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About The North Platte semi-weekly tribune. (North Platte, Neb.) 1895-1922 | View Entire Issue (July 26, 1921)
NORTH PLATTE SEMI-WEEKLY TRIBUNE 1 i t The Mutual Building & Loan Ass ciation, of North Platte. (Under Supervision of State Banking Board) Financial Statement July 1, 1921 Loans on City Real Estate $1,445,000.00 Loans on pass book security 4,200.00 Dues from Shareholders 2,060.90 Office Building 1 27;423.14 Furniture - 1,335.47 -Balance in Treasury 9,492.1 5 Total $1,489,511.00. Installment Stock and Dividends $ 560.915.4G Paid up Stock 847,000.00 Undivided Profits - $47,490.20 Reserve Fund 34,100.00 81,596.20 Total $1,489,511.00 We invite you to avail yourselves of the service and secur . , ity of our Association for the accumulating of your savings and the making of investments. OFFICERS AND DIRECTORS T. C. Patterson, President W. H. Munger, Treasurer V. vonGoetz, Vice-President Halligan Beatty & Halligan, Bessie F. Salisbury, Secretary Attorneys. V. vonGoetz W. W. dimming W. R. Maloney Ira L. Bare M. J. Forbes T. C. Patterson Frank N. Buchanan Geo. W. Finn . Harry M. Porter Office Corner 5th and Locust St. SALES TAX IS CONDEMNED I'ROFESSOIt II. CLYDE. FILLEY OF AGRICULTUKAL SCHOOL ON THE SALES TAX. The afloptlon of a Federal Bales tax or turnover tax Is being urged by men who are now paying a high rate under the present income tax and who hold stock in corporations which havo to pay an excess profits tax. "Who would pay such a tax? "Would it be a fair tax? How would it effect different people and, what amount of rovenuo could it reasonably be expected to projiuce? Some of the arguments most com monly urged in favor of the sales o turnover tax are the following: 1. It is a simple tax, easy to levy and easy to collect. 2. It will produce an ample rev- For Rent Limited amount of Cold Storage space for Eggs, Meat, Produce, Etc. ARTIFICIAL ICE & COLD STORAGE CO. Phone 40. enue. 3. It encourages thrift and pormlts the country to accumulate capital for future industrial expansion. 4. It is based on democratic prin ciples thus spreading the tax equit ably. 5. As passed along the consumers, millions will pay the tax but nobody will feel it 6. It will increase the price of com modities but little, whereas taxes now in force increase the price nearly twenty-five per cent. 7. All present sources of revenue are exhausted. A new source must be found and this is the logical source. Wo will discuss these arguments in order and afterward take up some of the objections to such a tax. Tho tax is commonly referred to as a simple tax and yet no two articles in its favor, which I have so far read, have agree! 'upon the methods of levy and payment. Is it to bo a tax upor all sales or It is to be merely a tax upon retail sales? If it is to bo mere ly a tax upon retail sales what con stitutes a retail sale? When is a com modity used nnnUy: Apples may do sold for consumption or they may be sold for canning. If the apples are canned it is not final consumption be cause in many Instances they would bo passed on to some ono else, per haps through the hands of two or three owners before consumed. Many commodities which arc part of the raw material entering into manufact ured goods are consumable supplies when purchased by someone else. It therefore seems to bo impossible to maintain a sales tax which Is either merely a tax upon retail sales, or sup plies soljll for consumption. A turnover tax would be a llttlo bit simpler because all sales would then bo taxed whether wholesale, retail, or for an article entering into a manu factured product. Under such a sys tern tho farmer would pay a tax upon tho products sold during the year Tho farmer (disposes of the eggs to the local merchant who in turn sells them to a produce house and of course pays a sales tax. The produce house places thom In storage and In turn sells them to a retailer. The retailer sells the eggs to a baker and the baker dls poses of his products to the general public. Under such conditions the final consumer of these eggs would logically be nssesseU with the sales tax paid by the farmer, merchan produce dealer, retailer and baker. Wo might illustrate the same point with articles which go through sever al manufacturing processes before be ing completed. For example, a certajn manufacturer of farm machinery owns no mines of coal or Iron or hard wood forests. Instead ho manufactur es an implemen largely by assem bling certain materials from other dealers in the form in which they are to bo useM. He enters into competition with the manufacturer of farm ma chinery who does own Iron mines and coal mines and hard wood forests, and therefore no product is-sold until the finished machine is sol1. In ono case because of the selling of different parts, perhaps two or three taxes would have been -paid before the ar ticle reached tho retailor. In the other tlvo bill has been drawn which shows capitals aB rapidly ns possfblo in tax that tho tax is a simple tax, ensy to ' tree securities. This is unfortunatotv TOO MUCH BUSINESS THREE-ACT COMEDY PRESENTED BY ALL STAR CAST LAST NIGHT OF CHAUTAUQUA understand, and easy .of collection It has been urged that this measure would cortalnly produco amplo