Word: billing
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Dates: during 1930-1939
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Prime purpose of the Revenue Bill of 1938 is to raise $5,300,000,000 for the U. S. Treasury. Of this, slightly more than half will be paid in manufacturers' excise and miscellaneous taxes. The remaining $2,490,000,000 will be paid as taxes on individual and corporate incomes (and on gifts and as death duties by some 9,000 U. S. citizens expected to leave estates larger than the $40,000 exempt from...
...special tax ranging from 7% on any undistributed profits constituting 10% or less of its net income, to 27% on all over 60%. Corporation A's normal tax would have been $2,890, the tax on its 10% undistributed profits $147.70. Total: $3,037.70. Under the 1938 bill Corporation A will pay no penalty on its undistributed profits, a tax of 12½% on its first $5,000, 14% on its next $15,000, 16% on the next $5,000. Total...
...Under the 1936 law Corporation B would have paid a normal tax of $148,840. Because it retained more than 60% of its earnings, it would also have paid up to the maximum rate of 27% on its undistributed profits, another $120,487.80. Total: $269,327.80. Under the 1938 bill, corporations earning more than $25,000 will pay a flat tax of 19% minus 2½% of the amount it distributed in dividends. If Corporation B retains the same share of its profits, it will pay a total...
Like frogs in spring, last week, no sooner had Representative Emanuel Celler been given a chance to croak for his Government Broadcasting Bill (TIME, May 16) than the whole Congressional swamp sang out for radio legislation. As soon as Chairman Carl Vinson of the House Naval Affairs Committee announced War, Navy and Interior Department endorsement for the Celler Bill, indicated that plans for a Government station to combat Fascist propaganda in South America had White House backing, Senate Foreign Relations Committee Chairman Key Pittman and Senator William E. Borah added their endorsements...
...with hearings on the Celler Bill scheduled for this week, Senator Bone's Interstate Commerce subcommittee beat the lower house to the punch by opening rival hearings on the Chavez-McAdoo Government Station Bill. The proposal is similar to the Celler Bill, except that it places the station in San Diego, Calif.; jumps Representative Celler's $700,000 construction and $50,000 maintenance ante to $3,000,000 and $100,000; omits specific provisions for domestic broadcasting; gives the Secretary of State responsibility for programs...