TAXATION: First Fruits

After several weeks of effort the Ways and Means Committee of the House put together last week its first definite proposals for the tax reduction bill that is to be. As was to be expected the plan was a compromise. The Tentative Plan:

1) Total tax reduction $300,000,000 (Mr. Mellon asked $250,000.000 to $300,000,000).

2) Surtaxes running up to a maximum of 20% at $100,000 and more (the present maximum surtax is 40% at $150,000 and more.)

3) Normal taxes of 1½% on the first $4,000, 3% on the next $4,000 and 5% thereafter....

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

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