Oilman Frank Phillips watched with dismay while federal taxes and Oklahoma state levies ate deeper & deeper into his $50,000-a-year salary as board chairman of Phillips Petroleum Co. Finally the salary (a minor item of the Phillips income, anyhow) seemed to vanish altogether.
Last week, ex-barber Frank Phillips, whose 4,000-acre ranch near Bartlesville, Okla. has a herd of bison, an artificial waterfall and a 300-man dining room, announced that he had reduced his salary to $1 a year. Reason : when his other income was taken into consideration, taxes gobbled all but $309.36 of his $50,000 salary.
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