Salt Lake Telegram | 1943-09-28 | Page 5 | Read it, Weep-Senator Gives Preview of '44 Tax Picture

Read Rea Weep It Senator seri Senator Gives Preview of 44 4 Ta Tax Picture WASHINGTON Sept 28 A P UP A Agrim grim preview of what wha taxpayers 1 m may y expect t from the next revenue revenue bill was offered Tuesday by Chairman Chair Chair- man George D. D Ga of the s senate sen senate sen- sen nate n- n ate f finance nance committee George while emphasizing ng that he was not advancing any program program pro pro- gram told reporters that if it eon con congress con congress gress follows the ac accepted methods of taxation in its iLs quest for fox 10 or more a year the treasury wants it will have to do these things Boost normal and surtax rates to 32 per cent in the lowest br brackets brackets brack brack- ck- ck ets of 2000 net income and under This would be be done by ab abolishing lishing the 5 per cent victory tax retaining retaining retaining retain retain- ing the present 6 per cent n normal and doubling the present 13 per percent percent percent cent surtax Eliminate the present 10 per cent centI I credit for earned income and lower the 1200 exemption for married persons to 1000 cutting the allowance allowance allowance allow allow- ance for dep dependents from to The exemption for single single single sin sin- gle persons could be allowed to stand unchanged Increase the combined normal and surtax rates' rates on on corporations from the present 40 per cent to 50 per cent Increase the rates of or excise taxes on such such comm commodities as liquor and tobacco and broaden the field to take take- takeJi in Ji many other commonly used articles George said the changes which he mentioned in individual income t taxes es would produce additional revenue of from to yearly He estimated ed the increase in corporation rates would produce about bout 1000 and or more more might be obtained in the widened field of excise levies