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Cedar Rapids Gazette: Monday, March 25, 1974 - Page 3

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   Cedar Rapids Gazette (Newspaper) - March 25, 1974, Cedar Rapids, Iowa                                 The Ced.?r Rapids Gazette: Mon., Mar. 25, 1974  The Investor's Guide  By Sam Shulsky Q—I get the impression from  your columns that unless a person is in the 30-35 percent income tax bracket he should not be interested in tax-exempt bonds. Why shouldn't small people like myself, living on social security plus a little bank interest, get a tax break, too?  What do you think of the en-  0 f  spouse ) ^ both are under closed advertisement offering  65 an income of at least $2 800;   7% percent tax free interest?  A—So now I've become a “meanie” — intent on depriving elderly retired folks living on a tight budget of the financial advantages enjoyed by the wealthy!  This query keeps repeating itself even though I've tried — or so I thought — to explain it many times.  Income tax exemption is not free! You pay for it by accepting less income from your investment in exactly the same way you pay for the luxury of a big, heavy 'limousine by accept-  if one of above is 65 or aided, the minimum is boosted to $3,-550; if both are 65 or older,  $4,300.  Social security is not included , in taxable income.  You say you are living on so- j cial security plus “a little bank interest.” If these are the only; two sources of income, and if j you and your husband are over 65, you would have to have more j than $70,000 in savings at 6 percent before you would even have to file an income tax return —■ let alone pay any taxes. (Anc even a higher income would, of course, first be subject to vari  amities, whether you can afford the risk of common shares.  I have no idea of your age and income needs. You could raise income about I percent. Would this extra $60 a year justify your taking chances? Suppose you tell me.  ♦ * *  Mr. Shulsky welcome* written questions, but he will be *b> to provide #rv swers only through the column. Per lists o» growth end dividend stocks, please Include a self-addr«ssed, stamped envelop# Address your requests to Sam Shulsky, care of The Gazette.  DRIVE SAFELY  Faces Charges In Firebombing  ALLENTOWN, Pa. (AP) -Earnest Burton, 24, faces eight counts of murder, IO counts of attempted murder and arson, and other charges in a Saturday firebombing which killed eight people and injured 12.  Burton surrendered to {xiii ce later Saturday. Authorities would not discuss motives but there were reports of an altercation at the tavern before the tragedy.  A preliminary hearing for Burton was set for April I.  Finch Blames Nixon's Aides For Scandals  J iv' * V  I O tun Pm*-*    Im* ll    _  “Just think, only last week this time we were sloshing through the ice and snow to draw out your life’s savings!”  EJSfEL-. ™  d «‘ ucti ° ns  - medical, char-Top quality tax-exempt bonds ...    ,    ,  w^e a aXd n 5 SwleJST ' So for  * ven a  ~  (PU deal with your 7* percent  ,ur " piously, one must have figure later. 1  fop quake taxa- I  ,axaWe lncom f  wel1 abovc   hie coroorate bonds currently  these minin,lims lf  > ou are even  Die corporale oonas current  t0  codder tax-exempt bonds.  Finally, a 7 ti percent tax-exempt bond cannot be as safe as one yielding, say, 5 or 5*4 percent. And when it comes to safety of retirees’ capital, I’m not going to make exceptions.  * * *  Q—I intend to retire in about  a year and a half and move south. If mortgage rates are high then. I will pay cash for a retirement home. How can I invest my money, get a return and be sure it will be available if I need it?  A—Buy treasury bonds or U.S. agency bonds due in 18 months or put the money into an insured savings account.  * * *  Q—We have a $6,000 savings bank certificate which matures soon. Should we shift the money to utility common shares?  A—I can’t say. I don’t know whether this $6,000 represents  yield around 8 to 8 1 * percent. So the difference, roughly, is about 3 percentage points.  If you are in a tax bracket below 30 percent, why would you accept $55 a year. tax free. from a tax-exempt municipal bond when $1,000 invested in a taxable bond would bring you $80 to 82.50 a year which — even after being reduced by income taxes — would still leave you with more than $55?  When I WTite that retired folks living on a tight budget should not consider tax-exempts, I am not trying to help Uncle Sam collect more income taxes from retirees. I am concerned only with the best net | income for readers.  And while I’m at it, let me point out that a lot of retired folks living on extremely modest budgets are unduly frightened by the prospect of income taxes.  