TAX EXEMPTIONS
ELIMINATION IN UNITED STATES URGED BY TREASURY. HOUSE COMMITTEE OPPOSES CHANGE. (By Telegraph—Press Association— Copyright) (Received This Day, 12.57 p.m.) WASHINGTON May 15. The chairman of the House of Representatives Ways and Means Committee (Mr Doughton) announced that it had rejected the Treasury’s recommendation that interest from existing and future issues of State and municipal bonds should be made subject to the Federal income tax. Mr H. Morgenthau (Secretary to the Treasury) has recommended that the present tax exemption of such securities be eliminated. He said he expected thereby to raise 200 million dollars. He pointed out that by holding securities, persons with large incomes found themselves in a sheltered position in a time of national sacrifice.
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Wairarapa Times-Age, 16 May 1942, Page 4
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119TAX EXEMPTIONS Wairarapa Times-Age, 16 May 1942, Page 4
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