How to boost the House's $3,200,000,000 tax bill to over $4,000,000,000 was the subject witnesses discussed last week before the Senate Finance Committee. Chief proposals:
Withholding Tax. Senator Walter F. George, chairman of the Finance Committee, proposed a 3% tax, collected at the source, on all kinds of income: salaries, wages, dividends, commissions, rents, fees. Such a withholding tax, said Senator George, might yield as much as $2,500,000,000 a year. The Treasury has been studying the idea. The U.S. Chamber of Commerce approved it, besides asking for another $2,500,000,000 increase in ordinary...
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