the rent receipt or contract. The next meeting is to be held Nov. 4, when formation of laws is to be discussed.

PETITION IS GRANTED BY DE PAUW FACULTY

Times Special GREENCASTLE, Ind, Oct. 22.— De Pauw University students today looked forward to a four-day Thanksgiving recess instead of the scheduled one-day vacation. A petition signed by 677 students asking the extended holiday was granted by the faculty. The move was backed by The De Pauw, student newspaper.

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