New Britain Herald Newspaper, February 11, 1924, Page 3

RING GIVES RISE 72 e L2774 T0CAPT. KUODTALE . IMPORTANT SALE OF LEATHER HANDBAGS Firma Starts TUESDAY MORNING FOUR DIFFERENT PLANS FOR TAXES (Continued from First Page) pRos. 4 tial surtax rate of ope ‘per cent s made to apply at $10,000 instead of | $6,000 and is increased gradually to 25 per cent in incomes of $100,000 and over. New Haven, Conm., Fecb., 11.—A Material Relicf For All curiously shaped gold ring, said “once Mr. Green said “The bill gives ma- to have been a part of the jewels of terial rélief to all income tax payers {a British king, and which tallies in and the amount of reductions and | detail with one which disappeared consequent loss to the treasury s from the English court in 1610 and larger in the lower brackets than in 9 ysince has been listed on the records the higher, though the percentage of jas of unknown whereabouts, was reduction, of course, is much larger {found by Charies Burns of the local in the higher brackets than in the fire department in the sand near Tower " Thimble Tslands. Thimble Islands long have heen noted as a rendezvous of Capt. Kidd, and it is believed the ring was a part | of the treasure loot of the pirate, | { who, according to legends, buried | {his gpoils in this vieinity. | Burns was clamming when he un- | earthed the ring, which is composed | of four bands joined by clasped | ‘New Haven Fireman Latest to Re- vive Treasure Story A Leathers. Morocco Goat Calf Pin Seal Real Ses! Gold trimmings) Vachette Shoe Stock Suartax Reductions, Explaining the reductions in the maximum surtax from 50 to 25 per cent, Mr. Green referred to Secretary Mellon’s argument that this rate “should be considered the point at which they (the surtaxers) could be applied effectively or the point of raximum productivity.” He added, bhowever, that it is impossible to ac- curately determine at what rate of! tax this point is reached, but it seems | . hands. History sfates that the necar- 48 YEARS OF SUCCESS est resemblance to the ring was | OVER |worn by Lady Catherine Grey and | to be generally conceded that a b0 per | {6 In:pald doihinve sipnined hee muri] cent surtax has constantly increasing | o (AR iNIth 2 the Tiesl. of Hartfard, | cffect in creating evasions and it is| (‘hm Are (lll!l.' Queen Elizabeth, displeased with the | Gikdvinabi ‘Cas atiine phukson’ !'h ‘The oxin!l‘ng h;'t;\s) l)]\rn\"-nlos that | union, sent Hertford to the Tower of s e amount by which the tax is in-|London in confinement and subjécted > [ 'S, 3 | ) i Rr'!‘vr:l):g '!:';'::'p::“m‘n for a 25| Creused on account of the gain from | Lady Catherine to many hardships | until the validity of the per eent reduction in tax on-earned incomes the chairman said, “the defi- nition that at least $5,000 of the tax- the sale of capital assets shall not ex- | ceed 12% per cent of the gain, and in the proposed bill it is provided that the amount by which the tax is re- was proved. The marrlage was dis- solved later by a commission and so | pronounced in the palace of the| 3‘332..,nrificifll'neih:l;u:f'y ‘;vlnl'mpl“;:: r]:x;‘ duced on account of losses from the | Bishop of London in 1562, | e sma y o sh tho farm- sale of capital assets shall not exceed | Burns has deposited the ring in a| Fhoamall Lax sATOr Si | 12% per cent of the loss. [safe deposit vault and has refused an | d merchant whose income is de- b ! used an | rived In part from personal services The provisions of the reorganiza-|offer of 42,000 for it. He says he in- | and in part from capital, and ap~|"°“ sections have been rewritten to|tends to make a further search of the | proaches exact justice as near as it is | prevent the .use of the section o es-|beach in hope of possible without makig-the law un- [[SaPS Proper taxation by increasing|trinkets, the basis for determining gain or loss! uncovering other | workable and impossible of adminis- from the sale of assets transferred in | ] connection witn a reorganzation ot FIND STILL INFIRE | tration.” by distributing as capital gains what | See Our Big Window Display A Style To Suit Any Taste, Made of Durable and Attractive Leathers A MOST UNUSUAL MANUFACTURERS' OPPORTUNITY SAMPLES AND The following changes were cited as 8 provant the savink R inoome ‘u"‘[au‘r‘ in effect dividends out of earn- ings: | “Where the grantor of a trust re-| | tains the power of revocation the in- come of the trust is to be taxed to him. “The penalty imposed 220 upon corporations availed of to|fael Milano last night led to the con- | avold the imposition of surtaxes on|fiscation of one of the largest s'llln‘ the stockholders is now based upon|to be taken here In several years lall the income of the corporation and the arrest of Milano, who is be- | which would be taxed in the hands|ing held in bail of $2,000 on a tech. | of the individual and the presumption | nical charge of idlen ! is created that any company isavailed | Firemen of for the purpose of avoiding the im- | destroyed due to an explosion of | position of surtaxes on stockholders. [the still and several gas stoves | “Phe deduction for interest paid on[burning. About 12 llons of al-! | indebtedness (other than interest pald [leged whiskey and 75 gallons