The Key West Citizen Newspaper, July 30, 1954, Page 10

il .EGISLATORS COMPLETE WORK IN U.S. TAX LAW OVERHAUL How You Can Benefit Through New Tax Law 4 By JOE HALL _ WASHINGTON — Congress "-¢ompleted action last night on the tst complete everhaul of the na- tax laws in 75 years, and 3 Republicans and Democrats 7 they would profit more "Whatever the political effects be in the coming campaign ¢ontrol of Congress, the action to the White House for vir- certain approval the bill President Eisenhower had desig- pd as the cornerstone of his ‘@ 61-26 vote in the Senate to the President, Dem- a final chance to me provisions. : Republicans—Dwor- Langer (ND) and 22 Demo- per cent levy on cor- { income which dropped to cent April 1 and is extended t hailed the bill as p a 7%-billion-dollar ae ‘tax reduction program—biggest for ‘os year. This already has . been used in GOP campaign ma- "Democrats interject here that two big boons to the taxpayer took effect ally under a 1951 petite rane iit FP : i expansion and modernization “a wide variety of more deductions for businesses. will mean more jobs, they , claiming they will ‘say the bill concentrates for big corporations and but does little or noth- average little man. in e and Senate cut, but FEN 22 may SEE pepe AG Pe cu el i: “double taxa- corporation profits, and provide more equity business expansion. contended 80 per cent estimated at 360 mil- the plan reaches sixth of it Re i £ EES SE ith traditional March date in effect since the was passed in 1913, and substitutes April 15. The revenue loss in the bill Se ton a new rapid de- preciation write-off system allowed corporations’ and individuals. This will cost 323 millions in the first year, much more in succeeding years. : : Conditions also are given more iberal treatment of research ex- penses, greater freedom to set aside Bi teias: more power to offset losses in bad years against Profits in good years, and less accounting requirement. companies get a whole new depletion allowances. Hn : i The Helenas. hummingbird of Cuba, 2% inches long, is rated the ‘mailest bird in the world. Several companies of the ancient Egyptian armies hed their own standards such as animals, boats, fans or other emblems raised on aj day night. atadt. Crabb aid. WASHINGTON # — Here are some of the ways you as an in- dividual taxpayer can benefit through the big tax revision bill now on President Eisenhower's desk for almost certain signature: DIVIDEND INCOME—If you’re a stockholder, you won’t have to pay any tax at all on the first $50 of income in dividends. Fur- thermore, you can take 4 per cent of any, dividend income above $50 and deduct that from your tax pay- ment. MEDICAL EXPENSES — You may deduct medical expenses above 3 per cent of income, in- stead of 5 per cent as at present. But you must remember that from now on you may only deduct sums spent for drugs and medicines above 1 per cent of your income. Also, you can have a total med- ical deduction of $10,000. for your family; the limit has been $5,000. RETIREMENT INCOME—You won't have the basic 20 per cent tax rate on the first $1,200 of re- tirement income received . after you pass 65. If you’re a retired government employe such as a teacher, fireman or policeman, you can get the benefit even though you’re under 65. WORKING MOTHERS—If you must work to support children un- der 12 or other dependents, and if your husband is incapacitated or if the combined income of the fam- ily is less than $4,500, you may de- duct up to $600 spent for child care. SOIL CONSERVATION—If you’re a farmer putting a lot of money into soil rebuilding, you may de- duet these outlays up to 25 per cent of your gross income. COLLEGE STUDENTS—If you have a child who is under 19 or is in college and has a job which pays him more than $600 a year, you may continue to list him as a dependent with a $600 exemption on your return if you pay half of his support. CHARITIES—You may deduct up to 30 per cent of your income for charitable contributions, in- stead of 20 as at present. “INSTALLMENT BUYING—You may deduct the carrying charges on such purchases, eyen though they’re not specifically stated as interest in the contract. HEAD OF HOUSEHOLD—If your husband or wife dies, you may continue for two years to get the full benefit of income splitting as on a joint return. HEALTH & ACCIDENT PLANS —If you miss work because of an illness or an injury, you are en- titled to tax exemption on pay- ments made to you by your em- ployer, up to $100 a week, if they are issued under a regular health and accident plan. The exemption does not apply in the first seven days of an illness, unless you are hospitalized. DECLARATIONS OF ESTI- MATED TAX—If you’re married and have up to $10,000 of income, practically all of it subject to with- holding, you no longer need to file a declaration of estimated tax. RAPID DEPRECIATION — If you’re a businessman or farmer, you may use the new double de- clining balance method of quick depreciation on a plant or piece of equipment. This means that in the first year of life, you can write off twice the amount for deprecia- tion now allowed; thus you can concentrate most of the write-off in the early years of use of the item. The accelerated depreciation plan will benefit chiefly corpora- tions. They get other relief, too, including: More liberal treatment for re- search expenditures. Greater freedom to set aside sur- pluses. The