Word: taxed
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Dates: during 1930-1939
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Prime purpose of the Revenue Bill of 1938 is to raise $5,300,000,000 for the U. S. Treasury. Of this, slightly more than half will be paid in manufacturers' excise and miscellaneous taxes. The remaining $2,490,000,000 will be paid as taxes on individual and corporate incomes (and on gifts and as death duties by some 9,000 U. S. citizens expected to leave estates larger than the $40,000 exempt from tax...
Corporations will be sharply divided for tax purposes between the 88% making $25,000 a year or less and the other 12% constituting Big Business. How the corporation income tax will work...
Corporation A reports a net income of $25,000, of which $20,000 was distributed in dividends. Under the 1936 law it would have been liable, besides a normal tax ranging from 8% on its first $2,000 up to 15% on all over $40,000, to a special tax ranging from 7% on any undistributed profits constituting 10% or less of its net income, to 27% on all over 60%. Corporation A's normal tax would have been $2,890, the tax on its 10% undistributed profits $147.70. Total: $3,037.70. Under the 1938 bill Corporation A will...
Corporation B reports a net income of $1,000,000, of which $200,000 was distributed in dividends. Under the 1936 law Corporation B would have paid a normal tax of $148,840. Because it retained more than 60% of its earnings, it would also have paid up to the maximum rate of 27% on its undistributed profits, another $120,487.80. Total: $269,327.80. Under the 1938 bill, corporations earning more than $25,000 will pay a flat tax of 19% minus 2½% of the amount it distributed in dividends. If Corporation B retains the same share...
...King Dom Juan VI whom Napoleon frightened into the New World, the Brazilian Empire lasted until an uprising of landowners and army in 1889 forced Dom Pedro II to resign. Today his grandson, handlebar-mustached, white-haired Dom Pedro, lives a guest of the Brazilian Government on his tax-free Gráo Palace at Petropolis, outside Rio. Young Dom Juan last week stoutly insisted he "was merely trying to join the excitement and got in the way of a bullet", but police put him under bedside arrest ''for examination...