Indianapolis Times, Indianapolis, Marion County, 22 December 1942 — Page 17
TAINS TAXES HEAVIER?|
oF Retually Both British and i . Americans Pay 30% of
Income.
By RALPH HENDERSHOT Se paneial Editor, New York World-. 3 Telegram ;
Indianapols Bus
RISE CONTINUES]
| 25. Cent Advance Pushes Top to $14.90 Here; 8000 Received.’
at the Indianapolis stockyards to-| day with weights from 160 pounds
! Week Before. A Year Ago Bank Debits ceissioassesnansonseas. $93,628,000 $76,232,000 $88,972,000 - Postoffide Receipts csnesasssssesais $197,626 $144,045 $152,325 Building Permits ......ccvesieeress $64273 | $81,360 $136,950 ~ Houses $49,000 © 853,100 © S107, Apartments ...isicscieeccuss SOTO sy 0 Business .....ee.eessisdereasse 0 $1000 sa000 Public .. : 0 0; ° Repairs & Alterations ......... $15,850
cersessasesseniensnesnas
: nome
r $16.30
seesebesecencsoscnsiense
$4,523 $5,760
lb a YE ANT a
£
' 4
. NEW YORK, Dec. 22.—Do Britons have a heavier tax burden than , Americans? The answer is no. So much loose talk has been indulged in during the past year by “political leaders and others, including Secretary Morgenthau and Mrs. Roosevelt, that the World-Telegram undertook to-get at the facts. Total taxes to be collected in 1943 from people in the United States will approximate $317 per capita, ac+ cording to leading authorities. This includes income ‘taxes, both national and state, and all other taxes, hid"den or otherwise. . Total taxes to be coll from the people of Great Britain, using the same basis of computation, will amount. to approximately $184 per capita. “Income taxes alone will be somewhat higher in Britain in many instances, but that country depends to a much larger extent on such taxes than we do here. Ninety per cent of its total revenues will come from income taxes, as compared . with but 72 per cent in the United
States.
It should be explained that it is impossible to make an entirely satisfactory comparison of their taxes and ours. This applies even in the case of income taxes. Their methods of _application are different. Buying Power Differs Then, too, the purchasing power of the British c ney is different, even: when pounds‘/are reduced to at the current rate of exchange of $4.03 to the pound. The National City bank estimates that the pound has a purchasing power equal to from $6 to $8. “This means that the incomes of the British, after the payment of taxes, have & higher purchasing power than «comparable incomes here, based on the $4 pound. ° : The over-all tax policy of the British allows for greater incentive to achieve financial success, too. For instance, it places no ceilings over earnings; it applies to cap-
- {tal-gains taxes, and no normal in-
come taxes on’ income from investments. ' Moreover, an individual is allowed an income of 2000 pounds or from $12,000 to $16,000 in purchasing power from dividends before paying any surtaxes. In other words, he is encouraged to own eorporate securities and to risk his capital in the purchase and sale of such securities. Through our taxation methods we discourage . these things. ; Hidden Tax Higher
The fii Bg may be helpful in el that situation.
Let us.assume that a man in the United States had a $200,000 income for 1942, made up of a salary .of $75,000, an income froin investments of $60,000, and .a long-term net capital appreciation of $65,000. If he is married and has two children and no other deductions are allowed, his federal income tax would be $116,144. A man similarly situated in gland would pay
$75,330. The American would re-
ceive a postwar credit of $1200 and the Britisher $260.
. But if this American happened to} be a New Yorker he also would have
a state income tax of $10,312. Forgetting for the moment the fact chat his other taxes, including real estate, if he owned any, and hidden taxes would be higher than those of *his cousin across the Atlantic, he would have remaining from his income at the end of the year $73,543,
"as compared with $125,670 forthe * Britisher. Moreover, the latter's real
net income, expressed in purchasing power, would be equal to $187,005 plus. . Investments Aid British But, let us suppose the incomes = for both men were derived from salaries alone. In that case the * Britisher would pay an income tax
of $181,360, with a postwar credit “of $260, whereas the American _ would pay taxes of all kinds of
$175,000. The purchasing power’ of the Britisher’s income after taxes, - even then, would be larger than that .of the American. ‘While the wealthy man ‘in Great © Britain, particularly the man with ~large ‘investments, gets off rather} easy compared with the American, “the people in the lower income _ groups are not so fortunate.
