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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Oct. 22, 1962)
J MEDFOHD MAIL TRIBUNE. MEDFORD, OREGON MONDAY. OCTOBER 22. 1962 f ; . . .in, ...vi Your Money's Worth By SYLVIA PORTER Copyright. Hall Syndicatt, Inc. THE NEW TAX LAWS' MEANING TO YOU - I SUMMARY OF LAWS This month, two major tax laws went on the statute books of the United States laws which will affect millions of taxpayers, both individuals and corporations, from coast to coast. Under one of the laws, the Retirement Act of 1963, all self-employed professional and business men will, beginning in 1962, be able to get special retirement plan tax breaks for the first time. The benefits, to be similar to the special retirement tax benefits until now limited to employes and corporation executives, will be available to millions indi viduals and partners, doctors and lawyers, accountants and engineers, real estate operators and plumbers, independent salesmen and bakers, etc. Under the second of the laws, the Revenue Act of 1962, businessmen are being handed a tax cut amounting to more than $1 billion a year. The bonanza will apply to this current calendar year of 1962 and will be available to the business men without any reduction in the tax rates they pay on their incomes. For years Congress flirted with the idea of passing a law permitting iax-sheltered retirement pensions for the self-employed. By the time this last session got around to passing the law, the original proposals had been revised, refined, softened, hardened and mangled to the point where the experts are just beginning io find out what was done. And even the law's most ardent supporters admit their astonishment that anything was done at all. Almost from the day President Kennedy took office, Con gress wrestled with the Revenue Act which it finally passed at the end of the session. It also revised, refined, softened, hardened and mangled the administration's original proposals so many times that here too the experts are just starting to find ou,t what's in the new law. In this series of eight columns, beginning today, I will submit the major points in both laws which are of the most direct meaning and bread-and-butter importance to you. To summarize at the start, here is the essence of the Re tirement Act of 1962. If you are self-employed, you will from 1963 on be able to earmark and deduct part of your current earnings for a future retirement fund. While you are accumulating this fund, the income earned by the fund will be tax-free and your taxes will become due only when you retire and start withdrawing from your fund. Also to summarize at the start, here are the major things the Revenue Act of 1962 does. It gives businessmen who buy machinery, equipment and other tangible personal property for their business an entirely new tax credit which, the Treasury estimates, will create for these businessmen a $1 billion a year tax savings pot. The credit applies to all qualified purchases starting with years ending after 1961, so the tax savings will be available when businessmen file their 1962 returns. It clamps down hard on types of expense account de ductions and sets up far tougher rules for proving the ex pense deductions loo. There will be brand new limits on entertainment expenses, on entertainment facilities such as golf clubs and boats, on combined business-pleasure trips, on deductions for busines gifts. No longer will you be able to uphold your expense account deductions with "esti mates." It demands much more information be reported on the payment of dividends and interest by corporations, banks, savings associations, the like. It also provides for the impo sition of stiff penalties on those who fail to heed the new reporting requirements. And there are many other provisions in the new law. For instance, 1962 will be the last year for a special capital gains tax break for businessmen who sell depreciable per sonal property (such as a car, office equipment) . . . There are new limits on tax exemption of income earned by U.S. citi zens working abroad . . . Tax haven operations via foreign corporations are being restricted . . . The tax advantage of certain foreign mutual funds is wiped out . . . And so on. Next: How the retirement plan lax break will work for the self-employed professional or business man. The Family Council Editor's note: Tho ramilr Council eontlfts of a judge, m phvchlatrtit, threa clergymen, three editor! and a women's editor. Each arUcle la a summary of m family disagreement presented to the Council. The Council deals wllb problems, major and minor, encountered bv guidance counselors and social workers. Edited by by Mrs. Alma benny. (Copyright by Gecsral Featurea Corp.) Brenda T. - No matter how I word a remark, he takes it as a dig. Herbert T.-She can't hide the fact she considers me in the way. Brenda T. - I'm at my wit's end with Herbert. He's so edgy that nothing I do is right. If I'm silent he thinks I'm sulking. And if I speak he gets irritated. How can you have a civil conversation with a man who takes every remark as an in sult, or tries to find hidden meanings in any innocent word? The other day he coughed. I said, "You ought to take something for that." He glared at me and asked, "Why? Does it bother you?" I know he's under a strain. He failed a civil service test and he's studying to take it again. But he has no right to jump on me like that. I'd leave him until the exam is over, but he needs me to keep house and typewrite his notes. e Herbert T. - I have a bor ing job I can't stand. After enduring eight hours of it each day, I drag myself home for an evening with a wife who