Huge Increased Taxation in U.S.
PENALTIES PROr-OSLU ON LUXURY SPENDING Received Friday, 9.50 p.m. WASHINGTON, Sept. 8. The United States Treasury has asked Congress to levy additional 6,500,000,000 dollar taxes on individuals over and above tho 6,271,000,000 dollar Tax Bill passed by the House but providing a dollar post-war rebate to individuals. If the Treasury proposals are enacted they would boost to 14 billion dollars the amount over existing taxes, making the total collections 50,500,000,000 yearly. The Financial Secretary (Mr. Henry Morgenthau) proposed a tax on consumer spending which would reach into the lowest income groups above the level of bare subsistence and provide high penalty rates for luxury spending. Addition* ally he asked for the lowering of exemptions. The Senate Finance Committee interrupted the presentation of the Treasury * spending tax plan and unanimously adopted a resolution by Senator Wandenberg directing the Treasury to aubmtt plans for a genera] war sales tax. Senator Bryd, In disclosing this, predicted* that the spending tax would be rejected.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/MT19420905.2.66
Bibliographic details
Manawatu Times, Volume 67, Issue 112, 5 September 1942, Page 5
Word Count
165Huge Increased Taxation in U.S. Manawatu Times, Volume 67, Issue 112, 5 September 1942, Page 5
Using This Item
Stuff Ltd is the copyright owner for the Manawatu Times. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in