An over-all picture shows. that " the American public and the British}
public both will pay approximately
Applied for Jobs .....:i..ceiessene Received JODS ......c..cnvesnsssnse Filed Unemployment Claims .......
Freight Carloadings:
: FAOMEDOUNA ov. itesecassssnnssnse Electricity Output (kwh) seo VOONISRS
Streetcar Passengers (Dec. 12) ..... Telephones In Use (Dec. 17) .coesee Livestock Receipts (head) .ccoeeees Cattle ...coc0atoecnsecssssoncss Calves HOES .ccosescosssssssssessscsse Sheep ......coinsicecsscsoscons Grain Receipts (bushels) ...ceccecs Corn Wheat
Oats $00csncsopsescncessssceccste
$9090 0seencesvnessscens
Rye sevesssarespetienienersants
Soybeans eeSsssessesssnssnsense
apolis Power & Light Co.
FUEL OIL SITUATION
WASHINGTON, Dec. 22 (U. P.). —Plans for a congressional investigation of the confusion surrounding rationing of fuel oil were disclosed today by Senator Francis T. Maloney (D. Conn.). ‘The investigation will be conducted by a special senate committee, headed by Senator Maloney, which refereed the battle between Oil Administrator Harold L. Ickes and Price Chief Leon Henderson last year on the matter of available oil stocks for the east coast. Senator Maloney said the committee’s purpose would: be to aid Ickes, the OPA and others responsible for the rationing’ program in checking against undue suffering. He said the investigation was prompted by reports of inadequate oil supplies including a warning from Dr. Bruce H. Douglas, Detroit health commissioner, that Detroit is threatened with a pneumonia epidemic unless there is, some relief. The Douglas report was read into the senate records by Senator Arthur H. Vandenberg (R. Mich.). Senator Maloney said he received telegraphic assurance. from Douglas later that there had been some improvement and that he had forwarded that advice to the OPA. “That same feeling may prevail in other parts of the country which
have comparable weather conditions|]
and we are asking public officials and all others associated with the oil situation to communicate the facts. to the committee,” ‘Senator
‘Maloney said.
SAVINGS THIS YEAR
WASHINGTON, Dec. 22 (U, P). savings in 1942 in spite of higher taxes and unprecedented consumer buying, the department of commerce said today.
individual sayings will reach $26,1940. In the September quarter of 1042 American individuals were estimated
twice the amount put aside in the
corresponding three months of 1941. | ny Ter.
The sharp rise in savings, which
surance and reduction of short-term indebtedness, was attributed by the department to. the sharp increase in
tion and ries ceilings.
U. S. Wants Cows:
WASHINGTON, Dec. 22 (U. P.). .«~The department of agriculture would like to see Elsie the cow on a three-shift day. = The department has: officially - recommended or they milk. their _ morning, . noon and night i of adhering to the present pio Bier routine as a major step in meeting increased wartime demands for milk. Anticipating an \ncrease of
H{ 2.000000 pounds in 1343 produc--
Inbound cessssrssstassenresies
18,921,000 18,725,000 Water Pumpage (gallons) .........281,950,000 280,060,000
9050009000000 00000000000
1,551 664
158 132
4214 2481
4,386 25% 115,934,000 257,640,000 1,562,744 +504 71,537 7,051 2,863 52,096 9,521 614,000 485,000 i 21,000 66,000 1,000
42711 2,552
2,257,449 +145 83,324 7.835 2,800 57,392 15,207 664,000 354,000 111,000 129,000 110,000 16,000 0 ~. 0 111,000 165,000
2,379,723 4569 «o 79,764 6,439 2,391 : 54,369 14,565 825,000 493,000
PROBE PLANNED IN [Rents af Level
Of Pearl Harbor
WASHINGTON, Dec.22 (U.P). —The office of price administra~ tion reported today that rent regulations have decreased rents paid by wage earners to the average level of Dee. 7, 19041—a marked reduction from" the peak period last spring. The survey covered the four months after June 1, 1942, when the first rent ceiling were imposed, and took into consideration rents paid in 34 large cities. The OPA index gave the rent level of September, 1939, a value of 100, and the report noted these
examples of control: Mobile, Ala.—Rents rose to 126 in March, 1942, and were lowered to 110.6 by October. Seattle, Wash.—115 in April; lowered to 102.8. Norfolk, Va.—117.5 in: March; lowered to 106.9. Birmingham, Ala. — 1177 in April; lowered to 108.2.
