NEW BURDENS.

Auckland Star, Volume LXIII, Issue 77, 1 April 1932, Page 7

NEW BURDENS.

AMERICAN TAXATION. Imposition of Levies on Stock Dealings. RAISING £169,400,000. (United P.A.—Electric Telegraph—Copyright) (Received 11.30 a.m.) WASHINGTON, March 31. New revenue burdens amounting to £20,000,000 contained in the Tax Bill were placed by the House of Representatives on Thursday upon those who deal in stocks, bonds, real estate and commodities, thus progressing rapidly down the path marked out by the Ways and Means Committee.

The House wrote into the bill levies of one-fourth of 1 per cent of the sales prices of stock transfers, one-eighth of 1 per cent on the sales price of bond sales, five cents per 100 dollars on commodity sales, 50 cents per 500 dollars on real estate conveyances. All four levies will expire on July 1, 1934.

They are calculated to produce a total of £20,800,000, bringing the amount thus far written into the Tax Bill to £1G9,400,000.

SURPLUS FORESEEN. AMERICAN BUDGET ESTIMATES (Received 1.30 p.m.) WASHINGTON, March 31. The House of Representatives on Thursday adopted amendments to the new revenue bill, totalling £51,100,000, and bringing the estimated yield to £199,800,000, which, with the £54,500,000 expected to be gained by savings in expenditures, totals £254,300,000, to meet an estimated Treasury deficit of £248,200,000 next year.