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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Jan. 24, 1963)
from Pag On Rule Changes Would Increase Taxes On Income Paid as Stock Dividends Tougher Tax Treatment Changes in tax rules would sharply boost taxes of the oil and gas industry, raise taxes on income individuals receive from stock dividends and cur tail tax benefits enjoyed by corporation executives who have options to buy stock in their firms. For most individuals tills rule-of-thumb would apply. If you have been taking the standard deduction (10 per cent of your income but not more than $1,000), your tax bill would be cut by a bigger percentage than if you have been itemizing your deductions. The Treasury cited the case of married couples with two children and income of $7,500 from wages. Those couples taking the standard deduction now pay S877 a year in feder al taxes. They would pay $663 under Kennedy's plan-a sav ings of $214 or 20.6 per cent. If the same couple had been taking itemized deductions of $1,500, their tax bill under present law would be only $720. It would be cut to $596 under Kennedy's plan, a sav ings of $124, or 17.2 per cent. Penons Over 65 They now get a double ex emption - $1,200 instead of $600. They also can claim a special retirement Income credit. Under Kennedy's plan they would lose both these ad vantages. Instead, each person 63 or older would be permit ted to deduct $300 from what ever taxes he may owe. . Result: No one over 65 with earnings of $2,000 or less ($3,800 in the case of married couples) would pay any taxes. This would cost the Treasury $320 million in annual revenue. Authors, Athletes, Etc. - Persons whose incomes fluc tuate sharply from year to year would be permitted to average their incomes with a resultant overall saving of $30 million. Child Care - A widowed mother or father now gets a Foreign Briefs WEST GERMANY HAS BIG TRADE SURPLUS Bonn-WIJ-Weii Germany's economic boom leveled off In 1962 but the country still had an $875 million trade surplus, the federal siatiitical office said today. West Germany's imports rose 11.8 per cent to $12.37 bil lion last year, while exports increased only 4 per cent to S13.Z5 billion. . ITALIAN CIVILIANS TO PROTEST STATUS Rome-Wll-Italian civilian employees at all U.S. North Atlantic Treaty Organisation military bases in Italy will strike for 24 hours Jan. 31 to protest their status outside Italian labor laws, their union has announced. BRUNEI REVOLT COST BRITAIN 36 CASUALTIES London-WPU-Brilain suffered only 38 casualties in putting down the Brunei revolt - 8 killed and 28 wounded - Defense Minister Peter Thorneycroft disclosed Wednesday. In a written reply to Brigadier Sir John Smyth, a Con servative member of Parliament, Thorneycroft said that be tween 50 and 60 rebels were killed and about 2,000 captured. special $600 lax exemption to help offset cost of child care. This would be raised to $900 if there are two chil dren and to $1,000 for three children or more. Child care allowances would not be. lib eralized for families with two employable parents. But the income limit at which the existing allowance is cur tailed tor such couples would be raised to $7,000 from the present $4,500. , Capital Gains - Profits from sale of securities or oth er properties held for six months now are taxed at a special low rate that ranees from 10 to 25 per cent, de pending on tho individual's tax bracket. The new range would be 4.2 to 19.5 per cent. However, only assets held for at least one year would quali fy for lower-lhan-ordinary tax rates. Kennedy said this would confine benefits to in vestors rather than short-term speculators. BLUE FOR YOU Chicago CUPII Blue appears to be the coming housewares color preference of consum ers, according to a nationwide survey conducted among man ufacturers and buyers by tne National Housewares Manu facturers association. These Are the Final deductions in Drews JANUARY CLEARANCE LAST 7 DAYS to realize terrific savings on quality men and boys' wear. Only