HEAVIER TAXES IN AMERICA

Press, Volume LXXI, Issue 21510, 27 June 1935, Page 11

HEAVIER TAXES IN AMERICA

plans to Rush Laws Through big receipts OPPOSITION IN BOTH HOUSES (UJiH'KU PftlSS AHSOCIATIOH— UT KLBCIUIC TELZCJUAI'H —COPYRIGHT.) (Received June 26, 10.40 p.m.) WASHINGTON, June 25. The Administration's drive to force the President's wealth-sharing taxation programme through Congress within a very few days, took positive form to-day, when the rates of '' taxes on inheritances and incomes were promulgated by the Democratic leaders in the Senate. The rates are designed to produce 340,000,000 dollars a year, and to force a partial redistribution of large fortunes. Ignoring the growing revolt in the House of Representatives against "strong arm" methods, and openly Koffing at complaints of Republicans in the Senate against unseemly haste jn such important matters, the leaders in the Senate laid their plans for a supreme effort to put the new levies through before Sunday night. The new inheritance tax would levy 4 per cent, on estates of 300,000 dollars and up to 75 per cent, on estates of 7,000,000 dollars or more. Corporation profits would be taxed 10 per cent, on up to 2000 dollars, to 171 per cent, on more than 20,000,000 dollars. Individual incomes would be taxed from 4 per cent, on up to 400 dollars, up to 80 per cent, on more than 10,000,000 dollars. INCOMES LIABLE FOR HIGH TAXES FOKTY-SIX OF MORE THAN ONE MILLION DOLLARS (Received June 26, 9.40 p.m.) WASHINGTON, June 25. Forty-six individuals reported incomes of 1,000,000 dollars or more for- 1933. their total money being 31.550.000 ■ dollars. Twenty-nine had between 1,000,000 and 1,500,000 dollars; six between 1.500.000 and 2,000.000 dollars; eight between 2.000.000 and 3,000,000; while there was one man in each of the income groups between 3,000,000 and 4.000.000, 4,000,000 and 5,000,000, and 5,000,000 and 6,000,000 dollars. (The number of incomes of more than 1,000.000 dollars a year is the lowest, since 191 T., the earliest year for which statistics are available. In .1921 there were only 49 such income:;, but the number rorv rapidly till 1929, when it reached a peak of 1212. That year tlie Wall Street bubble burst, find the number fell to 360 in 1930 and to IGG Ui 1931.1

NEW APPOINTMENT FOR GENERAL JOHNSON (Received June 26, i!. 21 p.m.) WASHINGTON, June 25. Mr Roosevelt has appointed General Hugh S. Johnson, former head of the National Recovery Administration, to be director of work relief for New York City, in the Government's 4.800,000,000 dollar work-creating programme. It is believed that General Johnson accepted on the understanding that there would be no salary arid that he would be at liberty to continue his comments on public affairs, which now appear in 40 newspapers at regular intervals.