U.S. INCOME-TAX LAW

Evening Post, Volume CXVII, Issue 23, 27 January 1934, Page 11

U.S. INCOME-TAX LAW

MORE REVENUE REQUIRED

EARLY ENACTMENT

Dulled Press Association—By Electric Tel*

(traph—Copyrlfiht. WASHINGTON, January 26.

The Ways and Means Committee of the House of Bepresentatives voted a drastic revision of the income-tax law to increase the yield by 200,000,000 dollars.

The new schedule provides for slight

decreases on earned incomes up to 8000 dollars.

Taxes will be higher and have been increased to graduate to 59 per cent. on net incomes above a million dollars. It also revised the capital gains and losses provision, plugging loopholes whereby wealthy men, 'such as Mr. Charles Mitchell (chairman of the board of th« National City Bank, who was acquitted:on charges of income-tax evasion) escaped.

The Taxation Bill, embodying the committee's recommendations, is expected to receive right-of-way in. Congress next week.

The Department of Justice today ordered a reinvestigation into the Aluminium Company of America; described by Mr. H. S. Cummings, AttorneyGeneral, as a "100 per cent, monopoly" in the production of 'aluminium. Mr. Cummings revealed that the inquiry is nearly completed into the income-tax affairs of a former Treasury Secretaryj Mr. A. W. Mellon, whose family controls the aluminium company.