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Show Friday, August Page 3 SOUTH SALT LAKE HERALD 18, 1961 Stock Dividend Truth Revealed The House Ways and Means Committee has tentatively vetoed cancellaiton of a provision of several years standing which makes the first $50 of dividend income exempt from the individual income tax, and provides a four per cent tax credit on any remainder of such income. It also has approved a plan for a withholding tax of 16 23 per cent on dividends and interest payments. Many authorities continue to doubt the wisdom of the withholding scheme. It would inevitably involve a great deal of expensive bookkeeping and recordkeeping, and would work a hardship on large numbers of people in small income brackets. At least there seems to be majority agreement that the dividend exclusion and credit provisions should be retained and there are cogent arguments in favor of them being increased. The reason for this is that dividend income is the only form of income subject to double federal income taxation. Profits are first taxed at the 52 per cent corporation rate, and any remainder distributed to the owners is then taxed at the individual income tax rates, ranging from a bottom of 20 per cent to a high of 91 per cent. The existing law simply provides a modicum of relief from this manifestly unjust sit- 7V6eeJUtt ing represents excitement, thrills, and a competitive spirit unmatch- ed in the world of sports. By Larry Rutherford MODELS Europe has long held claim to the champagne of auto racing, the sports car road race. But we feel that since World War II America has made great strides in this field, and the pace has quickened considerably the last few years. It is our opinion that road racing in America is underated and is weakly publicized. We have good drivers, good tracks and exceptional races which are well attended. But for some reason too few of the races receive nationwide attention. Last week we talked about a great race car driver, from Italy, Fazio Nuvalai. This week we would like to mention a young American driver of world fame. Phil Hill bought his first car at 12 years of age, a $10 Model T. He entered the racing circuit with a bang and soon became the man to beat on the west coast. His fame grew and Phil toured the European racing circuit and stacked up some amazing victories. Among these were, LeMans, Caracus, Nassau, and Sebring. In 1951 young Phil was signed up to drive for the Ferrari racing team. Revell Corporation will soon have a working engine model on the store shelf. This engine will be Chryslers slant six. We were told the only difference between the model and the real engine is the real one runs on gasoline and the model runs on a battery. The nuts and bolts, America has some excellent sparkplugs, and other miscellantracks, the latest being Meadow-dal- e eous items are made out of metal. International raceways, a The price is $12.95. new 3.3 mile racing circuit located at Chicago, that may become the SAN DIEGO Serving with site of the American Grand Prix. Tactical Air Control Squadron 13 Lance Reventlows Scarab rac- that returned, July 21, aboard thee ing car has earned a place with attack transport USS Calvert to the best of the Class A Formula its home base at the North Island cars, such as Maserati, Ferrari, Naval Air Station, San Diego, and Jaguar. Calif., is Navy Lt. Cdr. Marvin We hope the interest in road S. Broomhead, son of Mrs. Fay racing continues to climb, and H. Barnard of 2415 S. Fourth E., the American people obtain a Salt Lake City, Utah. tour of greater understanding of the great During their sport. For we feel that road rac- - duty in the Orient, squadron six-mon- th KEEP UP-TO-DA- Mystery of Hour members served aboard the amphibious flagship USS Estes and visited Pearl Harbor, Okinawa, Japan, Taiwan, the Philippines, Hong Kong and Singapore. Squadron members recently Southparticipated in large-sca- le east Asia Treaty Organization (SEATO) amphibious exercises, during which the squadron received an operational readiness grade of outstanding." TE in Supporters of cancellation of the credit have said that the law as it now stands is of principle benefit to wealthy stockholders. President Keith Funston of the Books, Franklin, N. C., Fress: If federal aid to education is not necessary, and if it is not the most economical way to finance the schools, why take a chance even a remote chance on federal control? The truth is, the whole concept of federal aid to education betrays a lack of faith in democratic processes. It is a vote of no confidence in the intelligence and the integrity of the average citizen." School Affairs uation. me dIv1 ell. Ajfl on , New York Stock Exchange pulled the rug from under that argument in a recent statement. More than half of all shareowners have total annual income of less than $7,500, and at least 3 million small-incopeople are relieved of all double taxation by the $50 exclusion. The many, not just the few, get the benefits. Regardless of numbers, double taxation of income represents a principle that can have but one end injustice and oppression. 1. Utah and the Nation LEARN how other parents in the nation are exercising their responsibilities and their rights as citizens and taxpayers. FIND OUT what the publishers of textbooks are offering your children. Decide for yourself whether or not this big industry is giving honest value and true leadership to your country in this hour of danger to a great culture and great tradition. BE INFORMED get behind the smokescreen. The regular news media (almost without exception) are too timid or too demoralized to give the facts about what parents want and schoolmen refuse to provide. On Saturday, August 12, the following books will be added to the shelves of the Calvin S. Smith Branch of the Salt Lake County Library at 810 East 3300 South. ADULTS BUCKSKIN BARONET, by novel of A Widdemer. Margaret the Mohawk Region of New York on the eve of the Revolution. A MAN TO MATCH TIIE HOUR, by Seldon Truss. A Crime Club selection, one of Seldon Truss finest mysteries. CITIZEN OF NEW SALEM, by Paul Horgan. This has been written in honor of the centennial of SUBSCRIBE NOW Lincolns first inauguration on Please send me, the NEW monthly publication, EDUCATION AND COMMON SENSE, my subscription to begin issue. with the March THE HOUSE OF THE DOUBLE AGE, by Agnes Carr of Min-oa- n Vaughan. A life in the palace of Knossos. ALASKA BOUND, by Kathryn Winslow. A complete travelogue by the author of Big Pan-ou- t. YOUNG PEOPLE THE WISHING POOL by Mun-r- o Leaf. Not only are these stories told with verve and humor but they are written with a simple vocabulary that is easy to read. EDDIE AND LOUELLA by Carolyn Haywood. The only prize offered to the reader who guesses what happens next is the delectable experience of reading this simply super book. 4, 1861. re-creat- ion to Education and Common Sense A Journal for Parents Who Desire a Voice in School Affairs SUBSCRIPTION BLANK A few copies of March, April and May issues are still available. One year (10 issues) Two years (20 issues) $3.50 $6.00 Please bill me for $ Please find enclosed my check or money order for $ Name Street Address City or Town Zone : ..State EDUCATION AND COMMON SENSE 'Dept. P Sugar House Station Salt Lake City 6, Utah Box 76, |