| Show P C OF COFFERS OFFERS e WN TAX PLAN WASHINGTON ASSINGTON Feb 16 INS N U S S. S chamber of com com- Tai T Tuesday placed plated before con con- i you pay tax plan a pes u d din i n g a the at I c 1 e R withholding t tax fax x of about r cent starting as soon as asp I OJ p- p per Ible e with 1942 tax liabilities erred u until after fter the war de lie e modified Ruml Rum plan was 1 t to the house ways I committee by E Ells Ells- i means me and n n. n rth ii C 0 Alvord chairman of the worth ViO ambers amber's federal finance com corn eti who said that the proposal al uld put approximately 90 per Vi of the pres present nt taxpayers on ote nt n nt basis by 1944 or Dr within I a Short ort time thereafter m Outlined P The he program would ODe Impose a 20 per cent ng tax which would cover er the present normal tax of I 6 5 r cent the first 13 per cent j bracket and the 5 per percent cent tax EiT Place Taa-Place the plan Into effect Vi J so icon on as practicable July practicable July y 1 was tested and ested and use the two quay quay- iriv j payments made ade on March 15 Sd iod June 15 to discharge six Tenths At s of 1943 tax liability in fuji The taxpayer as thus would it considered as S on a current ians s 's as of f July 1 1 excePt for the Merred 1942 obligation After wee July 1 the 20 per nt withholding rate would con con- f Sue Cue a s prorated discharge basis of oC 1943 MM on n a current basis This wald discharge virtually all 1943 K Ui obligations for 70 per cent ate of at e lie ui taxpayers by 1944 For those Object Abject ct to higher rates the difference dif dif- dif lif- ference in taxes due and the jaunt iii t withheld would be paid in r. r installments on Septem- Septem kr be fer 15 15 and December 15 or shortly thereafter Hereafter d told the committee that at the fie Ie greatly increased 1942 tax r atts t s should be decreased as soon u pos possible ble He proposed that the theer er 1941 rates be applied to last fur jeara I In incomes n com c o m e es 8 including the them m method of taxing capital gains ud vid treating capital losses as the tot rust step tep in conforming tax liabilities lia lia- to capacity to me ds Bases r On the qu question stiOn of Ot a base for forbe toe ie 20 per cent payroll deductions d recommended these per- per KU exemptions Single persons married persons 1248 dep de- de p git t Is believed he said that the Set suggestions sugg m meet et substantially all the objectives involved o he t transition period will get ap ers on you pay and anti ii tia practical matter will keep hem iem em there In no event should you pay p ru be abandoned because e of idies es and disputes as to ta their thir 1 during the transition year you go is too important to he Q treasury and to taxpayers be present and nd for O the 7 Deferment of part of the lia- lia all taxpayers or of all of tbt Usability I ty of only some of the taxpayers is but a partial solution arbitrary and a atory T lD Deferment of the payment of f 2 tax liabilities for all tax- tax ayers however is II deserving of ireful consideration tIOn l Meanwhile a modified Rum Ruml tax lan was reported gaining sup sup- oh m mong among Republican members the file house ways and means com com- J despite the outright ti tion n of the treasury department gilder finder the plan proposed b by ardsley Rum Ruml chairman of the thew ii w York federal reserve board 1912 taxes would be forgiven 1 si taxes payable this year would e on this years year's income stroll stead of ot last Most Democrats on the com- com outnumbering the n r 15 15 to 10 have appeared appeared's s 's Ile to the th Ruml plan with afman N. N C C. an Dough DoughtOn ton D. D flaying the forgive feature i |
