European Stars And Stripes Newspaper Archives Apr 1 1962, Page 4

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European Stars And Stripes (Newspaper) - April 1, 1962, Darmstadt, HesseWe is am and Simk princely def Qiu May not Ftp Galla by Harvey Hudson Paris a Walter Matt Complex May be the death of Monaco As a never never land. The famed Casino is still solider its foundations and the Roulette wheels run True. Prince a Allerand Princess Grace Are of ally set tied in the 130-room Palace which squats on get mall Rock and has a View Over the whole principality. The 65-Man Royal guard in Choc Olate Soldier uniforms is Ever Joy Albut there is a gloom among the Palm Trees that can never be washed away by the Blue Mediterranean Waters or burned away by the Brilliant Sunshine. The problem is simple income a Tettley suggested income to Mem just like 0017-f Prince Zalnier has defiantly replied we cannot accept that ii would he the Etal of the but French president Charles de Gaulle has never Floc bad at turn ing is Wrath on Russia the United states or Britain Walii apparently has no qualms about stinging France s Littlest neighbor negotiations on the subject Are now in Progress Between France and Monaco. When the talks Are Over. Monacan Are Likely to learn that taxes can be As Suras death even in the principality that had seemed , Prince Rainier has restored to the citizens of Monaco the Constitution he took away from them three years ago. The move is believed aimed at winning support from i subjects in his tax Battle with de Gaulle. Monaco lives in a state of fictitious Independence through French tolerance. I to 80 acre Are entirely surrounded by France and the sea. Ite 21,000 resident Only about 1,300 of them Are Monacan Dix rain Codd not Uve without France. Visitors arrive on French trains by French highways or land by plane at a French Airport electric evening in Pabis French president Charles de Gaulle plays the Jovial Host a Prince Ballner and Princess Grace enjoy a gala dinner in Paris. The most Sui Royal pair spent three Days on an official visit to the French capital. Prince Ballner his of Ity is serviced from France. Practically everything consumed in the principality conies from or through France. Except for some souvenir coins All the Money is French. Income taxes were instituted in France in 1917, and no one thought about extending this same bother to Monaco when the treaty cover ing relations Between France and a Unco was drawn up. Monaco kept its government going through Revenue from the Casino Sale of its brightly coloured postage Stamps Anil a wide variety of indirect taxes. With no army or Navy or air Force to support no Veteran in Laniis to pay no farm mib Idith and no foreign Akl contributions Monaco can still get along the a Fern Way. But Krancz complain Monaco Hait warned to be plagued by dreams of glory in recent years. A couple of years ago Prince Rainier suggested that Monaco should set up a Flag of convenience just like Panama or Liberia for merchant ship France Flotd no. Monaco proposed raising its Lega Tion in Paris to the rank of embassy. France politely declined. Some residents of Monaco whispered loudly thut they should be As much entitled to representation in the United nations As some of the new nations that have been admitted. France didst hear a this did t really matter so much. Then Prince Rainier hired a Young american Diplomat Martin Dale to set up the Monaco eco nomic development corp. Dale 29i a Princeton graduate who and served As vice Consul in Marseille and Nice set out to encourage americium companies to set up head $95 for $100 . Savings Bond Washington i Var my a w1i17m Jim Lebell w u lutl/"444tared Floo government savings j As of next summer it May no longer be possible for a business Jan to Calm tax Dedus Orloos forepart of his apartment rest tie rely Bertaln Wrt omers v a a m e Ofelt far effects that would result from the administrator i con Trow anal tax revision program if it becomes Law in the it Rin i which it passed the Bouse Here re details tax cats for business Ornis proprietors farm is and other Seu Ejon played per mob would yet tax cuts if new equipment or in Caspe producing tools. The tax eat would Range of to 7 for every 9100 to expenditures a prying retroactively to purchases Road since test 0ee. 3l it would apply to a wide Range of items including Railroad tracks new machine tools blast furnaces cattlemen s ? fences refrigerators bought by restaurateurs and Breed ing