TAXATION: Gains & Losses

Unintentionally John Pierpont Morgan & Partners did the U. S. Government a good turn by paying no income tax in 1931 and 1932. Disclosure of their non-taxability before the Senate Banking & Currency Committee (see p. 51) started not only a hot dither of excitement in the Press (see p. 38). but also a tax reform movement by a startled Congress. Plugging the leak in the law promised to net the Treasury millions of dollars of additional revenue, spread the burden of Federal taxation more evenly over the land.∙

Rather than Banker Morgan &...

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