Word: taxed
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Dates: during 1930-1939
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Arthurdale gave Franklin Roosevelt a rousing hand for his memorable speech, but in Washington there was a different reaction. Judging by what he had said, the President, it seemed, had not read the new Tax Bill, or had not understood it. Among those most deeply concerned was hard-working Senator Pat Harrison of Mississippi, Democratic chairman of the Senate Finance Committee. Members of both houses flocked into the Senate Chamber next day to hear Pat Harrison insist that "American principles and Government principles of long standing" had not been abandoned in the Tax Bill which he had helped to write...
...wanted to do something, if a tax factor could do it, that might assist in dispelling fear in the hearts of some people and restoring confidence in the mind of the American business man," said Senator Harrison, but the President's speech made it sound like "a monstrous tax bill," designed to let big taxpayers escape; on the contrary the first thing the bill did was positive-it erased the inequity of the old tax law by letting small businesses pay debts and meet deficits before levying on their undistributed profits, and by exempting all businesses earning less than...
Said he of the undistributed profits tax: "There is no great American principle about this. ... It came to us in 1936. Mr. [Herman] Oliphant, representing the Treasury, was very zealous and persistent about it. I presume he had sold it to the President...
...capital gain the tax would, as the President said, be 15%. In the case of the $5,000 stock profit made by the President or the Arthursdale homesteaders who were married, if they had no other income that year they would pay no tax at all. If they had $5,000 salary plus $5,000 stock profit, their tax would be $80 (normal) plus $140 (capital gain)-or less than 3% on their profit. If the salary were $10,000, the tax on the $5,000 profit would be less than 5%. Not unless their capital gain brought their total...
Also into effect last week went Premier Daladier's pump-priming recovery program. On rural electrification, slum clearance, irrigation, new roads and port facilities, $304,000,000 will be spent. The production tax will be modified and free ports for transit trade have been established. Also authorized by decree were defense loans up to $5,500,000 for France's African colonies, to $11,000,000 for French Indo-China. Minister of Colonies Georges Mandel explained these loans will be used toward starting a "systematic Empire defense plan...