The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1946-02-05

lax ,ohhv,s. Ellsworth Alvord whose advice he fol-
lows, he's called unique tax hearing Cor today
ne wants the internal Revenue Bureau 70 explain
why Il hasn't paid more money back % eotpcraeiohs
under the oaryy.haok provisions Of TIE tax law,
some people have less kindly way Of expressing
III; namely, that senator George win ascertain why
internal Revenue hasn't done 4 better Job Of finan-
cuk the present strikes ror Il ls an unquessioned
fact that the tax law written BY senator Georges
Committee IA gold mine which puts many cofpofa-
lions In position where they doat care VOC much
whether they are strike-hound
The Internal Revenue Bureau asserts that some
Of the claims made by corporations for tax refunds
are fantastic So Il has held them up Tor closer study
senator George however, doesn't seem TO think they
are being paid fast enough. lie has called JOINT
comFAlttee meeting TO investigate
Already business has submitted fclalms for =
cool Ss.000OO000D and a total OF Se'0oovOOOOO may
be drained out OF the Federal Treasury through TINS
neat clause lobbicd through Congress when nobody
was locking.
Isie Is an illustration in the case Of .. 8 steel,
as to how Il works.
ror the first time In history, U. 8. steel last
week issued "fve-year consolidated report" when
won't make n easier for the average reader to un-
derstand les tax wndfall IN the past 1t has Issued
yearly reports, However, the s-year report y most
revealing It shows that U. 8. Steel has now turned
an additional net profit Of s78,l040e4 out Of the
war, thanks to Senator George and other Congress
slonal friends Of big business.
The steel corporation admitted q profit Of 49,
0a5Oos last year. Then, on september y, President
Truman quietly proclaimed the end Of the war for
tax purposes though not for the Oils growing tired
overseas Trmans edlct found U. s. steel with eiiS-
100000 In unamortEed war production facilities still
on the books.
Under the carry.back provision so quietly slipped
through Congress, U. s. Steel was able to throw IN
this amount for recomputing the taxes paid over
the past for years Result Is what u g. Steel euphe-
unsteady called Federal Income Tax Adjustment
Credit" to an amount Of S78l046el In words Of one
syllable, Federal Income Tax Adjustment Credit
means kickback from the y. s. Treasury.
Tax stories make dull reading but this sum is
equal to about half Of what the union has asked
as q wage increase for its members.
When white roses we're passed out In Congress
honoring FDRs birthday the only man who fatty
refused to wear one was Representative Dudley O.
Roe. Democrat OF Sudersville, Nd. Negro Con-
gresham Adam Clayton Powell Of Harlem Is ex-'
tremey ight-skinned. When IAfe Magazine published
a picture OF Powell and his darker-sknned actress
bride Hazel Scott, Powell received the following note
from an Arkansas reader: Dear Senator Scott
simply want to tell you that YOU an everlasting
disgrace to the white race" Latest Congressional
quip on President Truman: Hes the second Mis-
souri, Compromise" . Those who sit backstage with
Truman say he's by no means the compromises John
Snyder makes him appear to be. Truman Is
again listening to his old friend Senator Harley
K:lgore Of West Virginia an outstanding legislator
Because President Truman was using war
time 'victory model pen-and-penc SET Secretary
Of Agriculture Clinton Anderson last week brought
Louis Eknltzero. vice.president Of Eversharp Inter-
national to the White House to present new post
war model to the Chief Executive.