RECORD U.S. WAR TAXATION
j IIOUSE APPROVES DRASTIC BILL
! P.A. Cable.
WASHINGTON, Oct. 20.
The House approved by 130 votes to two the joint conference report on the record high War Taxation Bill. Later the Senate completed Congressional action on this Bill. Treasury experts estimate that the measure will bring in 6882 million dollars in new funds. The chairman of the Ways and Means Committee, Mr Doughton, told the House that the measure would yield 10,000 million dollars gross and 8000 million net. Roughly, two-thirds of the new revenue will come from individuals. In the lower and middle income brackets the total taxes will be multiplied many'times. The new combined normal income tax and surtax rates will take 19 per cent. of the first taxable dollar of individual income above exemptions and deductions. On top of this is a 5 per cent. victory tax on all earnings exceeding 624 dollars yearly. Because of the victory tax and reduced exemptions on regular income taxes, it is estimated that there will be 44 million individuals on the Federal tax rolls, compared with 28 millions at present.
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Marlborough Express, Volume LXXVI, Issue 250, 23 October 1942, Page 3
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184RECORD U.S. WAR TAXATION Marlborough Express, Volume LXXVI, Issue 250, 23 October 1942, Page 3
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