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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