Salt Lake Telegram | 1936-03-05 | Page 1 | Plan, for New Income, Farm Levies Bared

ANcoR NEW INCOME FARM ARM I. I LEVIES EVIES BARED ouse Group Gets Suggestions for Raising Funds By Associated ed Press WASHINGTON ASHINGTON March 5 5 t illustration experts sub- sub to a house ways and Bans ans s subcommittee today gg s ons for raising up to additional reve revue revue rev rev- ue e from income taxes and OO annually from processing taxes Chairman Samuel B. B Hill D D. emphasized emphasised tb reporters it t the figures and schedules were ere re to suggestions for possible ces es e of revenue submitted to the committee because it wants com com- tU t t. Information on all aU methods Obtaining money to meet Pres I- I Roosevelt's tax proposals Excise Tax Figures 5 Hi e income come tax material came treas treasury y experts l ri- ri department officials sup sup- rd the proc processing tax estimates aft at treasury r experts Hill iiii said i turned in figures to show how pir i-pir per cent general manufacturers l tax x would bring in around a year while a 5 pert per at t tax would yield about the proposed excise levies wd ld not ot apply t to liquor and tol to- to l already taxed nor nor to tOI food tood medicine The present eld ld from Irom excise taxes he he h said is isit it Ut t In 11 the theIn In income ome tax field he said on Two Column One HIGHER INCOME TAXES STUDIED 1 I Page One Jt it was estimated would I 1 in l should oud t the tilo exemption xe p lon of a single man bo be lowered from 1000 to SOO and that tha of ofa a married person from 2500 to 2000 Leaving exemptions as ps they arc Are Arenow now he I said ld and at the same sarno time Urne boosting the normal tax from 4 to 6 percent w would uld add an estimated t to ti tho governments government's annual annual annual an an- nual receipts By lowering exemptions on surtaxes surtaxes surtaxes sur sur- taxes from front to Hill Bill asserted as WI- and sharply increasing ln r the rates rates' in Income brackets up to 90 the treasury would get an extra annually Tho The normal tax as individual Income in income In- In come now is 4 per cent the surtax tarts starts tart at 4 per cent and increases to 75 15 per cent on Incomes of ot nd nd over Farm Product Levy MA A A combination of all ILlI these possibilities of all income taxes would raise ralie additional he said id Submitted by tho tim agriculture department de dc- de department were proposed taxes on some 33 farm products and competIng competing competing ing products or subdivisions of products Some Somo eight or nine commodities commodities com corn and products were subject to otho the Invalidated processing taxes I Included in the new list were wheat wheat rye flaxseed hemp seed oil Perilla Ferilla oil barley oats corn hogs cattle cattie and d calves sheep and lambs paper bags open mesh paper rice pe peanuts nutS sugar tobacco starches spirits except br brandy idy rayon and silk ilk m Rates Lowered In most instances the rates would b bo l lowered d on those products which C came me under the e A AAA A A pr processing taxes Corn which Hill HUl said w was ws tied up with hogs would bo be boosted from 5 to 6 U cents a bushel Applied over two w years and coupled coupled cou con pled with a prop proposed s d windfall tax of ot perhaps 90 per cent on Incomes d derived rived from refunds of f impounded processing taxes or nonpayment of oC suc such taxes Hill said the levies on the farm larm and rind competing products would bring in somewhere in the neI neighborhood of which Pre President Ident Roosevelt suggested in temporary taxes These would fill in the dent created cre cre- in this years year's federal revenues by the supreme court decisions in int intheA t theA e A A A an and rice millers miller cases caes