Word: repeals
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Dates: during 1930-1939
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They said Vermont was doubtful on Repeal, pointed for proof to its first prohibition law in 1852, its dry record ever since. But when the votes were counted last week it was found that Green Mountaineers stood 2-to-1 in favor of the 21st Amendment. Only about half the usual number of voters turned out for the election, nonvoters feeling that Repeal was now inevitable. With Vermont as the 25th consecutive State to turn thumbs on the 18th Amendment, about two-thirds of those voting were on record for Repeal. The popular vote to date stood...
Last June Congress inserted four kinds of taxes into the National Recovery Act to finance the $3,300,000,000 public works program. These levies were to raise $227,000,000 per year, were to go by the board when Repeal was effected. They were...
When the 36th State deposits its ratification of the 21st Amendment with the Secretary of State, the National Recovery Act requires the President to proclaim the date of Repeal. Much depends on whether that date is before or after Jan.1. If it is before, the gasoline tax drops back to 1? per gal. and the dividend tax becomes void as of Jan.1. If it is after, these taxes continue to operate throughout the calendar year of 1934 despite the fact that liquor taxes will also be collected during this period...
...excess profits tax ceases to function for the taxable year following that in which Repeal occurs. Thus if, for example, the President proclaims Repeal Dec. 13. 1933 (the week after the ratification convention of the 36th State), corporations will pay on their 1933 excess profits on March 15, 1934 and no more thereafter. But if Repeal does not come until Jan. 5, 1934, corporations will have to pay excess profits taxes for 1934 on March 15, 1935. Most corporate taxpayers were ready last week to gamble on Repeal during...
Much less simple is the elimination of the capital stock tax after Repeal. For this the magic date is the July 1 following the President's proclamation. From this tax a corporation will get relief only when it starts a new business year after that date. Thus if Repeal occurs in 1933 a corporation on a calendar year basis must pay a capital levy for 1934 because it will be half way through that year when the tax goes...