Word: excesses
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Dates: during 1920-1929
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...unproductive. The high rates are defeating their purpose. Statistics of income for the years 1916-1920 prove this in the clearest fashion. There has been a remarkable decline in the larger taxable incomes, while taxable incomes generally have been increasing. The following statistics show this for taxable incomes in excess of $300,000 a year: Number of Returns Year All classes Incomes over $300,000 1916* 437,036 1,296 1917* 3,472,890 1,015 1918* 4,425,114 627 1919* 5,332,760 679 1920* 7,259,944 395 *Net income of $3000 and over. *Net income...
...steadily increased from year to year, there has, since the adoption of the higher surtax rates in 1917, been a very marked decrease in the number of returns, the total net income reported, and reported income from dividends and interest-bearing investments for taxpayers reporting net incomes in excess of $300,000. Obviously these figures show not a reduction in the number of individuals in the country actually having excess of $300,000 a year, or in the total actual net income for such individuals, but that individuals actually enjoying such income have, by various methods of reducing net income...
...Ratio of number of returns from incomes of $100,000 and over to number of returns from incomes in excess...
...even more so, an unexpected influx of revenue. The income tax quarterly payments due March 15 exceeded the expected $400,000,000 by $63,000,000. In addition, the tariff receipts calculated at $500,000,000 for the year, are now estimated at least $40,000,000 in excess of that amount...
...revenue than was expected. Now Senator Smoot says: "No!" Consider the Senator's probable reasons: He considers the bonus likely to pass. This will call for much additional revenue. If any tax tinkering is undertaken, the LaFollette group will use every means to amend the bill by adding excess profits taxes, and larger income surtaxes. This result Senator Smoot and the regular Republicans are anxious to avoid. To meet the bonus, if it comes, regular Republicans will want every cent that is now being raised-they will want more, in fact, and even talk of using the British Debt...