rev enue. Would it proUuco rovenuo in case of a "buyers' strike" such as it is maintained has been in operation during recent months? In fact, would not a sales tax bo a very erratic tax producing nmplo rovenuo in times of good business and vory llttlo rovenuo when business 1b slack A sales tax has been adopted in France. Recent roports indicate that its results are vory lisappolntlng In production of revenue. Tho Canadian sales tax has not produced as much rovenuo nor produced It as efficiently as Us advocates maintained before its adoption. It is argued that with the adoption of a sales tax and tho repeal of the excess profits tax and reduction of tho sur-tax thnt thrift would bo en couraged and funds would be accumu late)) for futuro Industrial expansion. It is true that very wealthy people would doubtlesB accumulate funds more rapidly if they did not havo to pay a high income tax and if wealthy corporations did not pay an oxccsb profits Jax. Tho quostlon logically follows: Is It tho Ucslro of tho major portion of the people In this country that tho wealth be concentrated in the hands of a vory few people, or is It better If many persons bocomo mod erately wealthy, Tho taxes now In force have not been confiscatory ovon In the case of verv largo Incomes. It seems rnther logical that a corpora tion which makes a vory largo profit should pay a part of that profit t3 tho support of tho government which protects it The argument that It Is democratic In principle, falling on all alike, Is not borne out by the fact. As has already been shown It does not fall with tho same weight upon the largo manufac turer who owns hlB sources of raw material as It docs on the small manu facturer who must buy his partially raw material. If a man must pay out all of his Income for living expenses his tax Is more proportionately than Ib that the man who expends only a part of his Income. Of courso It his securities aro not exceptel from tho cales tax then the wealthy man would pay as high a per cent of his Income as did tho poor man, since It would nil be expenses, but the general sup position has been that slnco stocks and bonds aro not consumablo that they would bo excopted from tho op eration of tho tax. ,.Tho claim that tho sales tax can bo passed along to tho consumer with out being felt by anyone deserves llt 'tlo consideration. Does anyont be lieve that two or three billions of taxes can bo collected In a year with out someone filling It out and feollng the effect of the tax? This Would mean on an average a tax of a hundred dol lars for each head of a family of five. Where products pass through sev eral hands and each man adds to tho selling prlco of tho articles because of tho saleB tax which ho must pay, It seemB very definito that the consumer will pay considerably more than ho does under present conditions. It has been very definitely proven that under normal conditions the Income tax can not bo passed on. Tho fact Is that If the Income tax and excess profits tax could bo passed on, there wouljl bo no need fr a sales tnx- Wo mny u,orc foro tako for granted that tho sales tax will bq paid by tho consumer and paid In an Increased prlco charge for commodities. It Is not truo that all other sources of revenue aro dried up as chargtd truo, but tho answer to this is not ti e adoption of a Bales tax, but an amend ment to tho constitution which will provide that no incomo Irrespective of the sourco from which It Is derived thnll bo exempt from Federal Income tax. Instead of repealing our law let us toleter up tho weak place. Adam Smith wisely said that taxes should bo lovlcd In proportion to the ability to pay. Tho Incomo of th" Individual Is as good n test of nbllitv as tho mind of man has so far devised Under tho protection of our laws mcu mako their fortunes. Let those wj mnko tho most pay the most for sucn protection. Tho accumulation cl vcalth Is n good thing lor tho covm try. Tho concentration of this wealth in tho hands of a fow individuals Ib not ilcsircablo. Tho graduated incomo tax ft' Uli its low rate upon persons whoso accumulations aro not so great, and its high rates upon persons who havo already accumulated largo fortunes, would scorn to bo ono mothod of pr venting tho undue concentration of wealth, whllo at tho samo time equal Iv'ng tho tax burden. Iho turnover tax, because of lid discrimination against small com panies and Its favor of largo com panics and foreign manufacture.', does not seem practical. It wo limit tho sales tax primary to a consump tion tax, then it is unjust in that it did criminates against tho man who must spend all his Income for n living B3 compared with tho man who Is able to save a portion of his Incomo. If wo aro to hnve a consumers tax at ar it would eeom logical to place It upon necessities. Wo havo not by anvla means exhausted the possibilities of n , luxury tax. Our rovenuo from such H nnd tho country as a whole bo bettor off. "God helped tho rich, tho poor cart beg," summarizes very briefly thd nr gument for n sales tax. Undor nu consideration do wo bellevo that tho farmers', tho salaried workors, anl wago earners of this country should consent to a tax which places upon thom tho burden of tho cost ot the war and leaves tho wealth of tho sountry from paying Its just burdens. :o: Miss Gladys Davis of Scotts Bluff and sister Mrs. A. L. Barr of Omaha, visited friends in the city tho latter part of tho week enrouto to Donvor nnd other Colorado points. To whom aro you going to soil your Hay and Grain? Tho Harrington Mer cantile Co. will offer tho htghost prices. Mrs. J. S. McCoy returned to her homo in Surprise, Ncbr., Saturday af ter attending tho funeral of the lato Mrs. Stanley O. McCoy. Clinton & Son, Graduato Opticians. Trv us for sorvtco. Mrs. Carrlo Baldwin loft Saturday for Lincoln to spend tho remainder of tho summer. Miss Paulino Dlsmoro left Saturday lor Omaha to visit . 