Taxation Of War Profits
WASHINGTON, March 22,
A bill intended to take the profits out of war by taxation has been introduced in the Senate by 50 members.
They represent all the political parties and constitute a majority of the Senate, thus assuring the passage of the Bill unless some of them change their minds.
The measure would apply to a normal levy of 6 per cent, on all incomes, with exceptions ranging from 500 to 1000 dollars, and surtaxes ranging up to 93 per cent. For example, an income of 2000 dollars would pay 60 dollars; an income of 10,000 dollars would contribute 2640 dollars; and on an income of 10,000,000 dollars, 9,890,000 dollars would be paid. All corporation profits over 6 per cent, would be taken for tax. Most of the sponsors said they favoured the measure purely as a means of keeping the United States out of war.
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Northern Advocate, 23 March 1939, Page 7
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151Taxation Of War Profits Northern Advocate, 23 March 1939, Page 7
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