CORPORATION PROFITS
'■■■■ American Taxation Bill (Received April 30, 5.20 p.m.) Washington, April 29. The House of Representatives, by 257 votes to 93, passed the measure taxing corporation profits. It is expected that the Senate will also speedily accept the Bill, which is now scheduled to raise only 620.000,000 dollars from tills source. In a tax revision programme, which stunned Congres by its breadth. President Roosevelt on March 3, in a special message which was greeted coolly by some Democrats and condemned by Republicans, asked for the repeal of the pre. sent corporate tax system, which brings Fn almost 1,900,000,000 dollars annually, and urged the substitution of a drastic tax on undistributed corporation profits. This levy was then estimated to yield roughly 1,600,000,000 dollars. Tl?e principal objection then raised to tbe plan was that it would have a very adverse effect on business and discourage expansion, without which the absorption of more unemployed was impossible.
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Bibliographic details
Dominion, Volume 29, Issue 183, 1 May 1936, Page 11
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154CORPORATION PROFITS Dominion, Volume 29, Issue 183, 1 May 1936, Page 11
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