Indianapolis Times, Indianapolis, Marion County, 13 November 1947 — Page 33
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THURSDAY. NOV. 1,
1047
‘Business Group Offers Plan to Cut
U.S. Taxes
By $6 Billion in '48
Proposed Slashes Depend on Drop in Spending,
-. Confinued High Income, Foreign Aid Costs
WASHINGTON, Nov. 13 (UP)—Congressional tax experts today received from a group of businessmen proposals for cutting taxes by $6
billion next year. The businessmen, who qualified
their proposals: with several “ifs”
arranged a conference today with the congressional tax staff headed
by Colin Stam. Their tax-cutting program for 1948 was prepared after a four-year| study by the research and policy committee of the committee for economic’ deve nt. It was designed as a step toward a long-range tax system which
‘would go into effect’ in the early
1950's. The reseach and’ policy group was headed by Raymond Rubican, New York advertising executive. | “Tax Reform Needed,” Too “The country needs tax reduction| as fast as is possible with nt. serious inflationary consequences,” the committee said. “But moe than tax reduction is needed. We also need tax reform. “We need lower total tax burden and a& better distribution of ‘he burden. There are gross inequities in the present tax system aad serious’ impediments to the operation of a high-level progressive economy.” . The long-range program. would reduce the government's annual tax income about $15 billion below the present yield. But it still would produce enough revenue to provide a $3 billion annual surplus, the committee said. The committee said its proposals for cutting taxes next year were contingent on: National income of about Si billion; large-scale cuts in feder sperrding_ to offset the drop in income from war, * property surpius, sales; and a big drop in cashing of| GI terminal leave bonds. Paul G. Hoffman, chairman of| the committee for economic development and president of Studebaker Corp. told newsmen the tax study group was aware that foreign aid demands might necessitate a complete révision of the program, even if all the other contingencies were met. " Proposed Cuts The committee's report lent support to the House Republican leadership’s decision to put off tax reduction legislation until the next regular session in January. The $6 billion cut would be achieved through:
ONE: A $3,100,000,000 reduction in individual incomes taxes. This!
would be done by redusing the present starting rate, which 1s 19!
per cent on the first $2000 of tax.
able income, to 15.2 per cent on the first $1000, and 16.8 per cent on the second $1000. Reductions would’ be made in the higher brackets so | that the rate on surtax net incomes of $100,000 to $150,000 would be 673 per cent instead of the present 8455 per cent. Rates in
{ugh ‘brackets also would be low-
TWO: A $800 million personal tax cut through. extension to all states of community property rights —the privilege of splitting income between husband and wife for tax purposes. Thirteen states and the territory of Hawaii now have.community property laws. THREE: A $1 billion slice from excise tax revenues through elimination of levies on communications and transportation. FOUR: A $1,100,000,000 savings to both corporations and stockholders by easing the present system of double taxation of corporate dividends. Corporations would be permitted to withhold 15.2 per cent of dividends, which would be treated as a withholding tax both by the corporation and the stockholder.
Italian Exhibit -To Open Sunday
An exhibit of “Arts of the Ttalian| Renaissance” opening ‘next Sunday
at Herron Art Museum has been announced by Wilbur D. Peat, director, and Mrs. Robert Tyndall, exhibition committee chairman. The exhibit wifl include paint-| ings, sculpture, pottery,+« furniture and textiles lent by New York galleries and several Indiana collec-
SITTING IT OUT—Jane Mariley, the Washington, D. C,, baby sitter who promoted the idea of the round-the-world Cub fliers, shown in Los Angeles as she awaited the fliers from Alaska, on the last lap of their flight. Jane; and her part--ner, Kay Turner, who operate
Wash ingto helped fliers George - Truman and Clifford Evans promote the. flight.
