THE CONGRESS: Work Done, Jun. 26, 1939

The House:

> Passed the Ways & Means Committee's tax-appeasement bill, sent it to the Senate. It would 1) abolish the undistributed profits tax, substituting a flat 18% corporate income tax on earnings over $25,000; 2) permit a two-year carryover of profits & losses and remove the $2,000 loss limit for corporations; 3) permit corporations to revalue upward their securities for two years, to ease their excess profits taxes; 4) permit retirement of bonds and notes below par without taxation. > (In Appropriations Committee) rejected President Roosevelt's and Admiral Byrd's request for...

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