Springville Herald | 1936-03-26 | Page 13 | [First Edition], Process Tax Plan Shelved in Congress

PROCESS TAX PLAN SHELVED IN CONGRESS Decision Reverses Plan To Report Processing Tax To Congress WASHINGTON, March 25 (U.R) The house ways and means lax sub-committee today to-day shel ad the president's proposal for $221,000,000 in new processing taxes covering cover-ing :v. different commodity classifications. The sub - committee decided against congressional consideration consider-ation of the processing levies because be-cause of belief otlior taxes would yield more than $792,000,000 annually, an-nually, Chairman Samuel B. Hill said. The other taxes are a corporate corpor-ate surplus ta:c and a so-called windfall tax on uncollected or returned re-turned processing taxes under the old AAA. Decision He versed The decision was a reversal of yesterday's proposal to suggest the uroccssing taxes to congress. Hill said the sub-committee's tax report to the full committee will he made tomorrow. "We decided today," he said, "to eliminate entirely from consideration consider-ation by the full committee the subject of processing taxes. That means that il our report is accepted, ac-cepted, the processing tax question ques-tion will not even be discussed at the orten hearings. Hill estimated the corporation surplus tax would yield $591,000.-000. $591,000.-000. temporary continuance in revised re-vised form of the excess profits and. capital stock levies SS3.000,-000, SS3.000,-000, the "windfall" tax $100,000,-000, $100,000,-000, and that possibly $25,000,000 new revenue would be gained through withholding corporation taxable dividends from foreign stockholders. "This will raise enough to meet the president's demands," he said.