TAX REDUCTIONS
AMERICAN PROPOSALS.
BIG CUTS TO BE MADE. THE FIVE MAIN ITEMS. BY CABLE-PRESS ASSOCIATION—COPYRIGHT. Received 10.20 a.m. to-day. WASHINGTON, Oct. 31. Mr Mellon (the Secretary to the Treasury) has submitted a plan to the House Ways and Means Committee for a reduction of 225,000,000 dollars from the taxpayers’ bill for next year. Mr Mellon declared that the programme contemplated five major reductions.
(1) A decrease of the corporations tax from 131 to 12 per cent. (2) Amendments permitting small corporations earning less than 20,000 dollars to make returns as partnerships.
(3) Fifty million dollars reduction in rates on so-called intermediate incomes, between 18,000 and 70,000 dollars per vear.
(4) Repeal of the estate tax. (5) Exemption for American bank ers’ acceptances held by foreign cen tral banks.
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Bibliographic details
Hawera Star, Volume XLVII, 1 November 1927, Page 5
Word Count
129TAX REDUCTIONS Hawera Star, Volume XLVII, 1 November 1927, Page 5
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