Advertisement  If it’s any comfort, the latest your entire investment resour-, Income tax instruction book, injccs. whether you have other se-discussfng “who must file** an income tax return, points out you must file a return only if you meet these specifications:  Single or widow or widower. I under age 65. and have a gross 1  income of at least $2,050; sin- 1  gle or widow or widower, 65 and over, and have a gross in- j come of at least $2,800; married, j filing jointly, living together at end of 1973 (or at date of death  How To Hold  FALSE TEETH  Securely  Do fall* tooth ambarraaa you by re min? loot* when you eat, laujl^ or talk? A denture ad heart can help. FASTEETH* five* denture* a Ionizer, firmer, steadier hold. Makes eating more enjoyable. For more security and comfort, use FASTEETH Denture Adhesive Powder. Dentures that fit are essential to h—irk, your dentist regularly.  You don’t give or receive flowers.  You share them.  You share their color, fragrance, beauty and life.  Where you live and where you work.  To celebrate something happy. Or to forget something not-so-happy.  Sharing. That's the beauty of flow ers.  IO YEARS AGO — Prime Minister Douglas-Home announced that Britain will give the U. S.  an acre of historic Runnymead as the site for a memorial for President Kennedy.  LOS ANGELES (AP) — Robert Finch, former presidential adviser and secretary of health,  'education and welfare, says that Monday he “couldn’t run for dogcatcher without it turning into a referendum on Watergate.”    ,  He blamed former presider his White House post shortly tial advisers ll. It. Haldeman  a f ter  fog 1972 elections. “Hal-and John Ehrlichman, among deman and Ehrlichman were others, for the problems of Wa-; runn j ng t h e  show, and they tergate, but said President j prel(v  much kept me out of the Nixon, his friend for 25 years, decision stream.” must bear part of the response p-j nc h had little but scorn for bilify.    many    of    the    presidential    aides  “They  analysis, the President came down in support of their —  Haldeman, and Ehrlichman — control of the staff, as against listening to me or somebody else ”  Finch, a former California young buck., in them and the, lieutenant governor, resigned;were great on option papo’s and  John Mitchell, who resigned as attorney general to head Nix on’s 1972 re-election campaign, “had never run any campaign,” Finch said. “We had a group o!  computers, but very little vis. ceral politics.”  He said that it didn’t look like a good year for Republican can-didatcs and that he would hav* been forced to shun or even criticize the President.  “Nixon is my friend,” he said, “and even though we’ve had “m  “The President’s not with-    and    campaign officials,  out blame” for Watergate,    had    a bunch of    amateurs    in disagreements    .    .    .    I    rn    not  Finch said in a recent inter-    there. Those guys    had never run going to    turn    my    back    totally    on  view. “After all, in the final    any    campaigns.”    him.’’  Save money on an NS Electronic 6-Digit Calculator when you save at Merchants National Bank. This new Mini-Calculator can add, subtract, multiply, and divide — instantly! Battery-operated, it fits in your pocket or purse.  Great for keeping a total while you do your grocery shopping. Perfect for balancing your checkbook. Figure out the best bargain. Helps the kids with their homework. Plus hundreds of uses around the house. Operates on one long life battery. Optional AC adapter available.  Start saving today at Merchants National Bank.  HERE S HOW YOU CAN GET YOUR CALCULATOR:     A savings deposit of    Your cost for the calculator      $1,000    S1‘‘.7F      $ 500    523 7.      $ IOO    $27.75     NOVOTNY flowers. R R I. Cedar Rapids, 365-115/  TOMAN Florist & Gift Shop, 615 Center Point Rd NC, 364-8139  PIERSON S flower Shop I Greenhouse. 1800 Ellis Blvd NW. 366-1826  LEWELLEN florist. 121 Town I Cwntrj Shopping Center, 364 2146  KREBS florist. 242418th St SW. Cedar Rapids 363 2081  CEOAR MEMORIAL flower Shop 4200 1st Ave NE. 393-8000  BEZDEK S florist 340 Marion Blvd.. Marion, 377-1571  4 SEASONS Florist. 3028 Mf Vernon Rd SE 363 5885  NEWPORT’S Greenhouse I flower Shop. 2125 Wilson SW, 383 8128  LISBON Greenhouse and flower Shop, 403 East Market, Lisbon Iowa 455 2488  PECK’S Green Thumb, 5008 Center Pt. Rd. NE 393-5565  WILLY'S floral Design, 3501 - 1st Ave. SE. 363 26/5  BLAIR’S flower Shop, 331 /th Ave. Marion. 3ZZ-8239  FLOWERS BT PRESTIDGE, 3415 Mt. Vernon Rd SE. 385 /334  DUE TO THE ENERGY CRISIS WE SUGGEST YOU ORDER EARLY TO ENSURE PROPER DELIVERY  Call your favorite Professional Florist  Merchants National Bank bi  A BANKS OF IOWA BANK  Main Bank • Motor Bank • Vernon Village Office • Kingston Office • Amana Office   

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