The Tulia Herald (Tulia, Tex.), Vol. 63, No. 51, Ed. 1 Thursday, December 23, 1971 Page: 24 of 32
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" TWf TUtll, fSwttKtr Ctunfyl HlftXtB
THURSDAY, DECEMBER 23, Wf
The Corporations Won
Thera is no more oppro-
priote time thon the Holiday Season
to say "Thank You" and express our
appreciation to you for giving us the
opportunity to serve you. May this
Christmas be a happy and contented
season for you and your loved ones.
INMAN WELDING
SERVICE
“How can she think about marrying him? She doesn’t'
jeven know what he looks like!”
Next month Mr. Nixon will send
Congre s a budget with a really
horrendous deficit a n d the sad
thing is that it will postpone the
most important domestic business
of the United States, a rectifica-
tion of the terrible imbalance be-
tween what the nation spends for
private goods (movies, fur coats
and chewing gum) and what it
spends for public goods (schools,
street lamps and garbage removal).
The deficit may run from $30 bil-
lion to $35 billion and perhaps
higher, and we don't envy tire
speech writer who tries to clothe
the disaster in grandiloquent rhe-
toric as Mr. Nixon managed to
do for his deficit m January a year
ago. But we don't doubt he will
rise to it. We have just looked
through that message and it was a
beaut.
The year before he still clung to
the conventional Hoover-Etsenhow-
e: theory: “We must balance our
Fede-al budget so t h a t Ameri- . , ^ „ „ . . . ..
can families will have a better tentwn of most people, naturally called depreciation allowance. As
chan ■ to balance their family enough. Ls on whether or not it will tools and buildings wear out govern-
budgets " b u t he dropped that carry federal aid for campaign ment taxes them less. If has a
lofty banality in January, 1#71 when expenditures. Involved also, are “useful life “formula The new
his hoped - for $12 billion surplus s,,m? of ,he most ,avish tax bo_ tax bl11 Provides a new formula;
turned into $116 billion of red ink. wmim “» business which any re- it is called ‘-Adjusled Depreciation
Ha* adontvd the scnsihlo idpa of an cent administration has given. The Han^ (ADR) and it sets useful
imvnUveor full employment bud- White House says the*? are okay life about 20 percent shorter. That
get ins*£ This simpTit b.ut « threaten, to veto the bill if means a fine fat cut in taxes
that he accepted a certain amount Congress persists in including a It is terribly difficult to explain
of red ink for the time being until 101 oi additional tax cuts to con- these complicated things. A Wa.,h-
the economy got back into whack sumers, plus the campaign financ- ington reporter uses up his 800
Everybody breathed better but the in8 nder H-’s thinking, of course, words just trying to define the
President couldn’t avoid ’clothing nf nt'xt January's budget. terms knowing that readers will
the bad news in a glowing me>- . The dirty li,,le Wa^h; >aw? af,er .‘h,“ nJst But
sage that outlined “the new Amer- ,nKtnn which everybody knows but the fact is that this change in the
icMV Resolution.” whi h there’s a conspiracy by pol- rules gives a bonus to corpora-
“TTiis can be a revolution ” he dteians and pre>« not ,0 discuss, tions of $3 billion to $6 billion a
said “as profound as far reach that ,b<' l s v sooner or later year, or $40 billion over the next
ing.’as exciting, as that first re- ">ust have more taxes, not less decade plus $4 billion a year there-
volution almost 200 years ago ” A temporary tax cut is all right after into the indefinite future.
