CUT £12,500 SALARY TO 5/-
TAX LEFT ONLY .£77. NEW YORK, May 1. Mr. Frank Phillips, chairman of the Phillips Petroleum Co., has cut his own ,£12.500-a-year salary to 5/-. This is because he feels it is useless to draw a salary of which nearly all goes in taxes. Explaining this' decision, which is effective from February 1 last, Mr. Phillips sent an open letter to the employees. At the top were the words: “My wages.” He said he “did not see why the company should pay $50,000 a year and benefit me by only $309 36c” (approximately £77). The big difference between his salary and the amount left after payment of Federal and State income taxes was due to the fact that he has other income. This made his salary subiect to super-tax. His company this week disposed of its holdings in the Panhandle Eastern Pipeline Co.
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Greymouth Evening Star, 25 July 1945, Page 3
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148CUT £12,500 SALARY TO 5/- Greymouth Evening Star, 25 July 1945, Page 3
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