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Show Page Ten National Enterprise , May 5, 1976 Whos Picking Up the Tab for Americas Free Lunch? . ment. So the only way he can pay money to the government is by imposing a burden on somebody. Government cannot spend money at nobodys expense, which in turn leads me to my final myth. Maybe government cannot spend money at nobodys expense, but after all, we all know that government spends money to benefit the poor at the expense of the rich. Once again, however, this is a myth. It is a myth which is promoted because, of course, everybody wants to do things for good purposes. We are all in favor of helping the poor provided you and I are defined as the more than a modest amount, On the other side of the but he also has to pay addin it is a tional taxes on the wages he picture, fact that richer earns. Much more fundamen- demographic people live longer than poorer tally, the young men from people, and so they will poorer families, the people receive Social Security benewho are going to be poor in fits for more years. In other our society, go to work and words, the poor fellow at the start paying Social Security bottom has been suckered into taxes at the age of 16 or 17. taxes for more years in paying People who are going to be in order to provide better-of- f the upper classes or upper people with benefits for more middle classes go to college or years, and thats whats graduate school; they dont known as a program of helping start paying Social Security the poor at the expense of the taxes until age 24, 25, or 26. rich. payroll tax on wages up to a maximum, the revferse of what is regarded as a graduated tax. The benefits are related hardly at all to the amount of taxes anybody has paid and in any event are to a large extend inequitable. A man who has a million dollars income a year from securities will receive his full Social Security benefit after age 65. But if between age 65 and 72 he should work, and gets his income from labor, then not only doesnt he get any benefits if he earns poor. Consider the case I mentioned earlicr-Soc- ial Security. Thats a program that is widely regarded as helping the poor at the expense of the middle and upper income classes. The facts are, first of all, that the tax which finances Social Security is the most regressive tax in our tax system. Its a well-know- Sunwater Names New President; Distributors Security Brokers, Dealers, Corporate Officials, Attorneys. . EL CAJON Sunwater Company, (OTC 1.50, 1.75), San Diego based manufacturer of solar energy products, announced last week the appointment of John D. Warner as president of the firm. Warner said in an interview that Sunwater is on target with projected annual sales of $3 million. Current production, however, has been hindered by the companys move to new quarters and according to Warner, several details of the manufacturing process have been jobbed out to The companys total capability manufacturing includes swimming pool, domestic hot water and space heating flat plate collectors, solar water distillation units and solid state differential controls. Contracts in hand for the current year total $3.5 million, Warner said. Sunwater is presently concentrating on a campaign to establish a nationwide network of distributors, Warner said. Distributorships have been set up in Oklahoma, sub-contracto- hand for sweaty palms A helping Law Seminars help you avoid problems under securi- - Juristics Securities ties regulations. They're education on tape to protect you and your clients. Complete, current, concise seminars covering the field of Securities Law, you learn at your leisure from experts. Listen and learn while you commute to the office, while you have lunch, in the evenings as you relax at home. Texas, Wyoming, Utah, Washington, Denver, and City, Missouri. In California, Sunwater distribu Kansas album with compendium the small investment of only $1 00.00. Any one of the 1 2 sessions could save.you many times its modest cost. All for JURISTICS Send for your Juristics Securities Law Seminars now. v 941 01 Please send me the Juristics 1 2 Cassette Seminar on Securities Law. My check for $100.00 is enclosed. Name. Street Address. City .State. : Charge my Bankamericard Account Number Signature consideration internation- ally, said Warner. Areas of Mexico are already served by Sunwater, he added. In California Sunwater s completed commercial, projects include pool installations at the El Cajon Travel Lodge Motel; Gene Autry Motel, Palm Springs; and San Diego's Le Baron Hotel, Atlas Hotel Corporation, and solar heating systems for Pool Care, an Anthony Pools distributor. Founded in 1958 by Horace McCracken, Sunwater is one of the countrys oldest continuously operated solar energy companies. The company, through a merger with RCO last January, became a public Utah corporation. Warner, 50, joins Sunwater, he said, with twenty years of management experience in the aerospace indus try and has fostered an interest in solar energy for many years as a hobby. Overseas National Airways Notes Earnings 12 Cassette Seminars in handsome Juristics, Inc. 233 Parker, Suite 101 P.O.Box 11126 San Francisco, California rs. tors are located in San Francisco, Sacramento, Palm Springs, and Riverside. The company also plans to locate distributors in Germany and possibly in South Africa and Australia. Geris our number one many .Zip. Master Charge Expiration Date. NEW YORK CITY Overseas National Airways, Inc. (OTC 6.50, 7.25) reported today record operating revenues for 1975 of $97,007,000 compared to $87,096,000 for 1974, and net income for the year ended December 31, 1975 of $1 ,528,000 equal to $.66 per share. This compared with net income of $2,298,000 equal to $1.00 per share for the year ended December 31, 1974. Included in the 1975 results are gains before taxes from the disposition of equipment of $2,523,000. In 1974 results include a gain before taxes from the disposition of equipment of $1,991,000 and a credit of $392,000 resulting from a change in accounting principle. For the three months ended December 31, 1975, , operating revenues were $23,123,000 $19,541,000 compared with for the three months ended December 31, 1974. The airline incurred a net loss for the three months ended December 31, 1975 of $2,729,000 compared to a net loss of $704,000 for the comparable three months of 1974. The results for the fourth quarters of 1975 and 1974 include gains before taxes for the disposition of equipment of $332,000 and $650,000, respectively. The fourth quarter of 1975 was adversely affected on by the loss of a DC-1- 0 November 12, the increase of reserves for notes receivable and sales and use taxes, and adjustments in accruals for aircraft maintenance and foreign cargo operations. The loss by the company of a second DC-1- 0 aircraft on January 2, 1976 has caused further substantial operating losses in the first quarter of 1976. |