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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Nov. 16, 1920)
THE OREGON - DAILY JOURNAL, PORTLAND,-, OREGON TUESDAY, NOVEMBER 16, 1920. B G FIRMS WOULD DEFER PAYMENT: OF INCOME TAXES David Lawrence, (Copyright, 1820 by Th Journal) Washington. ov. 16. Bhould corporations and manufacturing concern which' haven't the money to pay their hut installment of in , come taxes on December IS be al ' lowed to postpone payment until they have more 1 cash on band, or i. should Uncle Sam Insist that the business houses which haven't saved tip enough to pay their taxes, suffer the consequences of their mistake? This question is being; put up to the - treasury ' department because of the fears of certain textile concerns that unless the government helps out by postponing the December payment on income taxes, there will be bankruptcy proceedings in many large business es tablishments. ! g HAS 2TO BISCBXTIOX i But the treasury department has no r discretion, in the - matter - and officials . there say congress alone can cause the postponement of any payment on in come taxes. Inasmuch as congress meets on Monday, December , a new law would have to be paassed imrae "k dlately, because the present law re quires payment on December 15 and provides penalties for failure to pay. It is, doubtful whether any satisfactory measure could be jammed through In a week, for it opens up the whole subject of taxation. The most that might be ' :. accomplished is a simple amendment to existing revenue laws giving the treas ury department temporary discretion to act in cases wherein the facts prove a postponement is absolutely essential to prevent ruin. Officials who administer the income tax laws, however, are afraid -. of such a provision. They say it will v require a huge staff and lots of money to determine what is a meritorious case. ' The' Income tax bureau has a hard time :' handling -the present provisions of the law without new burdens, yet officials recognize the emergency and realize how serious the consequence may be to the public if many concerns are forced Into , bankruptcy. EFFICIENT MEJT QUIT Income tax executives say they are losing men as fast as they employ new ones. Government salaries are not com parable to. the attractive offers made by 1 the business world, Yet the Republicans. being pledged to economy and .cutting down of government expenditures, are not in the mood to increase the govern ment payroll. 1 i Asa matter of fact, it Isn't the fault i of the government that business houses . have failed . to accumulate a reserve : wherewith to pay, income taxes. Many i. corporations did make provisions for i their December taxes, but the money i market - became so tight that they : couldn't borrow funds to carry on the r usual turnover. So they borrowed from I themselves they used up money that i should have been kept for income tax payments. Daniel 1 C. Roper, former commissioner of internal revenue, who favors postponing payment of income taxes, insists that the government would be amply protected if it required an interest rate of 8 per cent on deferred paysnents. This would be higher than market rates, ef Interest and would tend to discourage too much borrowing from corporation funds ! that should be set aside for income tax payments. Tet the entrance of Uncle Sam into the com mercial world as a lender of money to private business concerns is a new thing and the chief difficulty about it all is the discrimination i made necessary by such a step. Where can the line be drawn? Many an individual who pays a small Income tax will want to post pone payment, ' especially since the rate of Interest will not be a disturbing fac tor to him. i ! LEGISLATION MUST BE BROAD The legislation will have to be broad enough to cover those who pay small as well as large Income taxes. Treasury officials are not prepared to say what the effect upon government finance this postponement of revenue collection will make. The United States government has been counting upon collections from income taxes in order to pay its own ob ligations. Congress will be plunged Into a discussion of the whole tax problem the moment the December session be gins. The excess profits tax is bound to be repealed or modified. Bven inside the government, where this tax has been looked upon as a splendid money-getter, converts are being made dally to the view that the excess profits tax has out lived its usefulness. But what shall be put in its place? -The tax experts are far from unanimous in their suggestions. The demand of a few dosen concerns that they be permitted to postpone pay ment of December taxes is but a symp tom of the intense agitation which is ex pected next month and throughout the remainder