Word: taxed
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Dates: during 1930-1939
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...husband's chest welled up something which he wanted to get off to all the People. He announced that he would fill Mrs. Roosevelt's engagement, using a national radio hookup. Before he left Washington last week, newshawks knew what was on his chest: the 1938 Tax Bill, still lying unsigned, un-vetoed at the White House...
...tax bill, he regretted to say, Congress had flouted two "very fundamental principles" of Government: 1) In alleviating for small businesses the tax on undistributed profits, it had reopened the loophole for Big Business to avoid taxes. "The penalty for withholding dividends from stockholders is so small-only 2½ % at the most-that it is doubtful whether it will wholly eliminate the old tax avoidance practices of the past." 2) "This new bill wholly eliminates the progressive tax principle with respect to ... capital profits ; it taxes small capital profits and large capital profits at exactly the same rate...
...President pictured to the subsistence homesteaders a stock profit of $5,000 which he or they had made over more than two years. Ranging it alongside a $500,000 stock profit made by some other man, he told them that the new tax law would require the $500,000 man "to pay a tax of only 15%. just as you and I would. . . . Nobody, by any stretch of the imagination, can say that this new provision maintains the principle of payment in proportion to ability...
...these reasons, he said, he gravely disapproved the new Tax Bill. But it did have some good features. "Therefore, for the first time since I have been President ... I am going to let the act go into effect at midnight tonight without my approval...
...doing I call the definite attention of the American people to those unwise parts of the bill . . . one of which may restore in the future certain forms of tax avoidance, and of concentrated investment power, which we had begun to end, and the other a definite abandonment of a principle of tax policy long ago accepted as part of our American system...