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Mason City Globe Gazette Newspaper Archive: February 8, 1964 - Page 1

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Publication: Mason City Globe Gazette

Location: Mason City, Iowa

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   Mason City Globe-Gazette (Newspaper) - February 8, 1964, Mason City, Iowa                                North Iowas Daily Newspaper Edited for the The newspaper that makes all North lowans neighbors MASON CITY GLOBEGAZETTE Home Edition VOL 103 Pren and Unllcd International Full Wlrei MASON CITY IOWA SATURDAY FEBRUARY 8 UOc a Paper Consists of Two f No 312 inal tax target What tax cut means to you economy FROM OUR WIKE SERVICES Major provisions of the billion tax cut bill passed by the Senate including key differences between the House and Senate ver sions Unless otherwise noted the two bills are INDIVIDUAL present schedule of 20 to 91 per cent would be reduced to 14 to 70 per cent with twothirds of the cut effective in 1964 Jan 1 onethird in 1965 Revenue loss billion WITHHOLDING FROM SALARIES AND WAGES The Senate bill would cut rates from the present 18 per cent to a 14 per cent one week after the measure is signed The House bill would cut it to 15 per cent this year 14 per cent starting in 1965 No loss estimate CORPORATE RATES The present 52 per cent per cent normal 22 per cent cut to 50 per cent this year retroactive to Jan 1 48 per cent starting in 1965 Normal and surtax rates would be reversed so they would wind up 22 per cent normal and 26 per cent surtax next year to give a greater break to small firms Revenue loss bil lion CAPITAL GAINS The House bill would cut rates on stock or other assets beld more than two years so any gain would be taxed at 40 per cent of normal levy with a 21 per cent ceiling and would re tain the present rate of 50 per cent of regular tax with a 25 per cent ceiling for those held six months to two years The Senate bill would continue present rates unchanged No revenue gain but curb on quick easy profits ITEMIZED DEDUCTIONS The House bill would deny deductions now permitted for state gaso line taxes auto tags drivers licenses liquor taxes tobacco taxes and certain excise taxes including those on admissions and hotel rooms The Senate bill would continue deductions on gasoline taxes auto tags and drivers licenses Revenue gain House million Senate million STOCK DIVIDEND CREDIT bills would repeal the 4 per cent credit on stock divi dendincome which may now be subtracted from taxes due They also wotild double the present exclu sionof such income from taxable income the new al lowances would be 100 for an individual for a married couple Revenue gain million MINIMUM STANDARD feature would allow a flat deduction of for each taxpayer plus for each exemption after his own It could be used as an alternative to the present de duction of 10 per cent of gross income up to a maximum Revenue loss million MOVING EXPENSES Employes who move to another city to change jobs would be permitted to deduct from taxes for the first time costs of trans porting household goods meals and lodging while en route Revenue loss million SICK PAY The Senate approved a labor backed amendment that gutted a Housepassed fea ture to impose limitations on sick pay exclusions Present law permits a person to exclude from income up to a week while absent from work because of illness The House and Senate committee bills would have denied this taxfree status for the first 30 of an illness But the Senate adopted a formula which in effect would permit an employe to exclude from taxes 75 per cent of his salary for sick pay Revenue gain About million compared with S110 million originally CASUALTY LOSSES The bill would deny N deductions for the first in personal propertv losses due to fire theft accident etc Presently 100 per cent of such losses aretax deductible Revenue gain million POLITICAL Senate added an electionyear feature not in the House ver sion permitting taxpayers to deduct up to for married couple for contributions made to polit ical parties or candidates The donations would be tax deductible for local state or federal elections Revenue loss million AMERICAN CITIZENS Sen ate approved a reform not in the House or Senate committee versions tightening up on the taxfree earnings of U S citizens living abroad Instead of ex empting the first of earnings from U S taxes only the first would be exempt for per manent residents abroad the limit for tem porary U S residents abroad would be cut to Revenue gain million OTHER PROVISIONS The bill liberalizes tax relief for elderly persons