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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (May 22, 1963)
12 B WEDNESDAY, MAY 22. 1963 MEDFORD MAIL TRIBUNE. MEDFOHD, OREGON ami yJ MM.B ma i. no-w STAR GAZERS, Br CLAY R. POLLAN i MAY 31 1 67-71-76 OIMM MAY 22 jfXj'JUN22 72-7374 CANCII JUNE 23 JULY 23 U JULY 24 i.Alxi.23 eJA14l?0-21 VWOO 4 AUG, 24 $ 5IPT. 22 ,12.15-17.32 '39-40 81 -8?) Vow Doily Activity Guid According to fhe S'ort, To develop me&soge for Wednesdcry, reod words corresponding lo number of your Zodiac birth, ign, 1 WorlKwiL 31 And 61 Don't 2 Someih.ng 32 Problems ' 62 Wor 3 Ptrional 33 Up 63 Moke 4 And 34 Scene 64 Intruder 5Si-ek. - '35 Don't 65 Oo 6 Your 36 Faithful 66 Today 7 Help 37 Gamble 67 Some 5 Inlormation 3fi Reveal 6ft bockwordi tcotrto NOV JO V (60-63-86-90 9 Yo 10 Reaches 1 1 Can 12 You've 1 13 Moke 14 boy 15 Seme 16Ltt'e . 17SmoH IS People 19 Welcome 20 Or - 21 Nothing 22 You 23 Take "4 Fovnroble'e 25Todoy ' 26 Cocking 27 Fomit'or 28 Beh.nd 29 Placet 30 Moke 39 Thot 40 NH 70 Any A l Money 7 1 Foif A7tJvy.(tf 72 Str A3 Or 73 Uo 44 Jut 74Troohlf 45 Seeing 75 5om in Likren 76 Thinking 47ProH:hj 77 New AH You 78 Or 49 Good 79 Door 50 You' 80 Old 51 Meddleetyme flMmmedtote 52 Look . 82 Attention 53 Mutd 83 Opent 54 Forord 84 Fnendi SSWhotever 85 Accept 56 Someone 86 New 57 Hoppy 87 Action 58 And 86 Bnbes 59 Not 89 Neceiiory (X)Good ()Advene yNeutuI M54 5y8rt 6-77-7y83VlJ SAGfTTA.IUS NOV DC H5-37 38-70' 75-78-85-8 CAMKOtN 0.C JAN. 30-33- ag AOUAMJS JAN. 21 4S ra. If ,6 J 5- Y-77 J9 if 31-380-841 WSCIS 6- 7-11-131"- 54-57-66 1. ll Your Money's Worth By SYLVIA PORTER Copyright, Hail Syndicate, Inc. CAPITAL GAINS TAX 'REFORM' As one of America's 17 million aharcowncrs, you know Ihat you must hold a slock for six months or longer before any profit you have on it can qualify as a long-term capital gain and thus be subject to a maximum tax of 25 per cent under today's law. If this holding period were lengthened to one year and simultaneously the tax on your long-term capital gains were sharply lowered, would this encourage you to delay taking any profits until after the 12-month deadline and thus reduce the number of your stock transactions? Or would the fact that you had to wait a year to get the preferential tax treat ment encourage you to sell whenever you felt the time was right within the 12-month period, even though you then would have short-term gains taxed as regular income at ordinary income tax rates? The U.S. Treasury thinks that stretching out the holding period would encourage you to make more stock trades and that as a result, it would pick up an extra $180 million a year even at the reduced gains rates. Thus, as a key tax reform, it is urging lengthening of the period you must hold , a stock before any profit you make on it moves out of the category of regular income taxed at ordinary rates and into the category of long-term capital gains taxed at preferential rates. Moil Wall Streetors violently disagree with this view, and today tha New York Stock Exchange- released a new study which lays flatly Ihat lengthening of tha holding period to ont year would cut stock transactions 10 to IS per cent, and instead of hiking tha Treasury's lax take would illce It by 1100 million year. The NYSE reasons that many of you would postpone tak ing profits because you would not want to add these to your regular income. If volume of trading fell 10 to IS per cent, obviously there would be far fewer transactions on which the Treasury could collect capital gains and stock transfer taxes. If there were fewer transactions, the market would be less liquid, this "reform" would neither stimulate the econ omy nor help balance the budget. On this tax reform I have mixed feelings. As truly long term Investors, we raroly switch stocks on which we have gains Just because a tax deadline has passed, and naturally we would like to have profits on stocks which we sell after years of ownership taxed at lower rates. But the NYSE's study docs suggest the Treasury has overlooked historical evidence indicating that a longer holding period well might reduce trading and that the Treasury's estimate that this reform would bring in an extra $180 million a year is way off base. Congress last changed the holding period in 1942, from a minimum of 18 months to six months. Immediately, the volume of trading Jumped, and during the next four years avcruge volume on the NYSE was up 13 per cent. The re verse could happen now if the holding period were sub stantially lengthened, for the NYSE reports that "nine out of every 10 registered representatives responding to a re cent survey said their clients would make fewer transac tions if the holding period were lengthened to one ycai even if the capital gains tax were reduced." The holding peririd Is estimated to be the key factor In 20-25 per con of all securities sales. The decline In trading on the London Stock Exchange since the British Government introduced a six-month holding period in 1062 is another indication shrinking liquidity would be the undesirable result of lengthening here. We are among the few countries which tax capital gains at all, incidentally. Most do not consider these gains as Income and exempt them from taxation. While wt do not exempt capital gains, we alto recognise they are differ ent from income and are entitled lo a preferential rate. The purpose of a holding period Is to distinguish between an Investment and an ordinary business transaction. The period chosen is artificial, and arbitrary, but It's a con venient, simple, well deiined way to make the necessary distinction, f It's idle to guess now the final fonn of the 1063 tax bill. But much as Wall Street wants a cut in the capital gains rate, it would settle for no reduction if attached to it must be this reform. 3 DATES JT , I SALE -T "V May 22 I ' M I Inclusive '. I 25c LEADER MATERIAL stren 23c PRESCRIPTION DRUG STORES VENTILATID FISHING CREfl 99c 11.35 VIVIF LURE U9 35c REEL OIL H , 33c 65c CHEESE BAIT STAZ ON 37c SHAKESPEARE AUTOMATIC FLY REEL ' No. 1822 . 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