1 J. S. TWINEM M. D. Homeopathic Fbyslclan & Snrgeon General Practice and Construction Surgery Hospital Accommodation Plntto Taller nospltal Former Name Tnlnem Hospital, NORTH PLATTE, NEBR. sources could doubtless bo quadrupled i:-Ke?t:4 A QUIED PLACE to bring your frlonds to dino. A placo whoro tho greatest caro la ox oxclsed in tho selection of tho food materials. A place whero tho culslno, Ib exquisite, whero tho china and cut lery is tasteful, nnd tho surroundings pleasant This Ib such n place. Como and enjoy It HOTEL PALACE AND CAFE. Does anyone think for a moment that " s admitted that many large firms tho small manufacturer ur3or condi tions such as theso could compete with tho manufacturer who owns or controls all sources of supply? Tho country Is just at present talk- are makngl less money than they did formerly and as a result Incomes aro smaller. Cortaln ohanges In taxation should probably bo made, but thin ! does not argue In favor of tho sales ! tov no n rnnlnp.omont of tho taxes lng about a prospective tariff to Keep Jfl ronRon why pcople whoBO out tho influx of foreign made goods., . ,nrco. Bh0uld not Theso goods would pay a sales tax . iQ only after way omorou tins coumr.i QaQ tbQ argumontB urgod against There would bo no tax paid upon the, . , . . ... .rflnnfl ,vh UIU lllUIIiU MIA w.v i In "Two Much Business" there Ib 'mystery, comedy and love, all united Into an exciting game of business whero the creed of a cult attempts to run business on the unsound doctrine of Its belief. Clever dramatic situations with' climaxes and antl-cllibuxes keep the atidlenco laughing, wondering' and startled, and It Is not until the very last line of the play that the plot of tho play is unfolded. Clare Vaughan Wales will personally direct the Company. She Ib recognized as one of the leading actors and play directors. With a cast of New York and Chicago actors which she baB carefully selected, they present a performance that is finished, artistic, entertaining and inspiring. At North Platte Aug. 21 to 25. (dJfforont manufacturing processes, asj whero cotton passes through several hands between tho farmer and tho fin- ished cloth. Tho sales tax would therefore give an advantage to tho foreign manufacturer compared with the American manufacturer. Would there bo any exception to the sales tax? Would all sales of Btocks, bonds, nnj futuro contracts bo taxed? Some porsons object rather vigorously to tho Stamp Act now requlrejl on ccr-, tain legal document This tax Is in- j flntoslmal, however, as compared with j tho requirements of a ono por cent f sales tax. Some men propose that men whose sales amount to less than $5,000 .V year should not pay a tax. Who Is , going to know whether or not their sales amount to less than that amount? Would It not bo just as much work to find out tho amount of profits? In spite ot this tho argument of simplicity is urged for tills tax as compared with tho incomo tax. Tho tix mny bo a simple tax, as has been urged but as yet no argu ment Iibb been produced anil no tenta- SPECIAL At Eshleman's Feed Store, 310 East Front Street, a branch of the Hershey Flour Mill where the wheat grower and consumer can get good bargains. Go to your nearest mar ket and ask what you can get for your wheat, and then go to your merchant and ask what he will take for seven or eight hundred pounds of flour; or come to our store and get 39 pounds of flour for one bushel of wheat that will test 58 or better and no smut; and 20 bushels of wheat will get you 14 sacks and 8 pounds of flour. So just figure out how much flour you could get if yousold your wheat and bought your flour of the merchant. Wholesale price to ev eryone, 10 sack lots $1.80 per sack, single sackB $1.95. We always aim to please. Phone 175 L. W. Frank Dowhower, Mgr. cry largo incomes are Investing tho'r COAL For a quick cooking fire uso Rock Springs. Lump Coal, handlb only tho better grades Coal. ARTIFICIAL ICE & COLD STORAGE CO. Phono 40. our Wo ot Wall Paper Select your Paper at Home PHONE 1061J PHIL DEATS We are welding castings of all kinds. Get your grain binders and mowers that aje broken fixed up before you need them. We repair broken pumps, gears, wheels, put cogs in wheels and any shape casting can be repaired. Auto fenders that are commencing to crack can b re paired, and save a new one later on. Windshield frames manifolds and axle housings that are leaking oil can he fixed. Car lrames welded and reinforced, made as good as new or wheels that have broken tires and rims that have been bent and broken. Also tire lugs built up at North Side Blacksmith Shop Phone 361W MARTIN WYMAN, Prop
