Indianapolis Times, Indianapolis, Marion County, 5 January 1940 — Page 17

FRIDAY, JAN, 5, 1940

TAX STUDY BY SPEC

$15,000 Fire Sweeps Ware

DuGHTON AND > HARRIS JOIN ~T0 BACK PLAN

Mississippi Songlol Sug-|

gests Levies on Higher Income Brackets Be Cut.

En ty

WASHINGTON, Jan, § (U. P.)—| | Support for a “Congressional budget.

committee” examination of President Roosevelt's emergency taxation and other fiscal plans came today from Chairman Robert L.Doughton of the House Ways and Means Committee after a: White House conference, Chairman Pat Harrison of the Senate Finance Committee suggested certain of the committee and will introduce a resolution to

that end. Senator Harrison also|}§

suggested that high bracket income surtaxes should be reduced for the purposes of increasing revenue,

encouraging capital and reducing !

unemployment. Mr. Harrison was confident today

that his joint committee plan for|§

examination of Administration revenue, spending and tax plans would be accepted by the Senate and House despite coolness with which some House members greeted it.

Tax Question Postponed

Emerging from the White House, Mr. Doughton refused to comment ‘on Mr. Roosevelt’s budget message request for $460,000,000 in new taxes for emiergency national defense. The whole tax question will be| postponed in the House until the Ways and Means Committee can dispose of the question whether the State Department’s authority to negotiate reciprocal trade agreements shall be extended beyond the June expiration date. “We expect to take up the reciprocal trade act as fast as we can, per- | haps next week, and taxes will come later,” Mr. Doughton said.

Urges Report in 60 Days j

| Mr. Harrison suggested that. the | Joint committee be set up and in- | structed to report to Congress withing 60 days and that, meantime, no revenue or tax bills should be considered. - Mr. :Doughton said’ he thought the 60-day period was more | than ample. | Mr. Harrison said he felt that | the President was “pretty opti- | mistic” if he thought Congress

' . | would remain within the budget ‘| limit of appropriations proposed to

| the House and Senate yesterday. The Senator's tax move would | clip 15 per cent from surtax levies ' | on individual : income, holding the ‘ | maximum rate at 60 per cent=instead of the current 75. The 60 per cent surtax now begins at $200,000 and is in effect until it is stepped up to 62 per cent on $250,000 incomes: ‘The rate is graduated upward to 75 per cent on $5, 000 000 income and gs | Odds Against Hike

| Mr. Roosevelt's 1941 budget to collect $6,150,000,000 in tax revenue, including old-age pension taxes and © |spend $8,424,000,000 .got a mixed reception in Congress. But most comment was wholly general with the detailed ‘oppesition and support still to develop. His request for $460,000, 000 in election year taxes chilled Congressional blood and the early winter book quotations are against so much of a hike, if any. Senate Minority Leader Charles] L. McNary (R. Ore.) said that he thought “normal activities of the . \Government should not be crippled to provide funds for an unnecessary defense program.” .. “I'd say that super-appropriations for national defense should await the result of experimentation in wars now being waged,” he said. Apparently in the minds of all hands was that the President had Congress at a disadvantage Jbecause the legislators either must go along with his major tax and appropriation plan or accept responsibility for » pushing the national debt over the $45,000,000,000 limit ahead of schedule—and the schedule definitely provides that it shall not go over until after the Presidential elections, ! if it must go over at all.

Shy From Specific Plans

| Representatives and Senators ghied away from specific tax plans and apparently from the idea that there should be new levies at all this year. Senator William H. King (D. Utah), and Senator Walter PF. “George (D. Ga.), spokesman of the conservative Democratic bloc, pre“dicted a 1941 fiscal year deficit of $3,000,000,000 or more, far. exceeding the figure for which Mr. Roosevelt plage Both Mr. George and Mr. Harrison felt that raising the debt limit ould be proper under certain 2 NO Ear and if it were raised, all thought of tax increases would go out the window.

"| U.S. TROOPS TO MANEUVER

Xs

The greatest mass maneuvers in peace-time history, involving virually all of the 462,000 regular * Army and National Guard troops, will be held next summer, the War Department said today.

WASHINGTON, Jan. 5 (U. P.).—|

fire. pourad on the building.

ok is the fifth of a series sof articles explaining important changes in the Social Security Act which went into effect Jan. 1): |

By GILBERT LOVE

Times Special Writer The small deduction which is regularly taken out of your pay for Social- Security purposes well may be the most important investment you are making, so you will want to make sure that it is being properly credited to your account. Suppose you, retire at- 65 after having paid into the social\security

fund for 20 years on an average salary of $150 a month. If you have a wife who also is 65, you will receive about $54 a month from the Government. Statistics show that the average man who reaches 65 can expect to live 12 more years; the average woman 15 years. So, you and your wife could expect to draw about $7776 from the fund. Your wife, who would get a pension of $27 a month after your death, could expect to receive $972 more. That's a total of $8748. And you would have paid less than $800 into the fund, assuming that you started paying in 1937. Suppose you are a younger worker and die after paying into the fund for 10 years on a $150-a-month salary, leaving a wife and 3-year-old son. They could get $41.25 a month until the child was 18, which would total $7425. When your wife reached 65 she could start drawing a widow's pension of $24.75 a month. If she lived for 15 years her widow’s benefits would amount to $4455. The grand total of these. insurance benefits would be $11,880. Not a bad return on the $243 you would have paid into the fund—assuming again that your period of contributions started in 1937 (the contribution rate increases in 1943, 1946 and 1949). ‘What must you do to make sure that you or your family will get these benefits? Not very much. If you are employed in a business or industry subject to the social se-

tions are covered with the exception of Governmental employment, agriculture, domestic service, self-em-ployment, family employment, certain odd jobs and railroad work, the latter being under the Railroad Retirement Act), you must make sure that you have a Social Security card, and that your employer has your social security number. The employer will make the deductions from your salary, add a like amount from his own funds, and send the contributions to the Social Security offices. All you. have to do is give your

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shouse Here

~==

es Photo.

