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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 05, 1961
Page
12
Fred Peel warned that pending tax changes aim to fix a temporary balance of payments crisis and may raise personal tax liabilities. He argued against permanent structural changes and opposed limiting foreign income exclusions for U S citizens abroad, while urging careful handling of top management taxation.
New York reports that borrowing costs have bottomed and will rise only as the current business upswing expands. With the Federal Reserve supplying funds and FHA mortgage rates cut, credit remains ample for borrowers including homebuyers, corporations selling bonds, and governments. Money will stay plentiful though not flooded, signaling a broad, cautious expansion.
The U S Council of the International Chamber of Commerce objects to administration tax proposals that would curb private investment abroad. In testimony to the House Ways and Means Committee a spokesman said the plan would limit U S sales of American products and threaten domestic jobs by taxing foreign income for corporations and individuals.
He warned that Europe’s stance could shift the balance as European owned companies may not share the same affinity for American goods and services, potentially taking market ground from U S firms.
In Nashville AP dispatch Rev Dr Truman Douglass head of the Congregational Christian home missions board says segregationist citizen councils harm national security more than spies. He credits freedom riders and sit-in demonstrators with serving the South and predicts a Black governor for Mississippi within 20 years.
Dr. Douglass exhorts support for a Negro governor and voting rights in Mississippi. He argues federal marshals may protect a shift, praising protests against segregation and noting rebels often lead social change.
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