NEW TAXATION
BLOW AGAINST INFLATION
PRESIDENT ROOSEVELT’S STAND
(United Presß Association—By Electrio Telegraph—Copyright)
WASHINGTON, 31st January. - Renewed activity of the so-called inflation bloc in Congress, which wishes to finance the Government’s agricultural programme and other activities througn the issue of up to. five billion dollars of new money, received a blow from President Roosevelt when it became known that he was prepared to insist that Congress vote new taxes to raise some 750 million dollars. Five hundred million dollars would be used to pay farmers’ benefits, the remainder to go to the amortisation of the veterans’ bonus. As voting new taxes in election year is considered politically dangerous the Administration tax programme is bound to produce bitter controversy. Before the President’s stand became known the dollar remained under heavy pressure on foreign exchange markets, dropping to 99.06 cents against the franc which rose to 6.69 5-8, which is above the gold export point.
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Bibliographic details
Nelson Evening Mail, Volume LXIX, 3 February 1936, Page 2
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153NEW TAXATION Nelson Evening Mail, Volume LXIX, 3 February 1936, Page 2
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