Announce Merger (Of 2 Grocery Units Here
The merger of two large Indiana grocery associations was announced here today. | Allied Grocers of Indiana, Inc,
Ceurtery Associates’ in |
* _____|8Sendate Republican Policy Commit«
“Asks Uranium Ore In Trade for Nid |
| U. S. Considers |
Payment for Relief
WASHINGTON, Nov. 13 (UP)— {Senate foreign policy spokesmen to{day proposed that Europe pay for| U. 8. aid with strategic bases, crit-| ical materials and uranium, the |source of atomic energy. | | At the same time, Secretary of {Commerce: W. Averell Harriman proposed that this country hold out Marshall Plan aid as a reward to Soviet satellite nations—when and {if they “free themselves from Oommunist domination.” Chairman Arthur H. Vandenberg 4(R. Mich) of the Senate Foreign | Relations Committee evoked from a |State Department official testimony {that “higher realms” of the admin{istration already are considering payment in uranium for U. 8. aid. | Mr. Vandenberg remarked that| {part repayment might be sought {in” the form of uranium ore from the | Belgian Congo. William Phillips of the State De-| partment’s international-trade pol{icy office said this country was in-| {terested not only in uranium, but in| other scarce materials needed to build up strategic stockpiles, Other committee members at the| foreign aid hearing urged that this country acquire strategic bases and airfields, particularly in the Caribbean region and that Europe pay for American aid with raw materials in short supply here. Vandenberg Is Angered Meanwhile: ONE: ' Mr. Vandenberg said he was “amazed” to read in newspapers this week .that the United States is still sending . lend-lease shipments to Russia. He said this was “contrary to the will of Con-| gress.” | TWO: Sen. Robert A, Taft (R.0) 'said in Columbus, O., that the Marshall Plan would cause serious price increases here, Mr. Taft, head of the
|tee, said the present rate of exports {should not be greatiy-increased. He hoped restoration of rationing would ot be necessary and said he opot return of price or wage con-| trols. |
THREE: Rep. Bartel K. Jonk-|
tors, such as Dr. and Mrs. G. H. A.land the Associated Grocers of In. Man (R. Mich) said post- -UNRRA|
Clowes, Mrs. Booth Tarkington and
the Italian Room of Ball State]
Teachers College, Muncie. “The Arts of the High Renais-
sance,’ an {illustrated lecture by! Winston Weisman of Indiana Uni-|
versity’'s fine arts department, will
be given in the museum at 4 p. m. name of Allied Grocers of Indiana, Special House Foreign Aid Commit-|
Sunday.
dianapolis, with a combined mem{bership of more than 70 independ|ent stores, will co-ordinate buying, |warehousing and” distribution operations, officials said. The merged grocery organizations ‘will do business under the
Inc.
YOU'LL FIND HUNDREDS OF CARDS IN OUR
CHRISTMAS CARD SHOP
ON THE STREET FLOOR
¥ you are in
hurry, you may select your
Floor Stationery Assortment or
from our "open - card" display
on the So
card quickly from our Street
a particular
uth Mezzanine.
-
|aid shipments have been so slow | in the past five months that he didn't see hpw the administration could make deliveries before March 31 under the: emergency French-'Italian-Austrian aid plan.
FOUR: Some members of the, tee urged Former President Herbert Hoover, former Secretary of War Henry L. Stimson, and elder statesman Bernard M. Baruch as board members of any new corporation set up to handle foreign aid. FIVE: The AFL accused Russia of trying tbo “starve Europe into revolution” by propagandizing for failure of the Marshall Plan. The AFL said it would call a Western European Labor Conference on the Marshall Plan, urge its members to send food abroad, and intensify exchange of information with European trade: unions.
11 Hurt in Auto Accidents Here
Eleven persons were injured, two| critically, in automobile collisions] here last night. Two most critically injured were Robert Murray, 27, of 1734 Lockwood St, and Harry Van Zant, of 3702 Atlas St. Both are in- General Hospital in sérious condition. Their car, driven by Mr. Murray, collided with another automobile driven by Fred M. Davis, 53, of 1112 N. Rural St. at the corner of McCarty and S. Meridian Sts. Mr. Davis escaped with minor injuries. Police quated witnesses as sayingy the Murray car was traveling at high speed. Nine Others Hurt
" Nine other victims were injured, none seriously,'in a three-car crash at 38th St. and Arlington Ave. about 11:20 p. m. A car driven by Mary Lee Chappelle, 24, of 952 N. Delaware Bt. first collided with a truck driven.by Miss Louise Schell, 37, of 2860 N. Denny 8t. into another automobile driven by! Caral Crabb, 41, of Muncie: Miss Chappelle and two friends riding with her, Miss Anita Spencer, 29, of 952 N. Delaware St., and Miss Betty Foley, 23, of Newport, R. I, were injured ‘ Mr. Crabb, his wife, Alice, 43; Mr. and Mrs. William Smith and their two children, Sharon, 12, and Jay, 8, all were shaken up and bruised.
Club Federation Marks Anniversary
The Indianapolis Federation ‘of Associated Clubs, Inc., will celebrate its 10th anniversary of organization today through Sunday. A civio meeting was to be held, scheduled at 8:30 p. m., today in the Northwestern Community Center. An anniversary banquet will be held at 8 p. m. tomorrow in the Federation Home, 2309 N. Capttol Ave. A music festival will be held in the Shiloh Baptist Church at 8:30 p. m. Saturday in charge of Mn. Theresa Banders. Judge Wendell Greene, ilcaab, will ‘speak at the meeting Sunday at 3:30 p. m. in the Mt. Zion Baptist Church.
STUDY CLUB TO MEET The Advance Study Club will hold a luncheon in the home of Mrs. Roy Evans Price, 2436 N. New Jersey St, at 12:30 p. m:
THE INDIANAPOLIS “TIMES _
Then her car careened | /
Wednesday: Mrs. W. E. Call is In charge of the program.
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