of | | or incurred in conncction with the|denatured alcohol was taken from the |trade or business of the taxpayers) | building. Milano stated that he had and the deduction for non-business|no connection with the outfit, that he | | 1osses are allowed only to the extent|rented the garage to another man | that the sum of these two items ex- who in turn, sublet the place to a | ceeds the tax exempt income of the|third party. ‘ | taxpayer.” The police are seeking three men | 11 Republicans’ Report, who drove off in an automobile when The report of the 11 republicans of | the fire started, [ the committee was the same as Chairman Green's except for consid- crable additional argument defending | the eut in surtaxes to a maximum of | 25 per cent. It pointed out that the high rates were becoming increasing- | ly unproductive eiting that incomes | of over $100,000 constituted b per | eent of the total income reported in 1916 and 5.4 per cent and 4.5 per | eent, respectively, in 1920 and 1921, “The only way that the income tax pplied to large incomes can b« e an actuality,” the report said, | Breath, “fs by roducing the rate of thax to a| pey | sound level and thus lessening the in- | eentive to taxpayers to avold the tax.” | betes, Democratic Report. The democratic report called for a reduction in the normal taxes to two per cent of net incomes, up to $5,000; $5,000 and etaoinshrdluemiwypemiw four per cent on incomes between $5,000 and $5,000 and six per cent above that amount. tve Representative Garner's original plan called for a four per cent tax on incomes between $5,000 and $10,000 and the reduction to $5,000 was ex- plained as necessary to cut down somewhat, the loss in revenne which the treasury reported would be sus- tained under the p The surtax ‘rates proposed by the democrats would start with one per cent at $1 060 and increase to 14 per cent on in- come of $92,000 and over, These rates report sald, would result in losses SURPLUS STOCK | Garage Blaze In New Haven Shows | Authoritics Where Dlicit Liquor | Was Being Made. | It is a rare occasion in- deed when such bags are offered at so low a price. | New Haven, Feb, 11.—A fire in a| From one of the coun- by section | garage adjoining the home of Raf- | try’s largest makers, We bought the entire Jot and so are able to quote these Quality in leather style: fittings and finish, with a beauty of their own. phenomenal prices. found th ge almost You maybe the lucky one to be presented with a—— NEW HOME SEWING MACHINE which will be given away absolutely with- out cost. Call at our store and get coupon, Angina Pestoris, Heart, CI e . TS gia of n.~-m,l : 5 5, Palns Shoul- | ) ) Khortness of | Kid- Dia- ders and Arms, Dropsical Swellings, THURS.—FRI.—SAT. CARL LAEMMLE presents Trouble, Brights Discase, High RBlood DPressure, ete, promptly and permanently relieved drugs and medi- Walden Method, Upon receipt of a complete explana- without the use of cines through The tion of your sysptoms, free descrip- | 'The correct word for introductions not “intreduce.” The is always “presented” literature will be sent by The Suite 44 |18 “'present,” Stearns | young woman Hartford, Conn ‘Ih. the older. Walden Institute, Bldg., 75 Pratt St Born and bred in old New England. For sixty years the nactment of repeal of taxes ir that all fea- considered by housewife’s friend. New clothes to make § ' of revenue under treasury estimates, and old clothes to mend. 859,885 In the normal tases compared 7,014, under the (] Mellon rates adopt ¢ the commit- compared to $ under the Mellon surtaxes. The figures were of the based on 1921 revente returns Replies To Mellon's Charge Citing Secretary Mellon's declara- NEw HUME tion that Representative G Y ranking democrat of the committee “was playing politics in offering this tax decision plan,” the report declared performance as insolent as it is im- Iprudent and in the judgment of the minority is the worst of bad faith $29 $,35 toward progressive income taxation.” In addition to asking different in- come ratcs, The democrats proposed a gift tax, together with the a number of miscellancous Liberal. allowanee on addition to those already revised by . the committee old machine. Wi eport eaplatned Don’t Fol‘“el — New tures of the bill were 2 the whole_committee until the income ;‘i‘""e Sewing Machine f rues'ver"rachea vhen ' v LAST WEEK ven away ok & erats were excluded. Many sections of ‘ " - en v, oth h he income o § (s the-” B o o OF THIS GREAT OFFER T el b - BIG — vislons relating to “topping ; 5 t b p d t FURNITURE STORE in the administration of the By Ordering Your : 11‘8 K j 8 1'0 uc lon Y which many large taxpavers a RN vd é 3 1ded ~ k% 1 UNIVERSAL ELECTRIC WASHER , A large discretionary powers with the 0 o Treasury department in tax v . £ e o You Receive With Your their just Yaxes,” but the report that the majority bill stil Now Before Feb. 15th First splimters. - Washington News For "tiff Jo'nts ather Payment FREE UNIVERSAL OVEN TOASTER Initial Payment Remains the Same ONLY §7.50 — ORDER NOW The Conn. Light & Power Co. 92 WEST MAIN ST. ‘PHONE 230 an 5850 ANDREWS & €0, J - UNIVERSAL JEWEL ' Directed by King Bads CHILDREN ! 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