Citizens this year will pay no higher Federal taxes on their 1931 incomes than they paid last year on their incomes of 1930. Such was the first major decision reached last week by the House Ways & Means Committee now drafting legislation to up taxes to balance the budget. Against a retroactive tax bill as recommended by the Treasury both Democrats and Republicans, acting separately, set their faces. If this policy prevails in Congress, on
March 15 taxpayers will use the existing rates and exemptions to figure their debt to the Government....
To continue reading:
or
Log-In
