{ title: 'The journal-register. volume (Medina, N.Y.) 1970-current, July 31, 1972, Page 10, Image 10', download_links: [ { link: 'http://www.loc.gov/rss/ndnp/ndnp.xml', label: 'application/rss+xml', meta: 'News about NYS Historic Newspapers - RSS Feed', }, { link: '/lccn/sn93063954/1972-07-31/ed-1/seq-10/png/', label: 'image/png', meta: '', }, { link: '/lccn/sn93063954/1972-07-31/ed-1/seq-10.pdf', label: 'application/pdf', meta: '', }, { link: '/lccn/sn93063954/1972-07-31/ed-1/seq-10/ocr.xml', label: 'application/xml', meta: '', }, { link: '/lccn/sn93063954/1972-07-31/ed-1/seq-10/ocr.txt', label: 'text/plain', meta: '', }, ] }
Image provided by: Lee-Whedon Memorial Library
' 10 MEDNA JOURNAL-REGISTER MONDAY, JULY 31, 1972 t = £, Congressman BARBER B. CONABLE, JR. CORPORATION TAXES WASHINGTON - The ery for tax reform relates primarily to individual income tax rates which critics feel are not progressive enough or have their progressiveness eroded by tax preferences of one sort or another. Lately, though, we have been hearing something: about corporate income taxes and their imperfections. If tax reform is to be one -of the first orders of business in the Congress, we can assume, therefore, that there will be included some earnest. . discussion about the role of the corporate income taxes. Eighty per cent of the volume of America's business is handled by corporations. But since a corporation is a legal fiction, designed as a shield, a conduit or a tool for individuals, some classical economists are inclined to argue that you never really tax a corporation; all you do is in- crease its cost of doing business and hence the cost of the goods and services which it provides, directly or indirectly, to in- dividuals If you accept this argument (and not | all economists do) then it follows that the corporate income tax is only an indirect tax on in- dividuals, and that the average citizen pays them as he pays everything else when he buys the things corporations sell. A corporation that didn't pass its taxes on to its customers would very soon go out of business, because its taxes of all sorts are usually very much higher than the profits it would other wise make. The corporate income tax is normally about 50 per cent, - although there are some special allowances for small cor- porations. But some, according to reports made public here last week, pay a much lower effective rate on their announced income, and a few pay no U.S. tax at all. As with everything else in our complicated system there are many reasons for this, but one that predominates is the foreign tax credit. A large number of our biggest corporations do extensive business abroad. They are ere rata tatara tanana ats C7 .\.\\\\...'..-'--.' ole o o e sie I...’Q.‘Q‘l“..l....'... U... o e e e oce e o_o o oo 0 e 0 0 as a ata a ate ato\a ata ana\ ann\ 0%0\0%0\0\0%00°0 0.0.f¢.v.'.'.'!::°.'.,°.°.'.'.0.'.'.° subject to foreign income taxes if they elect to do business in foreign countries, and under our law they can take a direct credit against their American tax to the extent of foreign taxes actually paid. Since most other countries tax corporate incomes about as highly as we do, the alternative would be for an American cor- poration to pay a tax of half its profit to the foreign country in which the profit is realized, and then to pay the remaining half to Uncle Sam when it brings the net home. Obviously there would be no point in an American cor- poration trying to do business abroad without the foreign tax credit. Other countries use some variation of the same device to try to encourage their businesses to make profits abroad and bring them home. But that's where the old credibility argument arises: X Corp., a giant on Wall Street, actually paid only a tax of 17 per cent on its total income last year, despite the 50 per cent income tax. Outrageous, but are they really getting away with murder if much of their income comes from overseas and they are paying very high taxes to the governments of the countries: in which that income is derived? You will be hearing a good deal about this issue from the - AFL-CIO during the next few years. The unions fear that our involvement overseas results in an export of jobs because labor is cheaper in many foreign coun- tries. - Multinational - cor- porations, - which - export American technology to help them make profits abroad, are an even higher priority target for the organized labor movement than foreign imports are. Foreign tax credits are only a part of the issue, but we are hearing about it now because of the great interest in tax reform and the low American taxes paid by some of the largest cor- porations whose headquarters are in this country. It's not a very sexy subject, but I hope you'll forgive my feeling that it needs more explanation than it has been getting. 