TAXATION: Still in the Hole

While the Senate Finance Committee was sweating over the 1932 Revenue Act to up taxes and balance the Budget, the House of Representatives last week worked itself into a lather of revolt on legislation to cut government costs for the same purpose.

In the process of rewriting the House tax bill the Senate committee decided, among other things, to:

1) Increase the normal tax rate, now 4%, 3% and 5%, to 3%, 6% and 9%,

2) Up the corporation tax, now 12%, to 14%.

3) Omit all tariff schedules including those on coal, oil and...

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