TAXATION: Other Plans

In the tax discussion, the chief events of the week were the presentation by the Democrats and by the insurgent group in the House of other plans as substitutes for the Mellon plan. The substitute plans have in common lower normal taxes than the Mellon plan but higher surtaxes.

There follows a comparison of the chief features, three plans for tax reduction with the present income taxes.

Normal Taxes. Present law: 4% up to $4,000; 8% on larger incomes. Mellon plan: 3% up to $4,000; 6% on larger incomes. Democratic plan: 2% up to...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!