'ere a 0.0, 205000 \220000 e\: BRUCE BIOSSAT With Wallace Out Looks Like Nixon Will Carry South By BRUCE BIOSSAT WASHINGTON (NEA) Alabama Gov. George Wallace's emerging decision not to run this year as a third party presi seems likely to ential candidate give President Nixon all 11 \old south\ states and nearly half the electoral votes he needs for re-election. The word “emerging'dlis used because a judgment is forming not from open Wallace statements but from utter- ances by aides, seasoned Wallace-watchers, and at least one of his physicians. The doctor's word, that the governor's nonspinal wounds have weakened him more than earlier realized, is getting around. Less appreciated is Wallace's evident mental depression. Alabama newsmen who had a group visit with him at Miami Beach have not said much about it. But they found him in a state of melancholy. He seemed almost disin- terested in current politics. He would give one-line an- swers to questions and then fall silent and look down at the floor. e \_ Once or twice people around Wallace have hinted that a third party effort might be good therapy for him. But his downcast mood and weakened condition appear to work against the idea. If he is out of it this time, what then? The best information is that he will not endorse the Democratic nominee, Sen. George McGovern, and will not encourage any of his followers to take that course. But he won't endorse Nixon, either. He will play what seems a plausible role, that of a disabled man who is necessarily sidelined and understandably quiet. This stance will do him no appreciable harm if he recovers sufficiently to make another presidential bid in 1152731 222m the Democratic fold. His party credentials will In the confusion of the Democratic convention's closing gangs; gimegas fiyAlllage ”1:1th orgy briltlalfiy, if at , a S sed in the Alabama delegation which said: “$211??th fi’ihin 1116.” g which said ___ That, then, is the likely focus. But the irony in this for 1972 is that Wallace, lying quiet within the par¥y fold, may do the presidential ticket more harm than if he cam- - paigned independently. . I've made my first preliminary check in the South. The hard prospect is that Nixon, at this stage, stands to win the 11 old south states with their total of 130 electoral 1:vio1,:es. and. get a long leg up on the 270 required for elec- - tion. - Nixon won five of those states-Virginia, Tennessee, th two Carolinas and Florida-in 1968. He lost Texas to Sen? Hubert Humphrey by a single percentage point. And in Georgia, Louisiana and Arkansas he ran ahead of Hum- phrey while trailing Wallace. Only in Alabama and Missis- $1331; gm Nixon [placate tllflrd' th bama sources me the guessing there today is that Nixon would beat McGovemgby at lgeast two toaznés. To gauge the significance of a southern sweep for Nixon, you need only make the further realistic calculation that he may bag another 71 electoral votes by blanking Mc- Govern in the 13 Mountain and Plains states and getting just Oregon and Alaska in the Pacific tier, Conservatively, give the President just 42 in four of the nine middle west states, leaving out the really big ones. That puts him 27 short of election, without counting any large states but Tesxgs fitnda Floridamg is d te for Mc _ , southern is dynamite for McGovern. He may work around George Many .and other disgruntled - labor bosses and touch the union rank and file in the north. core of his southern opposition. ' {NEWSPAPER ENTERPRISE ASSN.) Manhattan, But, blacks and some youth aside, the rank and file is the . Yates Court LYNDONVILLE The following cases have come before Town Justice Gerald Hughes during the month of July: . July 9 - James Nellist, 17, 38 South Main Street, charged with disorderly conduct. Charge with- drawn by complainant. Bruce Montague, 17, Murdock Road, charged with disorderly conduct. Charge withdrawn by complainant. July 12 - Doris Bedient, 44, 20 Maple Ave., drove to left in no passing zone. Fined $15. July 13 - Dan Carter, 50, Gee Road, charged with criminal trespass. Presently held on $100 bail for future hearing. July 14 - Joseph Upshaw, 27, Densmore Road, Albion, charged with falsely reporting an in- cident.. He is also charged with petit. larceny. Held on $200 bail for future hearing. July 19 - John Gollus, East Lake Road, Lyndonville, age 22. Charged with not being prudent, dismissed. Charged - with modified muffler, ordered to change muffler. Fined $25. Also charged with unsafe starting. Fined $10. - Grace Pringle, 67, North Lyndonville Road. Charged with speeding 45 mph in 30 mile zone. Fined $15. Ronald Jones, Town Line Road, age 22, charged with unsafe starting. Fined $25. Unable to pay fine, was ordered to scrub black marks off parking lot back of the Town Hall. Also charged with modified muffler. Fined $25. Unable to pay fine, ordered to sweep both sides of Main Street. Mark Goheen, Elm Street, Medina, age 18, charged with speeding 70 miles per hour in a 55 mph zone. Fined $20. Terry Williams, 22, 1532 Kent Road, Kent, charged with no mirror on motor cycle. Fined $15. Richard Bruning, Marshall L by Dick Turner CARNIVAL j « '\'Wake up, Harry! Time for 'Mission Impos- sib‘e’ s ® \’ .@ 1972 by NEA, Inc., TM. Reg,. U.S. Pat. Off. 7'3’ \. .. the garbage has to go out!