Indianapolis Times, Indianapolis, Marion County, 16 December 1937 — Page 11

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THURSDAY, DEC. 16, 1987 Congress Delays Repeal = Of Profits Tax Although Claim to Back It Tentative ; Substitute Measure Salrealy Drafted By

Ss ‘House Subcommittee but Not Introduced; 1 : Business Slump Continues.

Leaders

By MARSHALL M’NEIL Times Special Writer - \ . WASEINGTON, Dec. 16 —With a unanimity that hat ~ “equaled on a public question, American; businessmen, big and little, eco- : nomists and Governmental leaders want the Federal undistributed profits

stax repealed or drastically amended 2.xecession. a

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But, in the face of this remarkable evidence of strong public opinion; 3 Democratic leadership in Congress is still sticking to its position that “nothing must be done about this “tax without a friend” at this session.

‘has seldom been

now to put -the brakes on the

{.. They maintain this position de-o—

spite: the fact that ong means of and taking the sting out

' of the experimental Federal levy on

+. the undivided profits of corporations “has g'

‘seady been tentatively agreed

ne oy & “douse Subcommittee on ays

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and Means which has been studying the problem since Nov. 4. Having been damned up and down the country for using the “bum’s rush” technique in framing the last two or three New Deal tax bills, opponents of immediate action are trying to turn this argument upon those who used it to criticize them and who want a tax relief bill passed

They say, in effect: ‘We have been- eriticized for fushin

g- through |" tax bills. Now those who criticized] ‘§+us want.us.to rush through another|. .

bill—one ‘modifying or repealing the undistributed profits tax. We've had enough of speed. We're going to

take our own timé about working|. out modifications, and about levying

other taxes to take up the slack.” Not Wishful Thinking _ If Congress wanted to heed the demands for action now, it would encounter no opposition from the ite House, for President Roose1t has said that he is for tax revin when Congress is ready. If pub-

ed statements are proof, the try is ready now for Congress

g 8

Most of these statements are no cked out of wishful thinkers’ humbs, but are based on factusl tudies of great and small corporafons. Questionnaires were sent to 600 corporations. Other similar studies, touching undreds of other corporations, re made by the U. 8S. Chamber of mmerce, the National Association Manufacturers and the National dustrial Conference Board. The

Let tn 2

S38

last 360

corporations said the undistributed profits tax was harmfu Opposition to the tax is not confined to corporations that either pay it or disgorge profits as dividends to avoid its penalties. : There is very strong sentiment within the New Deal itself. Jesse H. Jones, financier, who is Reconstruction Finance Corp. chairman, wants the tax amended. He wants

that done now. Failing that, he| wants it done early next year, and |.

made retroactive to this year. He has: publicly criticized the tax sev-

eral times. - = . Marriner S. Eccles, Federal Re-

. serve Board chairman, believes that’ ‘the. business recession might be

i= x

halted by removal of the inequities of the tax. a ICC Also Criticizes + Joseph P. Kennedy, . Maritime Commission chairman, and . how mentioned as U. S. Ambassador to the Court of St. James, has long been critical of the tax and fearful sults. ou. FInterstate Commerce Commission, generally looked upon as the : outstanding regulatory agency of “the Government, has’ criticized the tax and its effect upon the railroe. opposition does not stop there. A United Press poll of the Senate showed that 90 out of the 96 members want the tax repealed or modified. ‘Because the Constitution

says that revenue measures must |

riginate in the House of Representatives, the Senators will have to wait until their colleagues act. The opposition holds, too, the men who must administer the tax laws. Mark Gaye, New Zork on y is ig “The undistributed

profits. tax is uneconomic,” he said. “It pe tices. banks

The ‘ Government requires and insurance companies to puild up reserves but now it penaljzes businesses for doing the same thirig.” He would remove the un-

Henry F. "Long, Massachusetts

oner of Corporations and Gomis) ‘is another in this cate-

of thirift that are ingrained in New

Economists—New Deal and otherwise—form a strong contingent in the ranks of the opposition to the buted profits . former category is David Cushman Coyle; advocate of even more ‘Bov= atal spending, who

for the Investment

over the country. He them harboring a deep labor, as" represented by \ , International ‘Garment Workers’ Union t, has given its qualified apmodification of the tax.

an interview in the World-.,

Dubinsky sajd "be Eo 50 % approve : a

the money free to investment: in , He said, howver, that without such a guarantee, change in the tax law would be

convictions, have caused the Ways

named reported that 358 out of |.

among | - lizes ‘prudent business prac-{

economic features of the tax, and|

gory. He says it violates all the ideas |.

tax. In- the wy

believes | should be amended and has| in his latest book. In the | is - Shelby Cullom: J

resentment

a Canadian University, sees the need for revision. of this tax,” as does” Senator Glass (D. Va.),- the

“unreconstructed rebel” who was} Wilson's : Secretary of: the ‘Treasury. {:

The present. occupant ‘of that powerful post, Henry Morgenthau Jr., has admitted the need for easing the burden of taxation and cutting down Governmental expenditures. - All these opinions, and their. own

and Means Subcommittee to agree

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tentatively on a modification of the undistributed profits tax. But all these opinions have not convinced this subcommittee that it should ask Congress to approve its modification at this sess

ion. They're content to wait until next

session, next year.

