TAX LIABILITIES REMOVED
EFFECT OF AMERICAN BILL (Rec. 11.15 p.m.) WASHINGTON, May 5. The House of Representatives by HI3 votes to 95 approved a compromise “pay as you go'' income tax bill forgiving about 75 per cent, of the nation s 1942 fi. jilities. The measure wipes out 1942 levies completely for nearly 90 per cent, of the taxpayers, but imposes a 20 per cent, withholding tax against taxable portions of wages and salaries in 1943.
The bill would wipe out approximately 7.000.000.000 dollars of 10.00010Q0.000 dollars of Federal tax assessments. It introduced following the rejection of a plan which sought to skip a complete year's taxation. It will now go to the Senate where it is considered to have a reasonable chance of acceptance.
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Bibliographic details
Press, Volume LXXIX, Issue 23940, 6 May 1943, Page 4
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125TAX LIABILITIES REMOVED Press, Volume LXXIX, Issue 23940, 6 May 1943, Page 4
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