of the year on the subject of taxation. It will not , be surprising If the tax question takes even more time than the old controversy on the tariff which used to consume a whole session of congress to the exclusion of other important legislative proposals. More individuals and more Interests are af fected by taxation than by aU the tariff laws of history, and the sums to be raised nowadays are as many times greater than the largest tariff law jcon gress ever passed. BRITISH PUS SUFFER PRIVATIONS (By United Nm) London, Nov. 16 -The terrible privations that British prisoners suf fered, in the "black hole of Baku", during six months and a half of cap tivity were narrated when 48 of them arrived among friends In Con stantinople. Their story. Just received by the Lon don Evening News,, tells of one man who was confined in a small cell up to his waist In water for 84 hours for at tempting to . escape. Another prisoner, recaptured after attempting to get away, was kept for nine days in a very small cell Into which 48 others had been crowded for the same offense. The 48 prisoners spent half of the 6 months in cells wit i only a small court yard for exercise ana the British, being last in the ration line, frequently A Year's Colossal Loss Absorbed Here OVERNIGHT! to get down, down in one big sweep, to prices that will prevail generally a year from now passing at one leap entirely over the intervening period of wiggling and wobbling that will during that time coritrol The System in its effort to "rake a few more chestnuts out of the firej." Thus, we steady the Economic Situation, restore confidence in the Public Mind and permit , men and the women, too to proceed as usual in sup plying their needs in the way of new clothes without having to wait longer to see how far prices will drop. - i , $39 $49 $59 All Suits and Overcoats up to 6cf for .$39 All Suits and Overcoats up to $75 for ..... ....... . . .$49 All Suits and Overcoats up to $90 for .$59 ... In order that you may feel absolutely , NO HESITANCY on 'the ques tion of price, we fortify you with OUR GUARANTEE AND YOUR , PROTECTION! Buyers will be fully protected against any possibility of further decline until April 1, 1921 , b$ our Guarantee of Refund in such case, that goes with every purchase As a symbol of the above guarantee, we have adopted "Keeping the Faith, by the Golden Rule," as illustrated above and emblematic of our established policy of "Looking Out for the Other Fellow WASHINGTON AT WEST PARK II i VI A il I 1 ...--.... .1 h is Qicjfif o'cloolc CSJiis represents one inefb of PUROLA shading cream. Irffle vJaer- y)ery popular nowadays one mmufa past eicffif And you have a generous, lasting lather that will soften the toughest beard so the razor will fairly dance through the shaving task. Use PuroJa for speed and smoothness. And listen to this: If you don't find Purola the greatest shaving cream you've ever used, return any part of thetube to your dealer and get your money back. : - Good druggists sell Purola. 111 ill : missed the daily dole of bread. Their personal purchases of food often were , i . stolen and the sanitary conditions of the prison wers frightful, with only one faucet for the 48 -men. The only doctor was a Pole, also a prisoner. I M"M""l,M'''""MsB5hMjias: 2 , :.: , f (": v - A POWERFUL CAR All people desire power. Some want it for display. Most want it for the tough roads and the steep hills. i If you would buy the full joy of motoring, you i need power beyond question. In the Standard Eight you drive a car of un I questioned power which rides so smoothly that i you are aware of its tremendous power only by I comparison. VmstQmle Sedan, SSOOO 5oVmv S4800 Smdmnette, 44500 Compi, 44S0O Tomrinx Car, S3400 RaadsUr. S3400 -Chassis, S3 ISO Afcsis prtcss L o. b. Bstlw, Pm. ! 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Medford 7 :12 9 :39 ' 7 :07 6 :30 Koseburg 1:10 P.M. 2:40 P.M. 1:15 A.M. 11:00 Knifene 4 :50 5:47 .4:33 2:25 A.M. Albany 6 :35 7 :17 6 :05 4 :00 Salem 7:33 8:04 6:58 5 :00 A r. Portland 9 :50 P.M. 10:00P;M. 9:15 A.M. 7:20 A. M. THROUGH STANDARD SLEEPING CAR PORTLAND TO LOS ANGELES Leaves Portland. Tr. 15, 8 :40 A. M. Arrives Los Angeles 8 :15 A. M. ; Second Morning California Warm Sunshine and Flowers make the days delightful in the winter time Enjoy the fragrance of poinsettias, violets, poppies and geraniums, or the joys of outdoor sports and pastimes. Travel With Pleasure Via The Shasta Route Reduced Round Trip Tickets are now on sale to Southern California FREE on request, "California for the Tourist,' new illustrated v booklet trraphically describing tb different resorts. For further particulars inquire of local Agents Southern Pacific Lines - John M. Scott. 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