once a year will these low prices prevail. Charge accounts are invited. After-Ski BOOTS Regular $TT99 12.95 Fur-Lined SLIPPERS At low $99 W k For Winter Sleeping Comfort MEN'S PJ's Reg. $7.95 .... $5.99 Reg. $5.95 .... $3.99 Boys' Sizes Reg. $3.98 .... $2.99 Reg. $2.98 .... $1.99 MEN'S SUITS Hart, Schaffner & Marx, Griffon and Curie Regular $145 ... $125 ... $100... $85 $69.95 $59 $59.95 2 for $97 "One Group" Hart, Schaffner & Marx, Griffon, Curlea & Triton. Reg. SALE $75.00 $49.00 $59.00 $39.00 $50.00 $34.00 TOPCOATS Our Reg. $75 to $80 Griffon Our Reg. $80 to $90 HS&M-From $69 M BOYS1 SUITS Reg. $24.95 to $39.95 Acme COWBOY BOOTS 599.799 Sizes for Boys & Girls reduced to . Many, many more items re duced that are not listed . . . STILL GOOD SELECTIONS IN ALL DEPARTMENTS. u:""!1?. ' '43 60l '75 ') MMl'lB ItSr" '5 M'lohn'isl'a '2s SALE lW-M $119 I I " i'VHft Irl H;'J I $79 Ejfffft 1 1 . $69 Bp 17 fl Be Sure To Visit Our BARGAIN TABLE Sport Shirts Boys' Long and Short Sleeve Reg. S2.98-S3.98 NOW S49 SM9 I on Jf Open Monday and Friday Until 9 P.M. SINCE 1918 Nationally Known Lines of Menswear Offered lo You at Our Lowest Prices DREWS Manstore IN THE MEDFORD SHOPPING CENTER Steels Weaken h On Featureless Stock Market New York - UP!) - Stocks were firm and featureless to day, i Steels weakened with Beth lehem, U.S. Steel, Youngatown Sheet and Jones & Laughlin all off small fractions. Motors were about unchanged and chemicals softened. Oils moved irregularly low er with Union Oil of Califor nia and Champlin off around a point each and Ashland Oil up nearly 1. Cenco was about the only wide moving elec tronic, up nearly 94, DOW JONES AVERAGES New York-Wlr-Dow Jones final stock averages: 30 in dustrials 677.58, up 2.05; 20 railroads 148.98 up 1.34; 15 utilities 134.74. up 0.49, and 85 stocks 239.29, up 1.06. Sales Widn esday were about 4.82 million shares compared with 4.81 mil lion shares Tuesday. Wednesday'! prices on velected stocks) : Allied Chemical Alum Co. Am American Air Lines American Can American Motori ... A T fie T American Tobacco . Anaconda Copper Armco Bend ix Corp Bethlehem btcel Boeing Air Brunswick Caterpillar Corp ... Chrysler Corp ......... Coca Cola CBS Columbia Gas Continental Can Crown Ze Her bach ... Crucible btcel Curtiss Wright Dow Chemical Du Pont Eastman Kodak Firestone Ford General Electric General Foods Georgia Pacific Greyhound Gulf Oil . Homes take Idaho Power I.B.M lnt Paper Johns Manville ............ Kennecott Copper , Lockheed Aircraft Martin .... Merck .... Montana Power Montgomery Ward National Biscuit New York Central Northern Pacific Pac Gas EJec Penn RR Perma Cement Phillips .. Procter & Gtimblc Radio Corporation Richfield Oil Safeway SanU Fe . Sears Shell Oil Socony Mobile Oil ..... Southern Co , Southern Pacific Sperry Rand Standard California Standard Indiana Standard N. J Stokely Van Camp Sun Mines Texas Co Texas Gulf Sulfur Texas Pacific Land Trust . Thlokol .. Trans America Trans World Air Tri Continental Union Pacific United Carbide United Aircralt United Air Lines U.S. Plywood U.S. Rubber U.S. Steel West Bank Corp Westinghousc 43', .... ao .... 10 .... 41H, .... aoi ....iao-i .... 2!1 .... 44 3i .... 8334 38 ',3 31 i .... ao-'s 18 1 ... 37 U ... 803 ... 88 ... i ... 4U'i ... 18 18', ... no', ...24H ...11413 ... 36 'i ... 44 5 ... 78 Tii ... Sl'.'i ... 46'i . 34 '. ... 40U ... t; ... 333. ...414 i ... 28V, ... 47 ... 70 ... 50'i .- 2H ... 113' j .. 377, .. 33-', .. .. 15, 40 .. 34 .. 14 .. 15 .. 48 ,. 73'i .. 63', .. 41, .. 46Jt . 2lii . 76',a .. 3(1 . 59-H "4 1 1 .. 30 .. 14', PI , .. 40 .. 50 ', .. 21 ' .. IO'i .. Ol'i .. 14'i .. m'i ... 274. .. 4(1 , .. 11 .. 45 'i .. 3.'i ..JOSH .. 5 P. .. 31 .. 47i. .. 44 .. 48 'i .. 32 . .. 