OCR Text |
Show that are not reasonable and necessary' The proposal approaches to taxation ot foreign operations of U. S. business would upset tax rules that have been in existence, in some cases, as long as the income tax itself. Industry considers some of these proposals both unreasonable unreas-onable and unworkable. Rep. Byrnes (R., Wise.) of the Ways and Means Committee says that these changes amount to proposing that "American business bus-iness should surrender to foreign for-eign competition in the world market." NEWS OF YOUR NEIGHBORS IN SOUTH MILFORD Mrs. Ronald Gale and children child-ren of Dutch John are her visiting visi-ting with her parents, Mr. and Mrs. Hy Tolley. Community Club entertainment entertain-ment committees for the coming com-ing year are Mrs. Maurine Yardley, chairman; Mrs. Nora Wright, Nona Gillins and Helen Gillins, assisting. Mr. and Mrs. Frank Myers with Mr. and Mrs Howard Marshall, of Minersville, and Mr. and Mrs. Sumner Murdock, of Beaver, were in Montana for several days last week. Mrs. Margie Sherwood and daughter, Linda, spent the week end in Salt Lake City. Recent visitors at the The-man The-man Walker home were Mr. and Mrs. Arthur Talbot and children, also Mr. and Mrs. Robert Bishop, of Draper. Mr. and Mrs. Irving Jep- HOT DAMN. MORE TAXES The Administration's tax proposals, pro-posals, somewhat modified in committee, are expected to be reported out of the House Ways and Means Committee about the middle of March. Although pson, of Salt Lake, visited with Mr. and Mrs. Lonnie Welling-ham Welling-ham Monday. They also saw about their property in South Miiford. 9 Mr and Mrs. Jule Gillins, of Minersville, spent Monday evening visiting at Mr. and Mrs. Clair Gillins. Mr. and Mrs. Jimmy Mayer and Mrs. Opal Walker spent Wednesday at Richfield. Mr. and Mrs. Fred Wright brought their children and left them with their grandparents, Mr. and Mrs. Floyd Wright, while they spent the week end in Las Vegas. 0 Mrs. Emma Rollins spent several days visiting with her children in Salt Lake; Mr. and Mrs. Basil Rollins and family, and Mr. and Mrs. Clark Rollins Rol-lins Clark had received a call to report to Fort Douglas for a physical. the Administration contends that this legislation has been designed specifically to make possible business expansion and economic growth, business and industry leaders have almost unanimously opposed the proposals. pro-posals. This means that the business leaders believe, upon analysis of the proposals, that a measure meas-ure supposedly designed to help them to expand as they wish would not do so, but would instead damage business busi-ness and therefore imperil economic eco-nomic growth and increased employment. Industry's objections to the bill, in part, are as follows; The $1.8 billion investment credit proposal is a subsidy with control features, which would distort business decisions, deci-sions, and increase the tax graduation and tax discrimination discrimi-nation between companies. It does not provide any significant signi-ficant net new capital, because the proposal would make up most of the revenue loss to the Treasury by devices - to raise taxes on business. Treatment of expense deductions deduc-tions in the measure substitutes the Government's judgment for management's judgment on what are necessary business expenses. (The Internal Revenue Reve-nue Service already is empowered em-powered to disallow expenses |