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
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.... 8334
38 ',3
31 i
.... ao-'s
18 1
... 37 U
... 803
... 88
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18',
... no',
...24H
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... 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
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. 76',a
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"4 1 1
.. 30
.. 14',
PI ,
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.. 3.'i
..JOSH
.. 5 P.
.. 31
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.. 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?
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sleep nights?
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CREDIT ADVISORS
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Inc.
PH. 773-7103
201 Medical Center Building
Medferd, Oregon
c
o o o SUPER MARKET 0 0 0
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i4i r
TIDE g)5)
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a
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BRADLEY 8"
PIES
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3
IVORY SOAP
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CONCORD HOLIDAY JORGENSEN'S GORTON'S
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TAMATACC U.S. No. 2 RED BELL BOILING
TOMATOES POTATOES ONIONS
ib. 29' 10,bs29c 3 ibs 19'
JUICE SNOBOY
CARROTS ORANGES Orange Juice
lb. 9' 3doz.100 , 49'
NEBERGALL'S
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PURE PORK or
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REEDSPORT
MEDIUM SHARP
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ib. )3(
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