who sell their homes for a profit and for medical expenses of the aged The Senate expanded the House bills relief from to million for child care expenses No loss estimate ON THE REVENUERAISING SIDE The bill imposes about million in higher taxes on gas and oil companies million in the limits the benefits of executives with companypaid life insurance policies over in value in the House and tightens restrictions on personal holding companies used to shelter income from taxes No gain estimate l v LBJ tells Castro to keep his water passes billion cut WASHINGTON UP Democratic congressional leaders spurred on by President Johnson Saturday I fixed Feb 19 or 20 as the goal for final largest tax cut inTJ S history I The benefitsincluding pay would begin about the first The Senate passed its billion version pfAhel legislation Friday 77 to 21 well ahead of the original Feb 11 deadline fixed its leaders WASHINGTON UPl Even if Fidel Castro turns the water back on the U S Naval Base at Guan tanamo Bay will not use it The Defense Department Satur day was planning to send a study group to the Caribbean Base to work out methods of complying with Presi dent Johnsons order to make the in stallations water supply selfsuf ficient Johnson in effect told Castro to keep his water Asked if the Cuban water would be used if Castro turned it back on a Defense Department spokesman said Administration officials said the President and his advisers believe the decision on the American response is appropriate to the challenge posed by Castro in closing the pipeline to the base Despite initial anger at Castros move the Presidents advisers now con sider it a harassment rather than a serious threat and therefore not re quiring more forceful countermeas ures Even before the final vote Johnson was conferring with his Capitol Hill lieutenants speeding up plans for the Sen ateHouse conference to recon Icile the differences between the two chambers versions Sen Harry F Byrd DVa Iwho heads the Senate delega tion told a reporter it was de cided to begin the conference next Monday instead of Feb 17 as planned earlier He said that the confereesJ22nd SE Hospital could meet only on Monday and undergoing emergency surgery Tuesday next week since Repubiate Saturday morning after he licans will be leaving town for Was injured when his car Lincoln Day speeches smashed into a tree in the 400 block of 5th SE But he said the explanation of what changes the Senate made His condition was not deter lin the version mined immediately passed by the House would be Police said the westbound St urges hurt in wreck Jerry Sturges about 30 101 covered in those two days so that voting can start when the conference reconvenes on Feb 17 Sen George A Smathers D Fla another conferee said that under this schedule the Senate House group should be able to come up with compromise bill by Feb 18 or 19 A final vote could come one day later If this schedule is met the benefits of the bill should start flowing about March 1 The Sen ateversion provides that the re Tighten economic noose Restrict employment of Cubans WASHINGTON AP The United States is appealing to Allied governments to join in tightening an economic noose around Cuba following Presi dent Johnsons decision to sep arate the Guantanamo naval base completely from the Cuban economy and water supply The presidential decision was announced by the State Depart ment Friday night after a day long series of conferences on how the United States should re act to Prime Minister Fide Castros action Thursday in cut ting the fresh water supply to the naval base At the same time White House statement warned of the dangers of further provoca tions by Castro and declared that the prospects should b carefully weighed by all na tions This was taken to include prod to the Kremlin to conside CASTRO Six Yonks kicked out of Ghana ACCRA Ghana The government announced Saturday Ihe deportation of six Univer sity of Ghana faculty members North towa Weather outlook Colder with chance of wow Lows Saturday near Sunday 510 Weathor details on turn to page 2 duction in wage and salary withholding to reflect the cuts in income tax rates shall begin one week after the bill is signed The Senate completed its con sideration of the bill in seven days four of them involving night sessions Oh the final vote 56 Democrats and 21 Republi cans supported the bill Opposed were 11 Democrats including eight Southerners and 10 Re publicans The Senate bill however would immediately cut the 18 per cent withholding rate to 14 per cent instead of to 15 per cent as voted by the House House managers have Indicat ed that they will