Salt Lake Telegram | 1933-12-15 | Page 1 | High Spots in Income Tax Plans

High Spots Income Tax Plans f r By Dr Allocated Press Frew WASHINGTON DOC Dee 15 High P LO in acting etIng Secretary Mor Morgen- Morgen enla en y la i income tax recommendations t to a congressional committee J A lower tax on earned incomes of 15 than thin than the rate paid KD i Income nom TO investment i 6 Joint lont returns by a husband and estimated estimated to bring in f of 51 additional revenue and discourage colorable transactions LA A normal tax rate with sur stir Mx M adjusted accordingly but with personal exemption and credits for dependents allowed only on the thc nor- nor tu rt Elimination n of depreciation and deetion de de- eion deductions I Retention of the capital gains gams tax rith ith some IOme me deductions for capital e es but with capital losses deduct deduct- iI Ie only oaly from capital gains and not Loom Lom income A net loss could be car car- forward for deduction one year car k Retention of the present holding pany tax method with some ad ad- f tightening Complete redrafting of the exand ex ex- ng and reorganization provi provi- l Continuation of the credit allowed erkan taxpayers taxpayer on foreign tax Continuation of consolidated corpo corpo- returns with a suggestion that thatus reu us consider an excess profits ka III on em large scale Kale businesses I pi of of partnership ip losses as I J lees c as 1 partners must report all aU part part- p Income