TAXATION PLAN
TAKING PROFITS OUT OF WAR. SWEEPING UNITED STATES PROPOSAL. By Telegraph—Press Association—Copyright. WASHINGTON, March 22. A Bill intended to take the profits out of war by a taxation programme was introduced in the Senate .'today by 50 Senators representing all political parties and constituting a majority, thus assuring the passage of the Bill unless some of the sponsors change their minds.
The measure applies a normal levy of six per cent to all incomes, with exemptions ranging from 500 to 1000 dollars, plus surtaxes ranging to 9:-; per cent.
For example, an income of 2000 dollars would pay 60 dollars income tax, an income of 10,000 dollars would pay 2640 dollars tax, and an income oi 1,000,000 dollars wtfuld pay 9890 dollars tax. All corporation profits over six per cent would also be taken. Most of the' sponsors said that they favoured the measure purely as i means of keeping the United States out of war.
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Wairarapa Times-Age, 23 March 1939, Page 7
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158TAXATION PLAN Wairarapa Times-Age, 23 March 1939, Page 7
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