go along with the lower rate which was asked by Johnson but perhaps insist that companies be given longer than one week to put it into ef fect in issuing pay checks Many firms have said it is im possible to do it in a week COMEDIAN DIES NEW YORK comedian Harry Delf 71 who also was a playwright died Fri day Sturges car went out of control in the 500 block of 5th went to the right and across the side walk It glanced off stone re taining wall along lawns there and then angledto the left back into the street The auto traveled more than a block during the time it crossed the street then crashed into the trees on the south side of 5th The front of the auto was de molished and the motor driven Dack under the windshield GETTING THE WORD Paul Behm Mason City High School band master and host for the Grade School Music Festival talks to visiting judges They are leftto right Donald Whit comb Charles City Arvid Anderson Nashua Maurice Feese Hampton Don Fejfar Iowa Falls and Roger Naylor Wells Minn They are among 22 judges auditioning individuals and small groups from 56 North Iowa high schools Other pictures on Page 13 SAME of them ubversive activities Announcement of their de ortation came after a dem nstration by more than 2000 ollowers of President Kwame vfkrumahs Convention Peoples party at the University of hana in suburban Legon The demonstrators marched through the halls of the univer sity for several hours There were reports of violence Government owned newspa pers this week have been proj iesting Western influence student minds and criticized those students who did not fully support Ghanas oneparty So cialist government VICE OFFICER FINED KENOSHA Wis liam Lee 33 a police depart ment vice squad officer was found guilty of two counts of adultery Friday and fined 1 US teens riot Face it folks the Beatles are here NEW YORK Bea tles Britains rock n1 rollers with the haystack hairdos blew up a teenage storm by arriving here At Kennedy Airport Friday about 3000 delirious shrieking hookyplaying youngsters many of them carrying Beatle ban ners strained against police barricades to welcome the sing ing guitarstrumming quartet It was mostly girls girls girls I love them I love them cried one Theyre so cute said an other Their singing tears me apart and lets out all frustrations sighed a Brooklyn girl Pelted by jelly beans and can dy kisses all loving every bit of it were Beatles Paul McCart ney 21 George Harrison 21 Ringo Starr 23 and John Len non 23 Lennons pretty blonde wife Cynthia accompanied the group but stayed well in the background The Beatles their records best sellers for months were al most an American institution before they got here Already on sale are Beatle wigs boots Tshirts sweatshirts toss lows and scarves In Britain ff 20000 ragmop wigs have been sold The adulation of the Beatles is reminiscent of the grip Frank Sinatra had on teenagers some years ago and more recently of Elvis Presley But when a newsman de scribed them as four Elvis Presleys the foursome shouted in unison No no no The Beatles began their debut in a Liverpool jazz cellar 15 months ago for about a week They now command 000 a performance aiM are re puted to have earned million Zooming into Manhattan each in his own limousine the Bea tles created consternation at the staid old Plaza Hotel where theyre staying There was a screaming crowd waiting there and foot patrolmen and mount ed troops had to take over The Beatles appear Sunday night on television On Tuesday they go to Washington for a con cert On Wednesday they will give two shows at New Yorks Carnegie sellouts Another stop during their tour which ends Feb 17 is Miami Beach Fort Dodge man killed by Britt car BRITT A Fort Dodge man was killed Saturday when he was struck by a car as he walked along US 18 about 4V4 miles west of here The victim was Theodore C Espey 43 Iowa Highway Patrolman El mer Angle said Espey was struck by a car driven by Ramona Eileen Lundgren Britt The accident occurred about am Inside The Globe CLEAR LAKE leaders dis cusses new city hall Page 3 WEST WATERLOO nips Mason City 6059 Page 9 CANADIAN personnel ex pected at Oliver plant Page 18 Clear Lake news 3 Church news 45 Society news 47 Surveyor t Sports news Editorials11 Latest markets 12 Mason City news 1213 Comics 14 Transit timetablo 14 Classified pages 1417 North Iowa news U Bulletin SHELDON of a young clerk found in hit wrecked car a a county rood about nortnooot of and MM tot urday tho youth died of a funotwt iff Howard M tifiod fno Hatting Antnony ajf tan A i t t rVlufi Xt L t j V f k 5 J U Ji t M m i i   

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