The evening world. Newspaper, November 15, 1920, Page 4

> 3 ere nea TRE 's BG FIRMS FACE SEROUS TROUBLE OVER INGOME TAX Corporations May Be Forced Into Bankruptcy Unless Law Is Changed. By David Lawrence (Special Correspondent of The Eve- ning World.) WASHINGTON, Nov, right, and manufacturing concerns who haven't the money to pay their last installment of income taxes on Dec. 1p be allowed to postpone payment until they have more cash on hand or should Uncle Sam insist that the business houses which haven't anved up enough money to pay their texes suffer the consequences of their mis- take? This question is being put up to the Treasury Department because of the fears of certain textile concerns that unless the Government helps out by postponing the December pay- ment on income taxes there will be bankruptcy proceedings in many Jarge business establishments, But the Treasury Department has no discretion im the matter and officials there say Congress alone can authorize the postponement of any payment on {income taxes. Inasmuch as Congress meets on Monday, Dec, 6, a new law would have to be passed immediately because the present law requires payment on Dec. 16 and pro- vides penalties for failure to pay. It te doubtful whether any eatis- factory measure could be jammed through in @ week for it opens up the whole subject of taxation. The most that might be accomplished is u« simple amendment to existing rev- enue laws giving the Treasury De- partment temporary discretion to act im cases wherein the facts prove a postponement is absolutely essential to prevent ruin, OFFICIALS FEAR ANY CHANGE IN THE SYSTEM. Officials who administer the Inéomu ‘Tax laws are afraid of such a pro- 15° (Copy- 1920).—Should corporations vison. ‘They aay it would roqutre a! huge staff and lots of money to de termine what is a meritorous cos The Income Tax Bureau has oa ha time handling the present p jof the law without new t officials recognize the emergency realize how werfous the conseque | may be to the pubMe if many concerns are forced Into bankruptcy. Income tax executives say they are | new ones. fers made by the business world to economy and the cutting down of Governmental expenditures, are not jn the mood to increase the Government payron, As a matter of fact, it Isn't the fault of the Government that houses have failed to accumulate a reserve wherc- with to pay income taxes, Many cor. porations did make provision for tho!r December taxes, but the money mar- ket became so tight that they couldn't borrow funds to carry on the usual turnover of thelr work. 80 they bor- rowed from themnelves—they used up money that should have been kept for Income tax payments Dantel C. Roper, former commissoner of in- ternal revenue, who favors postpon- ing payment of income taxes insists that the Government would be am- ply protected if tt required an interest rate of 8 per cent. on deferred pay- ments. This would be higher than market rates of Interest and would tend to discourage too much borrow- ing from oorporation funds tha should be set aside for income tax payments, MAY BE DIFFICULT TO DRAW ‘THE LINE, Yet the entrance of Uncle Sain into the commercial world as a lender of money to private business concerns 1s a new thing, and the chief difficulty about it all is the discrimination made necessary yb such a step. Where can the line be drawn? Many an indi- vidual who pays a small income tax will want to postpone payment, es- peclally since the rate of interest will not be a disturbing factor to him, The legislation will have to be broad enough to cover those who pay small as well 4s large income taxes, Treasury offi- clals are not prepared to say what the effect upon Government finance this postponement of revenue collection will make. The United Btates Government has been counting upon collections from income taxes in order to pay Its own obligations, Congress will be plunged into a losing men as fast as they employ | *) Government salaries are | ¥ not comparable to the atiractive of- | ;, Yet the Republicans, being pledged | ‘ ane LS Fe TT THE EVENING WORLD , MONDAY, NOVEMBER 15, 1920. The excera profits tax ts >» be repealed or modified. jovernment where oked upon as a tter converts are to the view that ofits tux has outlived begine shall be put on in its »? The tax experts are far from panimous in their suggestions, The omand of «a few business concerns that they be permitted to postpone payment of December taxes ia but a mptom of the Intense agitation h |e xpected next month and snout the remainder of the year bject of taxation, © surprining If the tax es even more time than 1 controversies on the tariff which used to consume a whole ses- sion of Congress to the exclusion of other Important logislative proposals. More individuals and more intereats are affected by taxation than by all the tariff laws of history and the stints to be ralaed nowadays are many times greater than the largest Tax Law Congress has paased OVATE HUA WHeNn you shop for winter underwear for the family-you are assured of the