N. Y. Stocks
Complete New York stock quotations are carried daily in the final edition of The Times.
MORE: THAN DOUBLE Be
Net h Low Last Change 142 . 142 27 27
Se - 12% 73% 174% 174% 8. 6%
&
RR &
103% 10% 5% 125% 125% 42% 42%
3% 3% Ban i 19
3% 33%
+11:
Americans more than doubled their|;
The department estimated 1942]S°%
000,000,000, compared’ with $12,900,- | Do 000,000 in 1941 and $7,400,000,000 in| East Kodak
to have saved $7,000,000,000, or|}udson
include purchases of series’ E war| grog bonds, investment in private in-|L-O-F
income, plus such factors holding|Nat Dairy down expenditures as enforced cur=|N tailment of durable goods produc- Ohio o
On 3-Shift Day B= Rab
farmers that | swirt
54%, 22% 27% 9
Fl: +0 +:
HEL]
H+:
PELE
10% 161% 161% 11% 11%
: Ls Seg SRE ms waEar wr mere mre w Esser ser 8 2s se es
24 25 22% 23 4% 49%, 49 : an 27% 0% 10% 4% 4%
s+ H+ |
. . . oo
3 13% 14
$1,018,230 $962,906 55664 = 63,865
up selling 25 cents higher than yes-
702
41,000 >
Sources of above figures: Indianapolis Clearing House association, Indianapolis postoffice, city building commissioner, Indianapolis office of the U.. 8. Employment service, Pennsyvania railroad, New York Central railroad, Baltimore & Ohio, Illinois. Central, Chicago, Indianapolis. & Louisville (Monon); New York, Chicago & Water Co., Indiasiapolis Railways, Bell Telephone Co., Agriculture marketing service, Indianapolis Board of Trade, Indian-
133,654 31,820 ° 17,088 16,087
-— 45 - 5.6 + 122 + 58 + 33.1 + 9.4 + 44 + 23.6 + 28 +.33 + 98 -— 34 — 10 + 852 - 8.8 + 179 -— 28.8
213,484 203,816 135,336 127,765 718,295,000 805,841,000 13,043,540,000 13,799,310,000 67513257 89,842,133 110,740 121,195 2,983,795 3,116,346 268,795 © 332,228 145,602 149,111 | 2,195,964 2,268,125 336,954 $70,072 34,331,000 33,150,000 23,370,000 23,134,000 4,335,000 8,012,000 5,264,000 4,800,000 280,000 330,000 1217,000 867,000
& St. Lotis (Nickel Plate); Indianspolis
TRANSCONTINENTAL PHONE LINE FINISHED
NEW YORK, Dec. 22 (U. P)—|¥ The ‘American Telephone & Telegraph Co. began aperation today of its first transconfinental underground cable line, construction of which was started more than two
years ago because of the possibility | Good~
of war with/Japan and the vulnerability of overhead wires to bombing raids and sdbotage. Walter S. Gifford, president of the AT. & T, in testing the line last night through a conversation with
N. R. Powley, president of the Pa-|Mediu
cific Telephone &: Telegraph Co.,|Ca revealed that decision to construct the New York to San Francisco underground cable was made in 1939 because of the possibility of ‘war with Japan. The new cable makes it possiblé for the first time to telephone from coast to coast over all-cable facilities. The line runs underground for 1600 miles from Omaha, ‘Neb., to Sacramento, Cal, connecting at those points with the existing cable networks of the East and Pacific coast.
