SLUMP IN AMERICA

Hawera & Normanby Star, Volume XLI, Issue XLI, 17 December 1920, Page 5

SLUMP IN AMERICA

FIRMS UNABLE TO PAY INCOME TAX.

MILLIONS OF DOLLARS INVOLVED

BILL BEFORE THE HOUSE TO MEET THE SITUATION.

BY CABLE—PRESS ASSOCIATION—COPYRIGHT (Received Dee. 17, 8.65 a.m.) _ NEW YORK, Dec. 15. [ . eP°rts from all parts of the country I indicate that individuals and business concerns with income taxes due to-day of between 100,000,000 and 150,000,000 dollars are unable to make their payments. The recent business stringency has resulted in a lack of funds, and even the richest corporations are affected. A Bill has been introduced in Congress granting six months' stay of in-come-tax payment. Unless the measure is passed, hundreds of neople will be subjected to serious penalties for not paying the income-taxes when due