‘Meanwhile, business spirals downward. ;

TAX DELINQUENCIES OFF IN CASS COUNTY

; Times Special :

LOGANSPORT, Dec. 16. — Cass

"4 County’s tax delinqilency on the

1937 fall installment is 7.23 per cent, compared to 12 per eent on the 1936 fall installment, it was announced today. In the City pf Logansport, the unpaid portion of the fall installment was: 108 par cent of the total, compared to 1( per cent last year.

CITY LIEDERKRANZ WILL HOLD PARTY

Members of the Indianapolis Liederkranz will hold their annual Christmas party Sajurday evening

in the hall, 1514 E. ‘Washington St.

Children will receive gifts. : Adolph Widmer, president, will bein charge, ‘and friends aré in-

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5 A-PLUS MARKS

BY DAVID HYDE TOP RIPPLE LIST

82 Others on Honor Roll at End of Second Grade Period.

David Hyde today topped 83 Broad Ripple High School honor students with an average of A-plus in five subjects, according to second grading period scholastic records. Others on. the honor roll were: Diek Minnick, Ruth Burrows, Dorothy Steck, Irene Westervelt, Rob-

ert Newby, Nadyne Wann, Laura

Grimme, Jane Brown, Julia Anne McCullough, Georganna Schuck, Marjorie Harlan, Rebecca Irwin, Robert Maxwell, Mary Louise M Clain. : Frances O'Connor, Jeanne Moore, Kathryn Westphal, Virginia Brown, Mary Ann Blessing, Martha Ann Cravens, Phyllis Hyde, Phyllis King, Betty Lou Harlan, Donald Baker,

THE INDIANAPOLIS

PAGE 11

Kenneth Harvey, Jack George, Delores Adams, Gladys Anoskey, Marjon Blakeslee, Jack Spencer, Rosemary Haine. x, Virginia Reese, Arthur Gemmer, Armand Mauk, William Chisler, Joseph Dawson, Betty Jane King, Martha Scott, Jeanne Smith, Mary Margaret Smith, Virginia Hartman, Patricia George, Doris Haupt, Mary Ann Deupree, Betty Parkhurst, Jean Alice Smith, Robert E. Allen, Marion Chapman. Louise Clark, Jeanne Gass, Thomas Herrin, Betty Jeanne Elliot, Pollyanna Thomas, Howard Davis, Jean McGee, Louis Thomas, Donald Herther, Kathleen McClintic, Betty Reeve, Kathleen Burrows, Catherine Christ, Mable Hunter, Mary Frost, Helen Stewart, Richard Templeton. Helen Bowen, Eva Jean Palmer, Jane Stettler, William ‘Hacker, June Hartzell, Virginia Millis, Thomas Smith, Rose Mary Stevens, Betty Applegate, Ada Boechler, Donald Christena, Mary Evelyn Davis, Mar-

| garet Gates; Richard Lochry, Fred

Miller, Charles W. Robertson and Betty Jane Sweetman.

Eight Manual Students

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Eight Manual Training High School students received A-plus-av-erages for the second grading period. They are William Leukhardt, Merle McKinley, Betty Hall, Dorothy Egger, Wilma Wellman, Ida

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1 Caito, Frances Searcy and Florence Sacks. : : Honor students follow: Mildred Reimer, Annette Thornberry, Eleanor Kinney, Mary Sprenger, Ruth Fleck, Betty Reed, Marie Sassower, Dorothy Bannon, Bernice Berger, Hazel Hardcastle, Mildred Hull, Evelyn Skillman, Charlotte Craig, Virginia Lindemann, Elnora Shirley, Mildred Alice Boyl, Jean Hoeferkamp, Edith Morgan and Bessie Rosenberg. Walter Rafert, Joe Shupinsky, McCarty, Alfred Hubert, Edward O’'Nan, James Maschmeyer, Robert Rooker, Lawrence Daum, Pete Holeves,, Frank Wolf, Glen Smith Jr, Russel Burtis, Robert Davis, Paul Moehlman, Guy Scott, Harold Arnold, Boyd Collins, William Kniptash, John Raikos, Harold Overton, James Noble, Edgar Siegel, Ralph Sisson and Denzil Young. Junior High School honor students are: Robert. Bauer, Betty Summers, Ione Colligan, Janet Conrad, Clarice Sponsel, ‘Laverne Morical, Lindabelle: Brodkett, Marilyn Sampson, Irene ‘Kuntz, John Rieter, Robert Crossen, Pete Pappas, Carl Campbell, James D. Small, und Riedweg, Lawrence Treagesser, Paul Brandt, Richard Etherington and Charles Hamer.

0. E. S. PARTY SCHEDULED

A Christmas party is to be hekl "at 6:30 o'clock tonight at 42d St. and College Ave. for 1937 matrons

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MOUNTIES WILL BE PUPILS OF G-MEN

WASHINGTON, Dec. 16 (U. P.) — The famous Royal Canadian Mounted Police are going to take lessons from the Federal Bureau of Investigation in running down criminals. When the ¥BI national police

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academy begins its seventh session Jan. 10, a representative of the Mounties will be in the: class, Director J. Edgar Hoover announced today. Scotland Yard, England's famous agency, also will send an officer to one of the 1938 sessions of the acad« emy, Mr. Hoover announced.

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