Word: surtax
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...feel certain that surtaxes will be reduced and have no doubt that the surtax will be brought down to 25 per cent and perhaps less. . . . Nobody can tell definitely how much we can reduce taxes next session until after the June payments are made and the returns are examined." So the Chairman of the Senate Finance Committee - so Reed Smoot of Utah...
...facing a very dubious chance of reëlection next year. Recently, he purchased an estate in Virginia, whither he expects to retire in due time. Some conjectured that he is making a last effort to rally support. Yet Senator Glass of Virginia recently advocated a 20% maximum surtax and ether Democrats, in spite of their last year's opposition to the Mellon plan, seem to be edging towards a compromise with lower surtaxes...
...power to write the tax law, I would go back to the tax of 1916, where the highest bracket of the surtax...
Shortly after the closing of Congress, Representatives William R. Green of Iowa, Chairman of the House Ways and Means Committee, issued a statement foreseeing tax reduction ? surtax reduction in particular. Last week, Secretary cf the Treasury Mellon and UnderSecretary Winston spoke before the Bankers Club of Richmond further outlining their program...
Said Mr. Mellon: "From the 68th Congress, there emerged the Revenue Act of 1924. This Act abolished some taxes, reduced some rates and followed in the main the recommendations of the Treasury as to administrative changes. In its failure to reduce the maximum surtax below 40% and in its increase of estate taxes to a maximum of 40%, the Revenue Act violated cer tain principles of taxation which I feel to be fundamental to any sound reform of the tax system. This may be tax reduction. It is not tax reform...