A heavy Lanting» of ice sheathed the: J: Solotke n & Co. warehouse. 410 w, North St. olny after seven companies of [firemen battled for more than four hours in sub-zero weather io quench an early morning The firemen were handicapped by dense smoke and heavy steel doors and water that froze as it was

All Workers Should Check fo See if Wage Security Deductions Are Right

tire during 1940. In any event, a orker must always. have six or jrore quarters of coverage. 0.get a monthly retirement inboa 8 worker must be 65 or more, and must stop work in employment covered by the Social Security Act. Monthly incomes to survivors go rig to widows with children under 18 (16 if they are out of school); to widows over 65, and to parents over 65 who are dependent upon the deceased worker at the time of his death. In other cases lumpsum settlements of the worker’s account will be made to his estate. Both the pensions and the death benefits are based on the size of the workers’ average monthly income and the length of time he has been in the social security system. In general, the average income is determined by dividing the number of months since Jan. 1, 1937, into the total amount of money that the worker has earned in covered employmen{ from that date to the fime of his retirement or death. To determine the size of the pension take 40 per cent .of the first $50 of average monthly income and 10 per cent of the next $200. Add up these two figures and add 1 per cent of year in covered employment. That will be the pension for the worker himself. If he has a wife who also is 65, or when she becomes 65, the pension will be. increased by one-half of the Worker’ Ss own benefit.

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. THE INDIANAPOLIS :

TAL COMMITTEE PROPOSED IU. S. SENTRY IN

| agreement reached between Wang

the total for each

TIMES

CHINA ACCUSED

Wounded Japanese Soldier, News Agency Says; Puppet Regime Reported.

SHANGHAI, Jan®5 (U. P)—A Domei (Japanese) news agency dis=patch from Peiping said today that an-American sentry was alleged to have wounded a Japanese soldier seriously. No details were given. It was assumed that the sentry said to be involved was a Marine Guard in the Embassy quarter.

TOKYO, Jan: 5 (U. P.).—Highranking Army officers at a conference with Gen. Shunroku Hata. War Minister,. .reached complete agreeent today on the formation cof a Jananese - dominated “National” Government for China, the War Office announced. Discussion centered in a reported

Ching-Weli, former Chinese Premier who is to head the regime, and Japanese officials in China. The decision of the Army men will be sent soon to the Imperial China Affairs Board here. Shanghai reported that well-in-formed Chinese understood that a

under Wang, probably about Jan. 15. . Wang’s regime would purport to represent the real interests of China and of the Chinese people, as part of Japan’s effort to undermine the authority and _, influence of the Chinese Govepfiment. Shanghai 4dvised that in Jap-anese-controlled areas surrounding the city these posters appeared today. “Drive out the white man! Down

regime would be established “soon |.

from Italy over the excited protest

Indianapolis.

negotiations for the exhibit. When he first started, the Italjan Government had had its ears pinned so securely back by the art .people of the country that it had ruled tentatively the pictures were to be returned immediately after the Golden Gate Exposition closed. So matters stood when the European war broke out. Then the Italian art museum people reversed their view and insisted that no attempt should be made to transport ‘the pictures back to Italy while shipping was Snaangered.

SINCE THE GOLDEN Gate celebration had closed, the four or five top Italian executives in this country with the show had their| choice of either exhibiting them in| other cities or boxing them up and

If We RT Here, Old-Masters Might Be Shown

As It Is, You'll Have to Go to Chicago to See Famed Canvases,

THIS 18 THE STORY of why the exhibit of Italian masters, taken there.and exhibited at the San Francisco Exhibition, did not come to

Indianapolis, in the person of Wilbur Peat, director of the Herron Art Museum, was the first museum director in the country to start

waiting. They decided on one exhibit—in Chicago. This decision: was forced by the large number of Italian people in Chicago as against the number in any other midwestern city and was pretty sound. . After the pictures were put up at Chicago, Mr. Peat went there and had another conference. He asked them to send the pictures to Indianapolis, and they said the cost

and getting them away would be about $10,000.

with American and British imperialism!” :

#2 8 AND IN ADDITION to that, the

of getting them here, showing them, |

Officials Decide.

of the museum people and artists

Italians claimed, there was a relatively small population of Italians in Indianapolis, and most of the Indianapolis people who really wanted to see the pictures drove up to Chicago to see them. It would be an anti-climax, they sald. 2 x = THEY ARE INSURED, to be sure, for maybe as much as $25,000,000 or more. But, the Italians ask, if they should be sunk to the bottom of the sea, or burned or torn in a train wreck or by some other unpredictable accident, what would ey buy with the money?

Not a new Michaelangelo, surely.

— PAGE 17 PRISON ADDS MOVIES . FOLSOM PRISON, Cal, Jan. 8 (U..P.).—Complete movie and sound equipment have been installed in the penitentiary here for the double purpose of pleasure and punishment, Any prisoner violating rules of the prison will be deprived of his “movie rights.”

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