bulb purchased by novelist even could deduct $7 from Hli taxes on royalties by buying a Hod typewriter. Tills would not raise anyone staws but would affect every one of the teas of millions of persons who has a savings account government Bond or gets Stock Divi starting Jan. 1, 20 cents of every Dollar from this Type of income would be withheld for income taxes. If More taxes were with held than owed the taxpayer could apply to the Treasury for a re fund. Unless a person qualified for an exemption he would get Only j8o in Cash when he cashed a government savings Bond with a 100 face value. A Peime accounts starting july 1, businessmen would lose tax deductions for expenses of business related entertainment unless they keep records to substantiate them. Tax deductions would be prohibited for expenses of yachts swim Ming pools Hunting lodges social club dues and other facilities unless they Are used More than half the time for business entertainment this Means a businessman no longer could charge off part of his apartment rent simply because he entertains customers it Home. Business earning overseas american owned foreign Corpora Lions would be denied their pres ent right to postpone indefinitely payment of us. Taxes on their earnings. The taxes now do not have to be paid until the earnings Are brought Back to this the new rules the earn Ings would be taxed on a current basis unless the profits were slowed Back into the same Busi Ness abroad or invested in some economically underdeveloped coun try. A coiling of $35,000 would be imposed on the foreign earning son which an american citizen can avoid taxes by taking up Perma nent residence present Law a . Citizen permanently living abroad May exclude from his tax bos All income he receives from sources outside the . Under the Bill passed bythe House h limitation of 435 000 would be placed on this . However during the first Chr Eyears of his overseas residence this taxpayer s Selling on excl Dable in come would be $20.000. Lobbying business firms could claim tax deductions for lobbying expenses. Except for this every provision inthe Many faceted Bill is a com Promise version of some proposal advanced by or. Kennedy. The administration and organized labor oppose the lobbying Fea Ture. Other provisions taxes would be boosted about$200 million a year for 6,700 Mutual savings Banks and savings an loan associations which now enjoy virtual tax exemption. Mutual fire and casualty insurance companies would have to pay an extra $40 million. The Treasury would collect a extra $100 million from the higher taxes the Bill would Levy of profit from Sale of property other than buildings on which Market value has not dropped As fast As tax write offs for depreciation. A i quarters in Monaco the inducements were obvious. No corporation taxes no personal income taxes a pleasant climate. An More and More past to electronic medical map in per fume plastic moved lat Monaco French Eyebrow started arching stiffly. The list of corporation based in Monaco climbed to 542, the number registered there to tales some j.300. The in Monaco doubled from is09 to 1mi, and hit about $2 million last year France claims. French competitors shrieked that they were the victims of a blow be Low the Belt. Products made i Monaco entered France without duty. Since the manufacturers paid no corporation taxes this meant one of two things lower prices or higher profits. Either thought was painful to the French companies. Then Prince Rainier had brusque falling out with mile be Letler the Frenchman who was acting As minister of state or pre find pet dunce. Pen so was Dei the Monacan be named by the of three . De Satute i mining a new is called for a after minor Point flatly and said them Tux frenchmen. Prince Rainier"we., cannot accept we Are extremely to an nor Man Many problems but would be an attack roots of our s the Issue Toa mortal blow har the complacency a thought they cau3$�l free world As Long supplied an heir to Luio Pian Idit Fon the Samv Navy co sideway t. Smith jr., impair eos John to Iuchi o. Rank so dust Tabil Central ache lloy Haiti a. In to to mtg uht. 0300-3imi a 73346, dammit add air Urt a 741, two to Tot 0419-273, 04l3t-js mtg Tab will Taw c. Dunn i m 7�5, Kim 7-33407 he Chi lob Hor 4f3mt m s3mt tto t 5-Nssft u hut Kraler o 045.721 a Mimi p. 3400. It 441 of fair Mccu Kaimeh i Glano. Lucky a h As m la Anlu m 774 i. C 6m4i9 c 950-7j-73, my 147 its a Row a it of

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