utmost quality, com- fort and economy, simply by saying ‘“Munsingwear.” Millions of people find it worth while to ask for Munsingwear instead of underwear, Made in every wanted style and fabric for men, women and children. Get your winter supply now Let Munsingwear Cover You With Satisfaction. Aiscussion of the whole tax problem. the moment the December sessiou We Connection With Any Other Establishment in the World WORTH Ricuy Fur Taaep \Veaps FEATURING SUMPTUOUS CLOTHS, SMAPT TAILORING AND COSTLY FURS THE VALUES ARE MOST EXTRAORDINARY SELECT LOOSE, FRONT BELTED WRAPS OF VELOUR Dé LAINE, WITH DEEP COLLARS OF SQUIRREB OR AUSTRALIAN OPOSSUM WIDE ENVELOPING WRAPS OF SUMPTUOUS ORLANDO, WITH ENORMOUS COLLARS OF ED MOLESKIN BROAUWAY-FIFTH Avenue 65° TAILORED VELVETEEN FROCKS VERY SPECIALLY PRICED NEW FROCKS OF FINE VELVETEEN WITH BASQUE BODICE AND WIDE FLARE SKIRT TRIMMED WITH BROAD SILK BRAID 40” BANANA BRO ELEVATOR FALLS: TWO HURT. | "trained and Loule Sarzano of No. 737 | Washington Avenue, suffered Internal ce, ‘Tho other two Hoisting Catie in American Can ing we ng of the main the failure of the em ~O Stanley & hecGibbons 5™ AVENUE AT 36™! STREET Second Floor ~Take Elevator Sale HE PRICES IN THIS SALE PERMIT EVERY SHOPPER TO INDULGE A PREFERENCE FOR FIFTH AVENUE STYLES COMBINED WITH THE BEST OF MATERIALS. New Wrap Coats With Fur Collars Of Ringtail or || | Australian Opossum, L | Nutria and Raccoon = 1 | i 00 Ii Ef ‘3 2 Velu : up to 115.00 ie Fh IN FS =) (1.2 MOISTYNE = Not in ie ; : This Sale VELOUR DE LAINE Fl Wrap LUSTROLA, ORLANDO 3 Rolivia CALEDONIA, BOLIVIA, i Gonar And VELDYNE lg $98.50 = Sale New Dresses Selected from Our Regu.ar Stock Embroidered, beaded and plain S35 teilored models in Satin Char- meuse, Crepe de Meteor, Tric- Values éo otine, Crepe Satin, Velour and Chijfon Velvet. Exquisite Dinner and Evening Gowne Very Reasonably Priced OQ NorTtH West CORNER SIXTHAVESIS = Str, For Your Own Thanksgiving When you and your guests begin the holiday dinner, let a part of your Thanksgiving be that you have a dining-room furnished as you want it to be. SRAEEWEDDLELA BEwAShPOvrarede Sik Floss Mattress With 74-inch Imperial Edges, heavily filled with Kopak Silk Such furniture is here in every wood and every style. There's a wide range in prices, and for the figure you have decided to spend you'll be surprised to see what an attractive dining- room you can have. Floss in fancy floral) 93 ticks; all sizes, at... Our Dignified Credit Invites Your Account }} Plain Figure Tags on Everything 4-Piece Genuine Queen Anne Period Dining Room Suite in Quartered Oak Consisting of BUFFE 60 inches wide, CHINA CLOSET, SERVING TABLE, DINING TABLE 48 inches, 6 ft. extension; Four Piec! Bosses F reside Rocker Upholstered in Imita- tion Leather, as illue- trated, $3 598 Wing Rocker Cane back seat, in genuine an- tique mahog- as illus- 267 . Chair $9@.75 & $35.98 to mene ls) OPEN SATURDAY EVENINGS Motor Truck Deliveries WNCon.6" Wves\S"St) GB. Altman & Cn. MADISON AVENUE = FIFTH AVENUE, NEW YORK Thirty-fourth Street A Specially-prepared Sale Thirty-fifth Street Men’s Fine Silk Shirts ‘extraordinarily priced at $7.85 each (War Revenue tax additional) will be held to-morrow (Tuesday) and Wednesday, on the First Floor A remarkable purchasing opportunity will be presented in this Sale—an opportunity which should mean much to thgse who are looking for worth-while holiday gifts, as well as to men who realize the value of this high grade of merchandise. The silks employed in making the shirts were not only imported from Japan by B. Altman & Co., but were actually woven to order from designs originated and con- trolled by them. Included im the assortment are satin-stripe effects in handsome color combinations; plain-color silks, with or without satin stripes; and plain white silks in heavy weights. Charles & Co. National Grocery Co. No Waste to Powdered Milk Klim is pure, rich milk reduced to powder form without cooking. Nothing is added. Nothing is changed. Nothing is taken out but the water. Replace theavater and you have milk again—fresh and sweet. Spell it backwards KL. No matter whether you want a@ spoonful or a gallon—Klim is always ready for use in any quan- tity. Keep it in its package right beside your other staples. Itis not affected by droughts, rainy seasons, summer heat, or Jack Frost. IM BRANO POWDERED MILK Should you want sour milk, re- store Klim to liquid form and let it sour naturally. It makes excel- lent cottage cheese. Klim comes in two forms: Klim Powdered Whole Milk (full cream) and Klim Powdered Skimmed Milk (for all cooking purposes.) A 234-Ib. package of Klim Powdered Mille makes 10quartsofliquid wholemilk, Enjoy the convenience of Klim Powdered Milk, Know what it means to use inilk without waste. Serve it for supper tonight, KLIM is for sale at all the stores of the following firms In Greater New York, Long Island and Westch. ster: Daniel Reeves, Inc. Gristede Bros., Inc. In New Jersey: Aaron Ward & Sons h, C. Bohack Co. C. M. Decker & Bros. a a ent ae ome aS a eee , }