Word: surtaxable
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...Surtaxes: Beginning with 1½% from $10,000 to $12,000 and graduated upward (each rate being just 75% of the corresponding surtax at present) to 37½% at $200,000 and more...
...proceedings of the House in Committee of the Whole were not final, but merely to whip the bill into such shape that it can be passed with only a few roll calls in regular session. The House still would have an opportunity to change the surtax rates, for example, before final passage. After such passage the bill will go to the Senate, which is expected to restore the bill more nearly to its original form. Then it will go into joint conference to be shaped into some sort of a satisfactory compromise before ultimate adoption by both Houses...
...Considered at length the Mellon (25% surtax) bill for tax reduction, with its three alternatives; the Green (compromise Republican) 35% surtax measure, the Frear (insurgent Republican) 50% surtax-excess profits tax measure, the Garner (Democratic) 44% surtax measure...
...voted "No," eight Democrats voted "Present." But it must be noted that all of the Republicans do not favor the measure as it stands. In fact, there are four types of opinion in the Committee: 1) Those Republicans who prefer the Mellon bill as it stands, with a maximum surtax of 25%; 2) those Republicans-including Chairman Green-who want a maximum surtax of 32% to 35%; 3) the insurgent Republicans-led by Representative Frear-who want even higher surtaxes and, as well, excess profits taxes; 4) the Democrats who favor a maximum surtax...
Consideration of the bill will be taken up about Feb. 18 and it is generally predicted that in order to secure passage some kind of compro mise on the surtax rates-somewhere between 32% and 40%-will be made...