Indianapolis Times, Indianapolis, Marion County, 4 July 1947 — Page 7

“FRIDAY, JULY 3, 1000

~ Nation's he Tax

Changes U

Money Already Spent

' People Rarely Know

Much They Will Be Expected to Pay

© By OHARLES T. LUCEY, Scripps-Howard Staff Writer , WASHINGTON, July 4--If. this congress passes a new tax law effective in January, it will be one of the few times when taxpayers will bave known in advance what was able to plan business and private affairs accordingly. * Since the first income taxes were laid in 1913 the rule has been to slap on a new tax or juggle existing tax laws almost any time during

a year and make such change retro-

each individual is bound to pay. a ought to be cer- “1 tain, and not ar- Mr. . bitrary. The time of payment, manner of payment, the quantity to be

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"\ makes for uncertain planning.

sually Tap

in Advance How ;

expected of them and thus be

paid ought all to be clear and plain to the contributor and .to every

money or retiring debt, hiring more or fewer men. Most congressmen agree taxes will be cut on 1948 incomes. Some point out that if a tax-cut bill is not passed now it may be May or June before one can be enacted in the next session—again meaning changing the rules in the middle of the game. It's not hard to take when taxes go down but it still

Two Changes in One Year Here's the record of cart-before-horse income tax legislating:

The first federal tax on incomes

passed Oct. 3, 1913, effective as of March 1, 1914. (Those were the good old days; the basic income tax rate was one per cent, a single man’s exemption was $3000.) The next important tax-law change, increasing the basic rate ta two per cent, was made Sept. 8, 1916, retroactive to Jan. 1 of that year. | ’ In 1917 the war tax laws were passed, one on March 3 and a second Oct. 3, both dating from Jan. 1. The first excess-profits tax

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went ‘on the books and all rates were advanced sharply to pay for the war. Set Three Years at Once The next tax law of Feb. 24, 1019, went back to Jan. 1, 1918— more than a year—to dredge up revenues to meet war costs. At that point taxpayers learned the levy on their previous year’s income —which many already hed spent— was to be graduated from 12 per cent upward. Estate taxes. were jumped; it became more costly to die during war. This same bill though, did set income tax rates for 1919, 1920 and 1921—just about the only time it ever happened.

The revenue act of 1924 was {passed on June 22 of that year, the {act of 1926 was passed on Feb. 26, |and the act of 1928. on May 29. {All cut taxes. All were retgoactive to Jan. 1.

| Congress increased taxes in the {revenue law of 1932, approved June {6 and retroactive to Jan. 1, this, surtax rates were jumped from a 20 per cent-to a 55 per cent maximum, and it was provided that capital losses could be allowed {only to the extent of capital gains. The first gift tax landed on the taxpayer's neck that year. Some Passed as Late as October The 1934 tax law, establishing a

gains and losses, was approved May 10. The 1936 revenue act was passed Jan. 22, 1936—again increas ing surthxes on ‘individuals and corporation’ taxes. The first tax on undistributed profits of corporations went on the books. : The 1938 tax law went on the books May 16 without presidential approval; it increased rates and, again, changed - tapital-gains-and-losses. provisions. The 1940 tax law was approved Jan. 25, increased individual surtaxes and imposed certain five-year defense taxes. A second 1940 revenue law was passed Oct. 8, laid a heavy excess profits tax on corporations dating from Jan. 1. 80 it has been down to recent years—the 1041 act was approved Sept. 20, the 1942 act was approved Oct. Oct. 21, the 1944 act on Feb. 25.