right to offset a loss against profits of two prior years instead of one as now. Elimination for utilities of the 2 per cent penalty tax on consoli- dated returns. Greatly expanded depletion al- lowances for mining companies. A cut-off date of April 1, 1955, for the 52 per cent corporation tax rate, at which time it automatical- ly drops to 47 per cent unless con- gress continues it again. Western World Learns About Soviet Cruiser RUSSIANCMIGHT—The Soviet Cruiser, Sverdlov, one of a number of her class which the U.S.S.R. is reported: to have in service with more on the way. The picture is based on information gath- ered by British experts. A sensation of the naval review staged in connection with the coronation of Elizabeth II a year ago was the appearance of a new Soviet cruiser, the. Sverdlov, Photographs were taken, but at a distance, and some external equipment had been removed, so it was not possible to tell much’ about the ship. at the time. Now the British publication, The Navy,, has printed an article with somesdetails about her and deductions as to some other probable features. The article is digested in the July issue of The Military Review, published by the Army’s Command and General Staff College. ; The Navy says the Sverdlev is 690 feet long with a 71-foot beam, indicating a displacement of about 16,300 tons—a little less Soviet Revises Study Program For School Kids MOSCOW #—The Soviet govern- wi-|ment has decided that Russian school kids have been working too hard, and that they’ve been getting too much book learnin’ and not enough practical education. So it has revised the study pro- gram for primary and high school grades for the new term to cut down the work load and give the kids more to do with their hands and less with their noggins. Izvestia, official newspaper of the Soviet government, and the Teachers Gazette predict that the new program will make little Ivan not only a smarter but a stronger boy. The kids of Moscow and Lenin- grad are going back into school uniforms, and in some of the pri- ary schools ‘‘coeducation” is be- ing restored. Boys and girls: are going back together in the same classes after some years of segre- gation. ‘ Parents had complained their children were subjected to over- strain at examination time. To increase practical education, Russian primary school children are going to get garden and shop work and less biology, geography and psychology. GROOM IS SOLOIST AT HIS OWN WEDDING than the heaviest U.S. cruisers of the Salem class. Armament is reported to con- sist of four triple 6-inch gun turrets, 12 3.4-inch gun houses, which may be gas-proof and air- conditioned, 32 37-mm antiaircraft guns in twin mounts, two sets of quintuple torpedo tubes and two chutes for laying mines. Belt armor is believed to be about four inches thick, deck armor one or two inches. “It was interesting to see,” the Navy says, “that the Sverdlov carried both visual range finders, mounted in cupolas German fash- ion, a swell as a certain amount of radar ... The presence of the optical range finders suggests that they may be regarded as more than a stand by in case of elec- tronic breakdown.” The Navy said at least of the Sverdloy class are in ser- vice and another six to eight re- ported under construction. “Very fast—34 to 35 knots— well equipped, and with the huge fuel supply their size warrants,” it continues, “they will have an exceptional _endurance.”--(). Baby Is Born Up In The Air HONOLULU ( — The 23-year- old wife of a Navy enlisted man gave birth to a 4%-pound daugh- ter in an Hawaiian Airlines plane. A few minutes after the plane was airborne yesterday Steward- WANTED BY THE FBI LILA MAY NAIL, with alioses, Mrs. Jomes pir “Doodlebug,” “Doodles,” end ers Unlawful flight te void prosecution (rebbery)—harboring. DESCRIPTION: Age 22, born May 25, 1932, Birmingham, Ala.; height, 5 feet 2 inches; weight, 115 pounds; build, medium; hair, dark brown, naturally ‘wavy; eyes, brown; complexion, olive; race, white; nationality, American; occu- pations, hat check girl, waitress, lingerie model; scars and marks, two pockmarks, one on corner of right eye, one on left cheek; remarks, speaks with southern PRATT, Kan. (®—Paul Crabb, a contractor, had to sing at his own wedding. Crabb has a fine bass voice, and his fiance, Miss Mary Ann McNamee, insisted that he sing “I Love Thee” and “Always” be- fore marching to the altar Wednes- accent. A Federal complaint was filed at Chi- cago, Ill, on May 14, 1953, charging Nail with harboring Nick George Mon- tos, a fugitive being sought for unlawful flight from Georgia to avoid prosecution aie peoe having information which ving information aid in locating this fugitive is re- od to posreiny the nearest office of FBI, the tele number of which spree ce page of local tele ess Betty Chinn noticed Mrs. Char- lotte Crook in distress. Ernest Vary, the pilot, turned back toward Maui Airport but Mrs. Crook, gave birth to the girl five minutes be- fore the plane landed, Miss Chinn assisted her. The new father, Victory H. Crooks, is attending electronic technician’s school at Treasure Island, near San Francisco, Citizen Want Ads Pay Off! Here’s the MODERN Page 10 THE KEY WEST CITIZEN Friday, July 30, 1954 Hal Boyle Says RAPID CITY, S.D. — Leaves from a touring reporter’s notebook: They have fresh hens’ eggs on restaurant menus here—and 60- million-year-old dinosaur eggs in museums. But the naive