Salt Lake Telegram | 1936-04-21 | Page 1 | Roosevelt Tax Bil Submitted

T ROOSEVELT TAX BI L JIB Estimated to Y Yield i e I d a Year V WASHINGTON ASHINGTON April 21 UP UP- UP The Roosevelt budget tax bill welded welded welded weld weld- ed into sh shape pe after six weeks of house louse committee study and calling for far tar reaching reformation of ot the corporate tax structure was Introduced introduced introduced intro Intro- today in the house The controversial measure I in informally In- In n formally approved by the Democratic Democratic Demo Demo- cratic membership of the house ways and means committee will yield an uncertain amount estimated between and Opposition Forms In the house half a dozen blocs were prepared to launch attacks on the he measure but tho Democratic leadership was confident of ap ap- ap- ap The senate meanwhile arranged arranged arranged ar ar- ar- ar ranged to start committee hearings The house bill pages long was one of ot the largest est tax bills ever sub sub- It contained more than 62 words The ways and means committee planned formally to report the measure Treasure late today It will be bro brought up in the house for tor consideration consideration consideration con con- Thursday with leaders hoping for passage in eight days The bill imposes a graduated tax on corporate net income designed to push out a greater part of annual earnings to stockholders Yield from this source was estimated at Has Windfall Levy Le Tho The bill also provides for a revenue pick up through temporary retention of the capital stock and excess profits taxes and through new levies on foreign corporations and alien aUen stockholders It calls for a windfall tax of 80 per cent designed to recapture more than of the in processing taxes impounded impounded impounded im im- im- im pounded or uncollected as a a. result o of the supreme court decision killing the AAA The 80 per cent tax was a a. last minute committee change It originally was set at 90 80 per cent It affects the tho income of ot processors unable to show they did not pass I on t the e processing taxes I