Word: bacharach
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Generally considered the '"brains" of the House Ways & Means Committee where all tax legislation originates, Representative Isaac ("Ike") Bacharach of New Jersey simultaneously suggested an increase in the surtax rate (now 20%) on incomes above $100,000, heavier inheritance taxes, a sales tax on "luxuries and non-essentials." Said...
Democrat Owen D. Young's testimony on the Bonus fortnight ago convinced Congressman Bacharach that it was politically necessary for the Republicans to act. Adopting the "Young Plan" of increased loans but rejecting the proposal to limit them only to needy veterans, he drafted H. R. 17054, got it by the Ways & Means Committee (17-to-4) to the House floor where Speaker Longworth helped him to pass it by a suspension of the Rules...
...Bacharach bill provided for: 1) upping the loan value of bonus certificates from 22½% t0,50%; 2) reducing the interest rates from 6% to 4½%. A veteran who had already borrowed 2½% of the face value of his certificate could raise another 27½% on it. Veterans' Bureau actuaries estimated that this measure would cost...
...Bacharach was the veterans' hero, Secretary of the Treasury Mellon logically became their villain last week when he wrote a strong public letter objecting to this bonus legislation. The gist of his argument was that the Treasury could not stand the financial strain. Predicting a $500,000,000 deficit next July (last estimate: $350,000,000), he declared the measure created "a potential liability of $1,720,000,000"-that is, if all veterans borrowed to the limit. The Treasury, he explained, had some $772,000,000 securities in a sinking fund reserve to pay off the bonus...
...Mellon letter clearly foreshadowed a Hoover veto. But upon Congress it acted as no deterrent. Speaker Longworth pronounced the Bacharach bill "sane, sensible and conservative" and "one guess as good as another" on its cost. Secretary Mellon was loudly flayed for painting too gloomy a picture, was reminded that his dire prediction about the effects of the original Bonus act in 1924 had never materialized. The Ways & Means Committee in its report on H. R. 17054 argued that "there is no way to determine accurately just what the cost 'will be." Against Secretary Mellon's "potential liability...