tourist will do well to beware of any souvenir bar- gains offered him in dried porcu- pine eggs. They are nothing but dried cockleburrs, fixed up by lo- cal pranksters to kid the visitors. The Black Hills, home of free- roaming buffalo and the famous Mt, Rushmore memorial, has had a fabulous past, The area now has become one of the nation’s big tourist meccas, but a guy from out of town finds it hard to know what to believe. For the folks here still have the old pioneer fondness for a good yarn, whether it is ac- tually a true story or only a tall tale. Take Wind Cave, for example, which has 10 miles of explored passage-ways and several huge chambers. One called “the bridal chamber” was named, according to a guide, because of a girl who figured the only way she could carry out a promise to her mother she would never marry the best man on earth—and still get the guy she wanted—was to marry him in the cavern. But no such ceremonies have been allowed, according to the same guide, because “naturally the government doesn’t want to run matrimony into the ground.” Everyone recalls the tragic fate of Gen. George A. Custer and more than 200 men wiped out in the battle of the Little Big Horn River in Montana on June 25, 1876. The Indians, who always resented the fact the battle was called ‘mas- sacre,” still point out that the white troops were fully armed— and they weren’t packing water pistols. Few today remember, however, that Custer was sent to the Black Hills in 1874, following the financial panic of 1873, to check on reports the hills held gold. Custer set forth on his. journey from a fort on the present site of Bismarck, N.D., with a force of a thousand men led by a brass bnd mounted on white horses. The ex- Pedition, accompanied by the son of President U.S. Grant, carried a supply of champagne in its wagons, Presumably they cooled it in mountain streams; there were no ice salesmen along the route. The strange caravan did find gold on Aug. 2, 1874 in the Black Hills, which for centuries the In- dians had held to be the inviolaie home of Manitou, the Great Spirit. Less than two years later Custer, neither the first nor the last Amer- | ican military leader to underrate | an enemy, and the men with him | were washed out by waves of van- | ishing redskins who didn’t choose | Pea particular moment to van- | ish. | No band blared on that day, and \ it wasn’t champagne that flowed. Wild Bill Hickok lives in legend as one of the West’s great gun- | men. Although some scholars be- lieve he may have bored to death more people than he drilled, But undoubtedly he was a tall, handsome, picturesque figure. The undertaker who laid him out for burial after a deadbeat shot him to death in a Deadwood saloon de- scribed him as “the prettiest corpse I ever have seen.” It isn’t every day a man gets a heartfelt compliment like that. Highwaymen made the shipment of gold a risky business for ex- press companies in old Deadwood. The shipments were kept as secret as possible—with one exception. That was the time Wyatt Earp, an authentic gun fighter, rode as guard on the stage. Earp, who had mde his name earlier as marshal of bloody Dodge City and Abilene, had spent an unprofitable year selling wood and coal in Deadwood. He agreed to go as guard on the stage to Cheyenne for: passage money and $50 in cash—and be- cause he wanted to move on. The express agent immediately issued a newspaper ad advising bullion shippers: : “The spring cleanup will leave for Cheyenne on the regular stage at 7 a.m. next Monday. Wyatt Earp will ride shotgun.” The shippers, eager for this kind of protection, loaded $200,000 on the coach. Earp got the ship- ment through on time and without incident—except for winging a pas- sing horseman he thought rode too close. . _ Even in the Wild West advertis- ing paid. Segregation Survey Made TALLAHASSEE (®—The current survey on Florida’s attitude to- ward the U. S. Supreme Court de- cision outlawing racial segregation in the public schools is expected to be complete by Aug. 15. Dr. Lewis Killian, sociologist. in charge of the study, said complet- ed mail-in questionnaires and find- ings of interviewing teams are be- ing compiled and analyzed now. The survey was made to give Atty. Gen. Richard Ervin informa- tion for the brief he will file with the court on how and when its ruling should be put in effect in Florida. Killian reported about 50 Per cent of those who received the mail questionnaires have returned them. The house in New Haven, Conn., where Ethelbert Nevins, composer of “The Rosary” and “Mighty Lak a Rose” died, is marked with a bronze plaque. “America’s Most Fabulous Family Sportswear Shop” 423-B Duval Street Across from La Concha Hotel PRICE SALE This Is It! — The 1 Price Sale That Is Bound To Make History || —"lt's Going to Be the Talk of | Key West for Months to come!” “NO CONFUSION’ “NO MATHEMATICS” Buy 1 Suit at Regular Price— 2nd Suit % Reg. Selling Price. Buy | Pair Slacks Regular Price, 2nd Pair 42 Reg. Selling Price. Buy | Sport Shirt Regular Price, | 2nd Shirt 2 Reg. Selling Price. In Spite Of These Low "GIVE-AWAY’ PRICES Easy Credit Terms Arranged Gold Ccast Casuals 423-B DUVAL STREET — Across from La Concha Hotel Subscribe To The Citizen--25c Weekly ROEBUCK AND CO LOOK! DON’T MISS" ‘SEARS BIG T.V. SALE 4 DELIVERS ANY SET EASY MONTHLY PAYMENTS Garbage Elimination System... 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