TAXATION: A New Schedule

For an entire week the Senate labored over the tax reduction. When the surtax schedules were reached, it was expected that several days would be spent in debate. Instead, after only one day, the Democrats forced a vote and supplanted the Mellon rates by the rates proposed by Senator Simmons, North Carolina, Democrat (surtaxes beginning at 10% on $10,000 increasing to 40% at $500,000; normal tax 2% up to $4,000, 4% from $4,000 to $8,000, 6% above $8,000). The vote on the Simmons plan was 43-40 for the surtaxes and 44-37 on the...

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