really doesn't need me around at all. And she shows it by making me feel in the way. She holds a big job in a department store and makes more money than I do. One way I can make life happier for myself is to change jobs and that's what I'm determined to do. i was upset and badly prepared when I took the test for a government position, but I'm taking it again and this time I'm studying the manuals carefully. Once my income picks up I'll have things out with Brenda. I'm fed up with just being tolerated by her. I want some respect. The Council: Herbert is first and last an angry man Hostilities seem to be piled up within him from 'way back. Maybe he's still sore at his parents and teachers. Now he's at odds with his employer, and feels pushed around by Brenda. But behind these animosities we spe i man who can't stand himself Herbert needs help. Some one - a teacher, a clergyman, a vocational advisor, a psy chological counselor must help him first to like himself. At present he feels scorn for himself, for not earning much money, for failing a competi tive test, for not making Brenda or himself or anyone happy. Once he is helped to appreciate himself as an all right guy, a battler against odds, a fellow with quite a list of talents and virtues (even though they're not read ily redeemable in cash), he should be able to see the good in many other areas, even perhaps in his home. Psychologically Herbert car ries the unreasoning chip on his shoulder which, if allow ed to proliferate, can lead to the mental illness called para noia (delusions of persecu tion). A paranoid may hit the ceiling over a simple greeting like "Hello there, fella." He'll look for a hidden dart any where. To nip this tendency fast, we must counsel Herbert to give Brenda's comments the very best interpretation possible. Certainly as his wife she's pro-him, on his side, for there's no percentage in it for her if he's miserable. A bitter self-pitying man can twist any remark into a hurt. In Herbert's hypersensi tive state, even a line about the weather might start him off. "It stopped raining," Brenda might say. "Aren't you glad? Now I can go down LAVISH RECEPTION , Manila - il'PIl - Mexican President Adolfo Lopez Mat eos received a lavish recep tion Saturday as the first Latin American head of state to visit the Philippines. for a walk and leave you alone," her self-deprecatory husband might reply. Some quickie tips for Bren da: Bear in mind his fragile ego. Lubricate it, salve it, cod dle it with soothing lotions of approval. Also, don't take his "venom" personally. He's not as irritated by you as he sounds. He's irritated by life, and you're the one who's around to listen. That's the ir ritation to work on. A 3 Effective, Responsible Leadership ED BRANCHFIELD rc&yz for State xiip' Representative "Vote for three, including me" , Pd. Pol. Ad., Branchficld for State Rep. Comm., Sim Harbison, Chmn., 2125 Orchard Home Drive. Your Only Midday Service SAN FRANCISCO EUREKA Depart 2:00 p.m. JET-POWERED SERVICE V AIR LINES M J HOLIDAY SUGGESTION: Pacific to San Francisco Dinner at International Airport Connect with Pacific jet-powered excursion flight to RENO! PACIFIC AIR LIMES For reservations call your travel agent or 772-6161 SAFEWAY PASSES THE SAVINGS ON TO YOU DURING THE BIG .v . j - . WjSr$ ' Shop Safeway for low, low everyday S Jr prices, plus an unconditional guaran- Fluf-Pufl tee of satisfatcion on every purchase. ft 1 1 1 . ndrMinidiiuw 1 25 & CRATER LIONS LIGHT BULB SALE TUES. & WED., OCT. 24 25. Please leave your porch light on between the hours of 6:30-9:30 p.m. for the lions' Representatives. Proceeds of tha sale will go toward the Lions Sight & Blind projects. M.J.B. - Hills - Folgers - Boyds Maxwell House Coffee Tomato Soup Powdered Sugar Carnation Milk CAMPBELL'S Real savings al Safeway EA. TOUCHDOWN VALUE Giant Paper Towels C & H or Brown Sugar Mb. 1' Save on the giant size. 22S ft. roll ; 4. . 4V(.i'-'-- '.'J- -.lsfPv-' . "P 31 For table use; for baby's formula. 14V4-OI. Zee Plastic Wrap Ss 29c TOUCHDOWN VALUE Tomato Catsup sr-t (5 s$100 Pacake Flour Kitchen Craft famous jfl 77l(f nancaka and waffle H IL1I V mix. 4-lb. pkg. Aged for Flavor and Tenderness - USDA Choice Boneless Swiss Steak MEAT PIES 7 Ldt . 49 Mo nor Houst Beef, Turkey, Chicken, Tuna USDA Choice, boncleu aged beet TOP ROUND lb. Shank Half or Whole SMOKED HAMS lb BRAUNSCHWEIGER Armour Star. 8-oi. ea 98 .29 SWEET AND JUICY ORANGES California Valencias. Mow aboul fresh orange juice for breakfast. M-m-m delicious! 4-49' K:. mm 7 " LETS HAVE STEW TONIGHT Carrots Tornipi Celery Red Potatoes Cabbage Yellow Onions Your Choice OCEAN SPRAY CRANBERRIES Sauce. Delicious wm. all m.att. n for no. juu can C M&M CANDY Plain or peanut. A fof A JJrf Reg. 5c pkg. 0 J M&M CANDY 6 25 Wafer Bart Reg. 5c PREM Swift't lunch meat. Ready to eat. 12-oi. can 53' SPRY 100 More Poly-unsaturates. 3-lb. can 89 Maple Syrup ZX-T 3$1 Soda Crackers ,,i,p" ..... p., 29c Salvo Dttirgtnr Tablats. 40-oi. 79c Metrecal Liquid IZZSXr .:.k,c..$1.39 Kotex Aagular Price Clgar6tt6S FHtMor Kin Sli Boa of 12s 37C c.rt.1.89 Hard working laundry detergent 1 Save 5c 47-oz. pkg FAB Detergent Ad Detergent JIJaw Scouring clei HJdA H-oi. die Ajax Cleaner For laundry. Save 15c. 40.O,. 74c 2 f" 35c liquid. 7Ca With ammonia. 28-oz. I WW CI-a!.a Room Deodoriier Morient s.v. io. Soaky For child's bath. 7-oi. 79c 10-ot. liie 69c Pricet effective Monday, Oct. 22, through Wednesday, Oct. 25, at Safeway in Medford. We reserve the right to limit. Gel Ready for Christmas. Save Gold Bond Stamps Visit our gift centers or leaf through the new Gift Catalog. Choose from a wide variety of lovely gifts for the entire family.