Gifford pointed out that this line| Good—
supplements four other trans-con-
tinental lines which cross the west- | Medium
ern part of the United States at four different routes. On each of the other lines, however, the open
phone cross-wires, whereas the underground’ construction of the new line provides protection against wind, sleet and ice formations, adding greatly to the dependability of transcontinental telephone service.
GRAIN: PRICES RISE ON BOARD OF TRADE
CHICAGO, Dec. 22 (U. P.).—|Me Grain futures maintained a firm undertone on the Board of Trade today. Wheat was up % to % cent a bushel, corn up % to %, oats unchanged to up %, and rye up % to off %. .Soybeans were inactive.|p Grain futures markets strengthened slightly due to reports from Washington that ceilings on some" agri-| cultural products are likely to. be raised. ‘Traders felt this would take
the place of the 2 Proposed Subsidy to al
plan.
Forging Rachid
BIRMINGHAM, Ala. Dec. 22 (U. PJ). — The Tennessee Coal, Iron and. Railroad Co.’s shell forging plants have turned out their one millionth shell forging for both 155 M and 75 MM shells. U.S. army ordnance department inspectors were presented with the millionth forging for both types of. shells on an inspec-’ tion trip through the plants yes-
On Aug. 1, 1941, the plant pro‘ducing forgings for 756 MM shells turned out its first forging and the first 155 MM forging was produced Nov. 20, 1941. Tennessee Coal, Iron and Rail“road Co. is 3 subsidiary ‘of she U. S. Steel Corp.
RUG, CARPET MILLS
terday,. the administration
edium— ‘ 160- 220 pounds
Good to choice— 0- 300
Good— - 400- 450 pounds ss.eeecccsess
1100-1300 1300-1500
1100-1300 pounds ..... 13101900 pounds .
1100-1300 pounds . Comm
Choice—
Good and choice’ .. Common and ch
Medium
oo igh er, paid 35; a RB . and choice fed steers and yearli
tive than grade seady,
S10016.005 "pulk. a shade h
top, sheep top ativer lambs tainly,
Dishes! 530d and 5 el 50; deck Strictly an. C! lipped mbs th No.
dertone strong on mon 98-1b. Montana ewes, $6.50.
WAYNE, Deo (U. P.). 25 cents higher; 166-200 1bs., nos 15; fo; ye he Siels: 130-140 1bs., - $13. 90; 100-130
$0.50" $7 down,
agricultural marketing tion reported. The top was $14.90 for Sood to
choice 160 to 200-pounders. Receipts included 8000 hogs, 2000 cattle, 400 calves and 900 sheep.
HOGS (8000)
[email protected] Packing Sows
[email protected] .26@ 14.40
CN SUS
Lamb A»
This new chart from the offic:
population and the armed forces.
o wa ptomation shows Sow mest A be sppetioned smn te ln
NOW UNLIKELY,
ts 1420014 14.15 14.10
14.30
450- 500 pounds 14.25
AITLE (2000) Slaughter Cattle & Calves Steers
oice.
700- 900 900-1100
i Rois: 2 [email protected]
«vo [email protected] [email protected] . [email protected] [email protected]
[email protected] . [email protected]
Good— Coo 900 pounds ... 900-1100 brn
edium— 700-1100 pounds ...seseeveses on— 700-1100 pounds
Chol
[email protected] [email protected]
«os [email protected] « [email protected]
( 600- 800 pounds -800-1000 pounds ...
600- 800 pounds 800-1000 pounds ..
