TAX EXEMPTION
Move For Elimination In
America
BIG INCOMES SHELTERED
Rec. 1 p.m. WASHINGTON, May 15.
Mr. Doughton, the chairman of the House of Representatives Ways and Means Committee, announced to-day that the committee had rejected the Treasury's recommendation that interest from existing and future issues of State and municipal bonds be made subject to Federal income tax.
Mr. Henry Morgenthau, Secretary of the Treasury, had recommended that the present tax exemption on such securities be eliminated. It was expected thereby to raise 200,000,000- dollars. He pointed out that by exempting securities, per. sons with large incomes found themselves in a sheltered position in a time of national sacrifice.
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Bibliographic details
Auckland Star, Volume LXXIII, Issue 114, 16 May 1942, Page 7
Word Count
109TAX EXEMPTION Auckland Star, Volume LXXIII, Issue 114, 16 May 1942, Page 7
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