TAXATION: Act of 1934

Last week Congress made up its dual mind on how it was going to tax the country next year and sent to President Roosevelt a bill which his signature would make the Revenue Act of 1934. The new law, it was estimated, would add some $417,000,000 per year to the Treasury's present income. Collections would have been $55,000,000 more if a Senate amendment for a flat 10% addition to all income taxes had not been rejected by the House. Persons with earned incomes of less than $25,000 get a small tax reduction. Corporations,...

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