E velusive Deer for

EEPST Ske

of individuals and corporations was|

‘new method of treating capital |’

Millersburg’s Dream Long Dead

By VICTOR PETERSON Times Staff Writer MILLERSBURG, Ind, July 4—

Hamilton county founders labored long hours planning their cities of the future 100 and more years ago. Many built their dreams of miniature empires on the promise that a canal would weave through Hoosierland. Others placed their hope on 8 proposed Cleveland-to-8t. Louis railroad. Ambitious pioneers staked their fortunes and their futures in these real estate adventures. Of all those Hamilton county towns of brave plans, only this

vived. On most maps, Millersburg fails to appear. Hospitable Group But those who live here are proud of their friends and neighbors, all 39 of them. There are 52 if two families who live just outside nonexistant boundaries are counted. Here in Millersburg and on the outskirts live the Guy Bryants, Albert Tysons, Jack Thurstons, John Deshlers, Everett Huffmans, Pred Kings, Charles Nances, Jesse Brentons, Everett Brentons, Gilbert Coxes, Fred Essexes,” Carrey Endiv cotts, Mrs. Margaret Basey, Mrs. Malinda Roaduck, ‘Mrs, Anna Lollis and Miss Murl Stokes. They are the type of people who ask you to come back for a chicken dinner after you have known them for 10 minutes, Dreamed Bjg Dream In 1855 a Peter Miller dreamed of a great city, North and south runs the Nickel Plate railroad. The promise was that the Cleveland and St. Louis line would cross where Millersburg was planned. The town was laid.out and 49 lots were sold. Then the future faded, for the second railroad got only as {far as some grading. In time Millersburg lost its mill and elevator. The old grindstones today are the back door steps to the home of Mrs. Basey. Gone the same way are the blacksmith shop, a general store, a school, the wagon shop and a small broom

MON ING wok N. WLLINOTS 8T.

— | fACtOTY, All have been gone more

N Indianapolis Owned and Managed for 74 Years! * Since 1873 »

DEPT. STORE

918-926 SOUTH MERIDIAN STREET Just 7 Mintes from Washington Street

“A Mile From Higher Prices”

OPEN EVERY SATURDAY NIGHT 'TIL 8 0'CLOCK

FT LY CLEARA NCE SALE

IN ALL DEPARTMENTS!

[Two nderstn {Buildings Sold

.|mated to cost $126,404 were issued

STEPS OF THE PAST—The stoop at the back door to the home of Mrs. Mar-

garet Basey } s made of grindstones once used in a thriving mill.

Drive around a square city block FLOWER [ARH

MICHIGAN EMPLOYMENT OFF

DETROIT, ‘July * 4 (U. P.).— strikes,

Michigan employment declined by| ment sompanastion, , 16,000 workers. from April 15 tol reported today.

‘May 15 partly as 8 Michigan

Miller Mfg. Corp., Included in Deal

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by the Charles BE. Miller Manufac-~ turing Corp. Mr. Glazer announced that the Miller concern, which was included in the transaction, will continue in operation under management of the Glazer family for the present. The Miller firm manufactures tire vul. canising equipment, Includéd in the property pure chased are two three-story buildings, one of which contains 14 apart. ments, ~The bulldings were erected by the late Charles E. Miller, Anderson manufacturer, and upon his death wére bequethed to employees of the Miller manufacturing concern, The Glager Interests acquired the property through purchase of stock held by the Charles E. Miller Manufacturing Corp.

Anderson Grants 20 New Home Permits

Times State Service ANDERSON, Ind, July 4—Permits for building construction esti-

here during June, according to figures announced today by C., E. Brown, city building inspector. Included were 20 permits. for construction of new homes estimated to cost $65,750, Fifty-six permits for the remodeling of homes at a cost of $24,055 also were issued.

Wo Bast at

7 4568 aR

DAYLE

Peter Miller's dream never came and you have covered all the land s : that is in the hamlet. 2922 N. DELAWARE

little hathlet of Millersburg sur-|§

OPEN All day tomorrow

ul downtown business property owned 5 P

1 Times State Service 3 ANDERSON, Ind, July 4~—The George Glazer family of Anderson, affliated with local business inter-| ; ests, has purchased the half-block|it SISTERS

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