Attack on Large Incomes.
The vote followed a protracted and acrid debate in which the opponents of the tax successfully urged higher income taxes on large incomes, and other "soak the rich" measures. Somo insisted that it was unnecessary to balance the Budget, and that instead of doing so, Treasury certificates should be issued. President Hoover is reported to be keenly disappointed. He believed that the balancing of the Budget was imperative to preserve the nation s credit. The anti-Prohibitionists took advantage of the situation. It is announced that they will press for action to legalise 2.75 per cent, beer, which they have calculated will raise 350,000,000 dollars of revenue.
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Bibliographic details
Press, Volume LXVIII, Issue 20505, 26 March 1932, Page 15
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110Untitled Press, Volume LXVIII, Issue 20505, 26 March 1932, Page 15
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