Salt Lake Telegram | 1936-02-21 | Page 24 | New Tax Bill due next Week

NEW TAX BILL DUE NEXT WEEK WASHINGTON Feb 21 UP UP- UP President Roosevelt said today the tax bill to finance the new farm program would be be formulated f finally finally final final- nal ly after his return next week from his home in Hyde Park N. N Y He added th that t conferences with the heads of government spending agencies would continue through April Discussions with the officers of the government lending units Mr Roosevelt told newsmen have about been completed A dollar billion cancellation in authorized borrowing borro has been pr projected projected pro pro- by the president but he be has given iven no intimation of what may be accomplished in the way of curtailing curtailing curtailing cur cur- tailing direct expenditures Legislators hoping and praying that President Roosevelt will make mak the tax bill as small as possible l Inthis in inthis 1 this campaign year took comfort t today day in optimistic notes struck by congressional tax advisers Noting a rise of in ordinary ordinary ordinary or or- internal revenue collections last month as compared with January January January Janu Janu- ary 1935 thee thel advisers gave figures to show that with a further upswing in business the present tax rates would pour much more money into tho the t-cas t treasury ry than it ever received in peak prosperity years One congressional tax expert said tb that t pr present s nt levies applied to earnings earnings earn earn- ings approximating those of 1929 would produce annual annual- ly Total revenue receipts recently have been running at the rate of about a year almost as much as the receipts of 1929 when the tha tax structure was different 3 Those The figures figures' were were welcome elco o. o to ta congress members who have been arguing that sizable new nev tax levies are arnot not necessary despite the d deficit fi fi cit cit relief demands congressional passage of the bonus and the wip wip- ing lug out of A AAA's A AAs AA's As A's processing taxes by the supreme court Despite the in gain gamin the shutting off oft of processing taxes led to a net drop of in January 1936 as as comp compared red to the previous January Most legislators expect Mr Roosevelt Roose Roose-I velt volt to rec recommend mm nd taxes p perhaps totaling to succeed the proc processing l levies and to support the n new farm program expected to pass pas the house this week weck But many are hopeful th that he will not go beyond yond that There have been indications Ions that he be may send his rec recommendations to Capitol hill next week An unannounced caucus of t D Democrats Dem Deni- m. m ocra on the house ways ays and means committee was held yesterday yeste Chairman Doughton D N. N C. C said it dealt with routine matters al i al although though oth other oth congressi congressional n F our s-our sources es s said the January reve revenue report s showing improved business was dis cussed Legislators heard with interest in in- In- In terest that tre treasury sury exper experts experts figure owa ona 25 per cent gain m income tax collections ns next month I compared With With March lIch 1935 Despite a n wide sentiment in congress con con- gress gress against tax tax moves moves now there was no indic indication Ith that t s 's senate nate liberals liE lib erab craIs would abandon their plan to seek new levies lOvies Senator L La Folletto Fol Fat lette letto Wis pla plans s to d demand mand further widening of the the income tax structure to tax the wealthy more and nd levy ons veral million smaller incomes now exempt In January total internal revenue collections as compared compared com corn pared with in in the same month a year ago The comparative processing tax elp and respectively c Treasury officials forth said that for the first seven months of the fiscal year which began last July 1 i internal l revenue receipts a amounted to 1 compared with 1731 78 in the comparable period a year p previous evious