Except for the hyperbole of the as a st'mulus to recovery in time Sen. Birch Bayh (D - Incl) fought
thing (which even now tends to of retwslnn as now, and that's the change and almost b -at it,
s>t our teeth on edge) we don't wbat Mr. Nixon and Congress both too; the final . enate vote wa, a
mean to poke fun at Mr Nixon: waflt and which most experts a|>- cliff - hanger, 40-39. The mmey
Democratic Presidents have made Prnw But the bu-incss tax cuts must be raised somewhere els-,
budget miscalculations, too; indeed which Mr Nixon proposes (and You lost; the corporations won
budget writing is an art form that which the Democratic C ongress 0r take a thm), called DISC
becomes more and more like a K ncrally app. oves) are not temp- jt,afS an acTonym for Dorn lie
fairy tale, and George .Schultz, 0lary, blJt p rmanen I hey rep- international Sales Corp. It's easy
th> mild . mannered man who rt'‘-,nt a trend, to transfer more eXpiajn Sup|x» you live in a
puts it into statistics, is H a n s ,axo' corporations to mdivid- s;att, Wlt^ a ^g sa| .s Iax S() .,,u
Christian Anderson. The budget, ua,s ,b*’y arp deliberate policy j,-to another state without a sales
you see, is telling us what we are 01 ,be,.ln Administration set tax ar)(j |)|d<,r y(mr good, there
going to bo doing 18 months a- ™ u l>rrf f jl>k'S and haw them sent to you. You
way, in the next fiscal year (we’re ;a? ,!nwas headed by ,juck t}),. tax n,iw suppose you
now in FY 1972 that ends next , a **. ‘b'xand'r (the tax man are a US corporation selling goods
July 3il), and n >body can do that. !>f ,b*‘ N|xnn - Mitchell New York a|,,,)a(j. on every $| profit you
Yet. th? dull budget is the wish, jaw f;rm>, which started its work h tn |l3y 40 cents in US cor-
the prayer, the poem, by which *‘P,pmbf. ‘••-.These tax cuts
porate income tax. The new tax late US sales abroad; it also aban- d cade ago; and that the boiling
law pro.ide, a n>at little exemp- don- a profitable tax source. There demand or m.r ased social sdf-
tion. It will allow the parent com- are a lot of others. vices (more p.lice, more health
pany to set up a subsidiary for The unpalatable fait is that the tare, be t-r environment) is nin-
foreign sales, a DISC, and this gap between rich and poor in the nmg ho t of fu.ids. You would
pays r.j corporate income lax if its US isn’t lessening; that our dis- take this as an i-su-e. George Wal-
pr Jits is kept in the subsidiary, graceful tax structure is probably lace has; he say he will stump
Cute, th? Maybe Ihi; will stimu- less progressive, les fair than a on it c xi y or. Anyone else?
&Untt
LOVE BROTHERS
Oil Company
220 N. 87 Avt.
995-2114
we .it out'our'national priorities. cjrpirations will be politically '««*««**«*««*«
For Mr. Nixon, alas, it's always jembl-v hard ta r«tor>' when the \
\x' n a clinker time com *s to start spending men-
Now there's a confrontation be- a«aln social amelioration,
tween the Pre-ident and Congress ^b> Administration is also edging
over the new tax bill and the at
ZIEGLER-WIMBERLY.
INC-
John
Paul
toward a national sales (value
add.d) tax.
In fiscal 196(1 the biggest ft*deral
tax source was personal income
tax; the second, corporate income
tax, the third, social se.urity. KV
fiscal 1971 (that ended last June
30) corporate taxes had slipped to
third plac *. They will drop more
under the n -w tax bill Are wv
pushing out th- corporate income
tax' T rm Field, executive director
of Taxation U ith Representation”,
a public ini rest tax lobby, thinks
so
Take a couple of examples from
the proposed new tax bill (cur-
rently deadlocked). Take a thing
It takes someone
who's not in politics
to take politics apart.
THE STATES Unitnd Thty Foil
by Frank Trippett
.. full of wit and ironically under-
stated outrage. Mr Tripprtt tells tho
mostly scanJalous story of state
governments ... he pokes about in
the murky monke>shines of the leg-
islatures like a jovial coroner per-
forming an autopsy . • . fascinat-
ing
- Virginia Kirkna ScrrU*
* . . timely reading . . . would be
smart for taxpayers to iccure a
copy ..
$5.*S JHavte Umnut
The herd hitting edileneti efHU Betferff
THE TEXAS COUNTRY EDITOR
A grass roots look at
National politics
comprlad by Eugunt W. Jonat
•’It’s nice to know that in the ape of
McCHihan a man with a typewriter
and honest convictions can still
make people lntcn . ."
- The Sew Leader
**A pungently written commentary
for popular reading ..
$4 54 - Librarg Journal
THE OSWAIO AFFAIR
An Examination of the
Contradictions and O miss long
of the Warren Report
by Leo Sauvage
“Sauvaec ... writes with the inten-
sity of an old-fashioned journalist in
puruut of a story ... His arguments
raise troubling questions not likely
soon to be answered."
IMS - The Atlantis
At your bookstore
THE WORLD PUBLISHING CO.
Cleveland and New York
Mi AW-Jtimt, fytifcMe 'CfLltttmo&sfol
AinmmU'iing: %t& .£ik*di/up&.jwL cfu/dJu
a mm mm ms
Wallace Funeral Home
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Baggarly, H. M. The Tulia Herald (Tulia, Tex.), Vol. 63, No. 51, Ed. 1 Thursday, December 23, 1971, newspaper, December 23, 1971; Tulia, Texas. (https://texashistory.unt.edu/ark:/67531/metapth506795/m1/24/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Swisher County Library.