Medinm—
500- 900 pounds : . [email protected]
tsensoste,
Common — 500- 900 pounds
Cows (all weights) [email protected] . [email protected] [email protected] 1 6.50@ 7.75 Bulls (all weights) (Yearlings Excluded) Beef
Sood seve poosas scesensess.. [email protected]
es
CALVES (400)
Vealera (all weights)
Good and choice 2 Common and medium ....... [email protected] Cull (75 lbs. up) [email protected]
Feeder & Stocker Cattle & Calves Steers
cesecesases + J 2813.13 [email protected]
esessssssess 13.
500- 800 pounds 800-1050 pounds e000 00b00R [email protected] e000 edoneee [email protected] $38888eedees [email protected]
500- 800 pounds 800-1050 pounds
500-1000 pounds
Comm
500- 900 3 pounds Calves (steers)
Good and Choi tires are carried overhead on tele- 1200 an oy
[email protected] [email protected]
Ca! Good and Chojce—
500 pounds down ... [email protected]
Medium 500 poun ds down
SHEEP AND LAMBS (900)
Ewes (shorn) esssessanes 7.000 8.00 0ICe ..cie0e0ee 5.50@ 7.00
Lambs 00@1 390
. 14,00 s6setnsen 12.50
CRICAGO Li LIVESTOCK
s—Receipts, 20,000; ‘early trade mod-
14.25 13.75
Bi y active; 15 cents to mostly 25 cents higher; later trade slow, mostly 15 cents higher; good Bo @14.75; a few Jonas [email protected]; top, Faas 3s so ‘oe, "fia:
ood and choice 190-300 lbs., $14.65
good and choice
9000;. calves, 1200; goo. 8 Weak 5 cents Joyest considerably -
Cattle—Rece ipts,
common and m “fairy active ~ Sid down; $16.90; several loads
igher; bulk $1
t! Er $11.50G 15: 11s
with Tt: unde g Tad Pub Serv 6% M ] il | I onth Shel I Slade, ves ters frm Jo, 25, cents Digher; PF a + 850
active on 2 jusdium to good grades Sheep— 7000; late Monday, fat lambs psi
$15.65 on 85-1b. 25 cents lower; 4 $8.25; today’s trade, - active, strong to 25 choice ~wooled lambs, good wi choice
loa
25; few Leann s, $14.25 Downs eep; early sale on
‘OTHER LIVESTOCK
FT. U. —H
$14.65; 240-300 1bs., $14.55; 150-160 1bs.,
hs, $13.75; ae $12; male hogs,
own; calves, $ lambs, $15; ewes,
SN CINVATL, Dec.- 22 (U. P.).—Hogs— ;- weight over 160 1bs., 30 cents hig er;
anion weights generally 25 cents hi Sows strong to 25 cents higher; Tuesd
: S30 for good and choice 160-300 Be 1bs., $14.80; 0-160 lbs. ho 25:
*" SIMPLIFY LINES|S: sus
NEW YORK, Dec." 22 @. P)—
2 edi ws, $8.50 canners and cutters, $609; ive
down; veale:
AR ( choice kinds, $16.50; -grades, $15 do
Snough on {to test values; quotable $15 =| lambs, $5 down on fat slaughter ewes. Sst eee pia snes
LOCAL PRODUCE
Receipts, 15 cents higher; choice 20 kinds very’ active
good choice fed|S Tie westerns and ave lambs, ba 25@15. .50; Union ol Oo
* Food Administration Favors’
Higher Price Ceilings Instead.
WASHINGTON, Dec. 22 (U. PJ). —Food administration officials appeared about ready today to disfavor of higher food price ceilings. ‘A strong move to drop su as a means of keeping dow: costs followed closely the re: tion. of Price Administrator leon Henderson; their chief supporter, Ceiling prices on wholesalers and retailers could be raised to permit higher prices to farmers whose products are not directly controlled by OPA éeilings. Senator James M. Mead .(D. N. Y.), a strong aciministration supporter, has predicted that the government will act Seon fo
sidies food igna=
ation” both by lowering costs to the farmer and by increasing some farm prices. Many Oppose Subsidies
- Farm organization leaders and many congressmen are opposed to the subsidies. The agriculture de=-
were doomed to failure. Eco aomig Stabilization Director James F. Byrnes, who was said to have supported Mr, Henderson's views, now is expected to reconsider subsidies and possibly order their abanconment. Some subsidies, such as those to keep down food costs and to help small meat packers stay in business, are expected to be continued. Farm aid, such as loans, purchase programs and soil conservation payments, would not be affected.
