| OCR Text |
Show Proposed Boost Of Rates Lower Than England's WASHINGTON, Jan. 7 (UP.l Americana toilay began to learn what it means to balance a federal - budget totaling more than $4,000,-000,000. $4,000,-000,000. The proposed income tax increases in-creases discussed by democratic ; leaders would sharply increase the j levy on small salaries and would ; impose taxes on perhaps 2,000,000 : persons hitherto, exempt. The schedule would be higher than that in most nations, but would still be lower than that in Great Britain. The following table compares the proposed new income taxes with the British levies. The figures are for a married man with a wife and two minor children.. Annual British U.S. Proposed Net Tax Present U. S. Income Tax Tax $ 1,944 48.60 NONE NONE $ 3,888 379.08 23.52 . 65.28 $ 7,290 1060.10 167.60 269.40 $14,580 3182.30 968.00 1419.20 $19,440 4932.90 1276.80 1922.40 The proposed schedule would reduce re-duce the exemption for married persons from $2,500 to $2,000. The single person's exemption would remain at $1,000. The tax on the first $4,000 would be increased from four to six per cent. The normal on- alfi above that would be raised from eight to 12 per cent. |