\ Side. ‘ Meanwhile Miss Dahl, at 43, continues as a consultant to Kenyon & Eckhardt Advertising (she received the Advertising Club of New York's Woman of the Year award in 1969 while she was a v-p at K&E) and is putting out a line of beauty products. She got into the wig business because Sears Roebuck and Co. asked her to; they wanted her background in beauty to give a custom look to a line they were making from Kanekalon, the Japanese - modacrylic. - She's working with Bill Harwood, a stylist, on the wig collection which will be sold under her label. Miss Dahl has written several books on beauty and fitness and for 20 years had a syndicated beauty column. \We're designing for the Road, 29. Charged with unsafe | starting, fined $20. _ July 22 - Frederick Lega, 23, Main Road, Akron. Charged with speeding 50 mph in a 30 mile zone. Fined $25. July 23 - Roger L. Bruning, 18, Marshall Road. Charged with disorderly conduct, operating a motor vehicle with a passenger on the hood. Fined $25. Pamela Cooper, 16, South Main Street charged with disorderly conduct. Sentencing deferred until Aug, 2. Gabriel Cooper, 33, Bates Road, Medina. Charged with zpe’eding 65 in 55 mph zone. Fined 15. Judge Hughes had this statement to make about com- plaints. \If within the Town of Yates, anyone has a complaint against another person, please call Constable George Ander, the Sheriff's Department or the State Police. If within the Village of Lyndonville, contact any of the three named or Officer Charles Bacon. Do not call either of the Town Justices. It is unfair to the party being accused to have the justice: hear the complainant's side of the story first. The of- ficers are equipped to handle any and all complaints. \ 1, ee Womans Beat NEW YORK (UPI)-Arlene Dahl finished off a successful run in Broadway's \Applause\, set out to locate a home in began reading scripts for a new musical for fall, and went into the wig business styling for a major. mail order company. . Why all the output of energy 'for the beautiful red-haired actress who - already - has established careers in several fields and could relax now and take life very, very easy as a well-to-do matron? 2 \I thrive on work,\ said the . Minneapolis-born . actress. \Un- less you're contributing in life, you're dead from the neck up.\ Miss Dahl is the wife: of Rounsevelle W. Schaum, former board chairman - and chief executive officer of Internation- al Telecommunications Corp.; who plans to turn his direction to Broadway in the fall also, in production. ol Miss Dahl has three children -Lorenzo, 14, and Carole Christine, 10, from earlier marriages (to Fernando Lamas and Christian R. Holmes IID, and - 17-months-old - Schaum. _ _ mul y, In the fall, the family will settle into an apartment: on New York's fashionable East # People . Pearle Mesta Is Hosp By United Press International, SCOTSDALE, Ariz. (UPD)- Svetlana Stalina Alliluyeva [Pe- ters, daughter of Soviet dictator Josef Stalin, is going back to Princeton, N.J. She says her marriage to architect William Wesley - Peters salvaged. ‘ She and Peters went to a psychiatrist for marriage coun- seling and tried to work out compromises but \our ways of life do not agree,\ she told the- Phoenix Gazette. Mrs. Peters said she will rent the' same house in Princeton she lived in before her marriage, and she will take along her daughter Olga, 14 months. > WASHINGTON (UPI) Pearle Mesta is \doing very well\ at Sibley Hospital. The famed hostess and former minister to Luxembourg under- went surgery for a broken hip after she fell down six steps at the home of her niece Saturday. MIAMI (UPD Earles, Florida's only black delegate to the Republican National Con- vention, says he takes a lot of kidding from the \99 per cent' of his family who are Demo- cannot - be | women who don't like to wear wigs,\ said Miss Dahil. \They've got to be light, they can't be tight, and tey must behave better than hair.\ sta crats. - ''My son, my daughter, brothers, nieces, nephews, ftiends—everybod but my wife they're all |Democrats,\ Earles said. NEW YORK - (UPD)-Ted ross, the city's $35,000-a-year Youth Services Agency commis- sioner, is accused of driving with a license that police say Eras forged. He was arrested -+- arly Sunday by police making a spot check at an intersection. . Officers said his driver's license was suspended in February for alleged non- payment of summonses. LOS ANGELES (UPI)-Jane . Fonda, just back from: Hanoi, says she is going to suspend heracting career until after the November elections to work full time in the peace movement. \Genocide is more-important than anyone's career,\\ she said on her return home Sunday when asked about moves under way to boycott her movies because of a broadcast she made from Hanoi. \People that are considered radical today will be considered normal years from today,\ she said. NEW ° YORK - (UPID)-Eddie Carmel, who was 9 feet tall and weighed .500 pounds, died Sunday in Montifiore Hospital at the age of 36; A hospital his enormous size. spokesman said his death apparently was 'related to a glandular problem\\ that caused 4 - NEW YORK (UPI)-Soviet Health - Minister - Boris | V. Petrovsky arrived at Kennedy Airport Sunday for a 10-day visit to the United States. He is scheduled to meet with Health, Education and Welfare Secretary Elliot L. Richardson Tuesday. . Minnesota is known as the \Land of 10,000 Lakes.\ ° Free _ technical - career | guide. It's from the U.S. Office of Education. For your copy, just | fill out this ad and send it to: Careers, Washington, D.C. 20202 | Name | Address City State _._-- Zip «Alis, s a,. C _ 0 < cOuuG“ In” Advertising contributed for the public good. Nothing makes an old garage look better. faster than a new car. - ' And one of the fastest ways to buy one is with a Marine Midland Auto Loan. We have all kinds of payment plans for all kinds of budgets and all kinds of cars. A ' Ask us. Or ask your dealer. |_. _- t -- aime Afterall your garage has done for you. do some- thing for your garage. - AUTO LOANS FROM MARINE MIDLAND BANK . TO US, PEOPLE ARE WORTH MORE THAN MONEY -