The agriculture departmeri has ordered only two food subsidics—on cheese nationally. and on milk in the New York and the DuluthSuperior milk sheds. The milk subsidies have proved expensive and difficult to administer The New York subsidy costs the joc gel treasury approximately $900,000 month; the cheese subsidy OT
Good and a cps sssnes i 35015.60 $2,500,000 2 month. \ |
LOCAL ISSUES
Nominal quotations furnished by local uit of of National Association or 5: Secu rifles
Deale ents ‘Fin Co HA i sei on Cap BiE
dessesees
2 BY : ' RR Stk yds 6% pid. ws . bs-Merrill ci 3 ve 30 99 .
“Be
Tsai; ‘heifers firm | Indp [email protected]; short Ind
Saatiory Soin
Bin Serv Lat oad sa) pfd.. ese 92 Pub Bory of Ind com.....ov0e d GEE 48 ea 84 Iy Br Bros spr PIC .ccecsveces 13
bok ®ee0opettne
4%s 42-51.. Bldg Co 4%es 5i.. el 4%s 61 .... 3
U. S. STATEMENT a CLreasts cod ‘Tucapts ox me Dec. 19: com-
Last Year EH 850.38 $10,633,717, 270.93 076,597.41 3/95 7,321.48 8605.350,609.45 3 926.44 3,60250:,048.83 k. “8, 1,763.90 2,845, oo 1304. Pub, Db. 107.530,761.902.98 63,611,63).,602.99 Ciold Res. 22.744,456,487. a 22,747,921,333.03
INDIANAPOLIS CLEARING HO USE
oy. UNITED PRESS’ Le Roi Co. year ended Spt. 30
Tet profit $495,203 or $4.13 a share vs. $205,967 or $1.72 in the nine}
months ended Sept. 30 last year.
- Transcontinental & Western alr, : ~ {Ine,, nine months ended Sept 30|b | Tet profit $15,31,665 vs, net |
PSC ‘ASKS DISMISSAL | OF STATE GAS CASE
WASHINGTON, Dec. 22 (U. P) -—The federal power commission today ended proceedings on rate agreement ‘among the Panhandle Eastern Pipe Line Co., Michigan Gas Transmission Corp. and North=
ern Sndiane Public Servite Oo. The public service commission ol Indiana filed a motion to dismiss |the case, which it said would adversely affect rates to natural gas consumers in Ft. Wayne, Buffton, Huntington, Decatur, Columbia City, Preble, Ossian and South Whitlef Ind.
RR A FR TP OF SP Fk JR 15 ;
|
Open Tonight and Every Night Until 9 O'Clock 'Til Christmas
*
OUTDOOR
CLOTHES
3 mg
% i ¥
i i
i 2
3 % 8 4 ¥ i
4%
= Look at the style of . Melton jacket. Then see i... fine tailoring and expensiv : details. Feel its weight . . .’ full 33 ounces . . . and re alize every thread is pu: ‘wool*. For all this valu the price seems .unbelievable; does it not? Cut comfortably roomy. Handy slide-fastener front. Large - double convertible collar. Blue. . 25% inches long. Sizes 34 to 44.
*Re-processed.
*
1 F 1 it |
Sporty aviation jacket of wateg - repellent, Zelantreated poplin. Toast-warm, because the body is lined with genuine South Ameriwith cotton suede cloth. Sports back. Zip front and pocket. Epaulets on shoulder. Olive green. Sizes 34 to 44,
MEN'S’ LEATHER
JACKETS
- Streamlined aviation “in genuine capeskin! Re
lining. Zip front Jodha Black or tan. ‘34 to 44.
Cr