33'., Elections Purify Code Proposed For California Sacramento -(UPD- A purity of elections bill designed to let the public know where a political candidate gets bis support was introduced in the legislature today. The bill's author, Assembly man Gordon Winton (D-Mcr-ccd) said he hoped to get ad ministration backing for the measure. "Tho present statutes on re porting campaign expenditure are s ubstnntiRlly unchanged from the days of Hiram John son," said Winton. "Condi tions have changed so much that they are practically un workable.'' Toughest Feature The measure would strike not only at winning candi dates but at defeated candi dates, campaign aides and anonymous committees. Its toughest feature is one to prohibit a successful candi date from taking office if he is found to have violated the But for the cteieatcci candi date, it provides a fine of up lo S1.000 and imprisonment in the county jail for up to six months. The same penalty could be levied against cam paign aides who violated the law. Combination of Bills The measure is a combina tion of bills submitted by Win Ion in the inr9 and lflBl legis latures at the request of Atty. Gen. Stanley A. Mosk nnd a model statute on campaign contributions proposed by the National Municipal league. It would require that t li c names and amount given by campaign contributors be shown If the contribution ex ceeds $73. Present law re quires the names but not the amounts In addition, every printed or duplicated bill, placard, poster or pamphlet would be required to contain the name and address of the printer and publisher and the person or committee responsible for them. Basic School Support Cutbacks Urged If Oregon Voters Reject Tax Boosts Salem tUPD Cutbacks in basic school support should be made if voters reject tax hikes adopted by the 1063 legislature, the Democratic Senate and House leaders said today. House Speaker Clarence Barton and Senate President Ben Musa both agreed basic school support was. the place to make cutbacks necessary to keep the budget in balance if the voters reject tax hikes. Barton explained "schools affect everyone, this would be the only way to spread a major cutback over all areas of the state. "Cutbacks in welfare, or higher education, for ex ample, would affect only selected areas and would not be felt by everyone. "I think the education peo ple should be out drumming up support for the legislatve program." Musa said such cutbacks in basic school support "would be an instrument that is not off base. The people at home then would have to pick up the tab." Barton said legislators could not reduce local prop erty taxes. "Property taxes are the product of what local people want. There's not much the legislature can do to bail out local governments. That isn't going to encourage peo ple to economize. They will just turn to big brother in Salem." He said increases in basic school support had not result ed in reductions In local school taxes, and cited ex amples where school districts Regional Edition MEDFORDf Page 2A Tribune MEDFORD," OREGON, THURSDAY, JANUARY 24, 1963 expanded budgets when addi tional state money was maac available. Barton explained he has no quarrel with the $405 million budget proposed by Gov. Mark HaUield, and predicted the legislature would "cut or add $4-$5 million." Barton explained hearings on the welfare department budget requests would be de layed "several weeks" before hearings can begin because a completely new budget is being drafted. Musa said he felt "constitu tional revision has as much chance as a sales tax" of being adopted this session. Musa also mentioned he wanted taxes to be levied on HOLDUP MAN FOOLED New York TUPD A branch of the New York Savings bank pulled a fast one Wednesday on a holdup man. Officials said teller Eileen Grehl hand ed the man a roll of fake bills wrapped in a real one. all tobacco products, cigarettes. Musa said again he does not favor Hatfield's budget, but wants only a $20-$25 million increase which could be fi nanced by the tobacco tax and his own income tax proposal. Money Worries? Too many Bills? Payments too high? Can't get a Loan? Can't sleep nights? DON'T GIVt UP CALL CREDIT ADVISORS One place to pay one pay ment you can afford. Not a loan company no collateral or credit references required. 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