Salt Lake Telegram | 1925-10-28 | Page 1 | Tax Reduction Plans Shaped

TAX REDUCTION i Senate Committee to Begin Begin Be Be- I g gin n Actual Drafting of Bill Next Monday By PAUL R. R MALLON MALcON United Press Staff Correspondent WASHINGTON Oct The 28 The The nations nation's na na nations I II tion's new tax reduction I I tIon is ng to take definite I shape in the min minds of members of ot otI I the house ways and means comI committee committee com com- I Who ho n next Monday w will U be begin begin begin be- be gin actual drafting work The public he hearings rings which be began began began be- be gan a week ago Monday are are practically practically practically concluded Three days re remain remain remain re- re main In which to work out comparatively comparatively unimportant administrative features A canvas of the committee conducted conducted conducted con con- ducted by the United Press Indicates indicates Indi indi- cates that the new bill when It is reported out of the committee will sha share e up something like this Surtaxes The Surtaxes The Mellon rates be beginnIng beginning be be- ginning at 1 per cent on and continuing In gradual scale up to 20 per cent on Normal rates rates ProbablY Probably the Mellon Mel Mel- lon Ion plan for 1 per cent on 2 per er cent on the next 1000 3 per perc percent c cent nt on the nert next and 5 per percent percent percent cent on the remainder although there Is is strong sentiment in In the J OUt or imal m l tfx taxes s on T Incomes comes under Inheritance taxes The taxes The Delano report providing repeal of the Inheritance Inheritance in In- In ta tax six years hence with reduction of the present maximum rate of 40 per cent to 15 per cent Excise taxes The taxes The Mellon plan which calls for repeal of taxes on on automobile trucks tires and accessorIes accessories access access- ories ones and retention of ot the automobile automobile automo automo- bile sales tax Probably some of the other minor excise taxes will willbe willbe willbe be repealed although it cannot be bede de decided definitely until the treasury treasury treasury treas treas- ury department reveals how much revenue each of t the taxes yield The committee generally does not favor lavor the Garner plan for elimination of all excise taxes by extension of the public debt retirement Repeal Publicity Repeal of the present provision for publicity of ot the name of the taxpayer er and the Amount t of the return I Capital stock stock Repeal Repeal of the capital capital capital cap cap cap- ital stocks tax Corpor Corporations Increase Corporations Increase Increase of the flat corporation tax to 2 13 2 1 or 14 per percent percent percent cent to absorb the amount of the reduction to to b be made In 1 the c capital pital stock levy presumably an an administrative administrative administrative adminis adminis- change which will make no difference in the amount n most niost o t corporations or tIon h have ve to pay