Word: taxed
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Dates: during 1930-1939
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Witnesses who appeared before the Ways & Means Committee last week were mostly pleased but unsatisfied. They argued that the revisions did not go far enough, that the principle of the profits tax as well as the tax itself should be safely buried forever. Typical was one witness's remark: "Nothing short of repeal, we think, will give business the confidence it needs...
Individual. Second in unpopularity only to the undistributed profits tax on corporations is the capital gains tax on individuals (no New Deal measure). However, the Vinson Committee decided to retain it with a slight modification. The two major changes...
...Percentage Table for calculating the proportion of a gain or loss to be used for tax purposes would be graduated by months instead of years. Thus, at present, a capital gain on an asset held less than a year is 100% taxable income, but of a capital gain on an asset held for a year and a day only 80% is taxable income. So people are encouraged to hold securities until the next bracket is reached. The new table would step down 2% per month from 13 months to 25 months, after that at 1% so that a capital gain...
...Tax-Makers. The U. S. Constitution provides that all revenue measures shall originate in the House. Only a handful of Representatives, however, can even understand much less originate a tax bill, for the Federal tax structure has grown so complicated that Congress has practically to turn it over to a small professional group of mathematical and legal wizards...
Leading Congressional tax authority is Representative Fred Vinson, a 48-year-old statistically-minded Kentuckian who has made taxation his legislative hobby. He is the driving force behind the new bill but it will be his last, for President Roosevelt has rewarded him with a $12,500 seat on the District of Columbia Court of Appeals...