Indianapolis Times, Indianapolis, Marion County, 7 May 1937 — Page 35
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FRIDAY, MAY 7, 1937
SENATE STUDIES STIFFER TAXES ON WAR PROFITS
Connally Proposal Would Set Normal 10 Per Cent Income Levy.
Times Special WASHINGTON, May T7.—House and Senate Military Affairs Committees nave cleared the way for the addition to their “war profits” bills of sweeping wartime income and corporation tax schedules. According to present plans the legislation will be rewritten to this end in the Senate Finance Committee. : Both” bills, las introduced, provided for a wartime tax of 95 per cent’ of all income above the previous | three-year-average. Opponents pointed out that the du Ponts, for instances, now averaging 36 per cent profit on powder sales to the army, could add 5 per cent to: this in wartime. They argued that firms had an incentive under such a proposal to build up a big war trade in advance of a declaration by this country.
Section Generalized
The House committee finally cut this out and reported the bill with a generalized tax section providing simply that in any year in which the United States is at’ war there shall be in effect a system of taxation absorbing all war profit beyond a fair return to labor, ‘management and capital. The Senate Military Affairs Committee left’ the original tax in its bill but reported it.with a recommendation that the Finance Committee pass on this section before a vote is taken in the Senate. The Finance Committee will have before it two proposed tax schedules. One, by Senators Nye, Clark, Vandenberg and Pope, would take all income from "corporations in time of war in excess of 4.7 per cent return on invested capital. It would cut income tax exemptions to $500 and $1000. assess a normal tax of 6 per cent and start surtaxes at 10 per cent on amounts above $3000. The Government would take practically all income above $10,000 a year. 10 Per Cent Tax Hinted
The second tax schedule, proposed by :Senator Connally (D. Tex.) is less drastic. It allows exemptions of $800 and $1600 But fixes a normal tax of 10 per cent. Sur- | taxes start at '6 per cent on all amounts exceeding $1000 of taxable
income but rise more gradually until the Government would receive | 80 per cent of all income over | $50.000. The House Military Affairs toi)
" mittee has also taken from its bill |
provisions for compulsory military | service which labor feared would be |! found to empower drafting of labor and wage fixing. It has exempted | newspapers and magazines from | licensing by the President. As it stands this bill has little in |
- it but authority to the President to |
exercise extraordinary powers over resources, industrial organizations and exchanges in time of war, to license operators and to fix prices. Draft provisions are still in the Senate bill but the committee has stricken out wording which would | have allowed the President to exercise control of prices and of industry in other emergencies than war.
CHINESE STUDENT
EDITS CAMPUS PAPER
| the general advisory committee of
By United Press SAN JOSE, (al, May 7-— Charles Leong, Watsonville, Cal,, Chinese youth, holds the honor of being the only Chinese editor of a college daily newspaper in the United States. He edited the Spar- | tan Daily at the San Jose | State
PLAN FLORAL DISPLAY
By Unite: Press ° CLEVELAND, May 7.— Horticultural gardens of the 1937 Great Lakes Exposition will contain more than 100,000 plants and are expected to surpass last year's floral dis-
play exposition officials say.
Prize Winners at Artists Exhibition
GRIPPLED CHILDREN ‘PROGRAM PUSHED
Federal Agent As Asks Help of Clubs in State.
Methods of advancing a program of services for crippled children under the Social .Security Act were discussed yesterday at a meeting of
Indiana in the Indianapolis Athletic Club. Dr. Sarah S. Deitrick, Washinglon; D.C. field agent of the Federal Children’s Bureau, emphasized thz
need of enlisting clubs and organ- | izations in services for crippled children under a state-wide plan. Dr. Oliver W. Greer, Indiana director of services for crippled chil-
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'laticn of $5000 in equipment at the James Whitcomb Riley Hospital. He ; urged county | registration of crippled children,
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Among the outstanding pictures now on exhibition in the Indiana Artists Exhibition at John Herron Art Muscum, are Cecil Head's “Indiana Potato Planters” (upper) which won the $150 Art Association preview prize and Henrik Martin oil portrait, “Grumpy” which was awarded the J. I. Holcomb prize of=$100.. Our Town, Page 17.
Mayer's (lower),
unit programs and |
CARD PARTY TOMORROW
The Marion County Association | of Pocahontas is to have a card |
party and dinner tomorrow at the | : Food Craft Shop.
THE INDIANAPOLIS TIMES
PAGE 35
DR. W. L. BRYAN T0 BE HONORED BY SCHOOLMEN
‘Governor Heads Speakers’ List for Club’s Guest Day May 15.
Dr. William Lowe Bryan, retiring president of Indiana University, is is to be honored at the Indiana Schoolmen’s Club guest day May 15 in the Claypool Hotel. Governor Townsend is to head a list of five speakers who are to pay | tribute to the Hoosier educator on the program and those they will
represent are Dr. Edward C. Elliott, Purdue University president, in behalf of Purdue; Dr. James W. Putnam, Butler University president, nonstate colleges; Dr. L. A. Pittenger, Ball State Teachers’ College
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Program to Open at 10 a. m.
The day's program is to open at 10 a. m. with a business session. At 10:15 a. m,, C. A. Ketcham, State Tax Board secretary, is to speak on “New Legislation Pertaining to Budgets and Teachers’ Contracts.” H. B. Allman, Muncie School Su- | perintendent, is to speak on “Deal- | ing With Trends in Curriculum De- |
velopment” at 10:45 a... m. and H. E. Moore, I. U. director of teacher recommendations, “Teacher Selection and Placement.” Paul C. Stetson, Indianapolis Schools Superintendent, is to discuss a program of the National Education -Association’s department of su-
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