Salt Lake Telegram | 1934-05-10 | Page 1 | Revenue Bill Becomes Law

REVENUE Bill BECOMES lAW President Signs Measure Designed De- De signed to Prevent Tax Dodging Ii D Press WASHINGTON May lO 10 dent Roosevelt today sIgned the 41 revenue re raising bill Mr Roosevelt will send to lo congress S a me message age soon asking lion tion of the provision in the bill levy lag ing a a- tax on coconut oil which he here re ar b as as' as unjust to the Philippine isla islands I t. t I The act increases ncr ase tax already al al- r ready dy a amounting o to 31 b by strengthening existing law against I evasion and adding new sources of Income Plugging loopholes disclosed by bythe bythe the senate banking committee was congress congress' motive in writing the new Law 1 The new law provides Heavier taxes tax on higher incomes gifts estate transfers corporations and md personal holding companies I Partial income tax publicity Elimination of consolidated corporation corpo corpo- ration returns Repeal of the 8 per cent normal tax ax on individual net incomes omes above with surtaxes to start at instead of Experts estimated the full elect effect oC af the law will not be felt until 1935 They counted on only by bythe bythe the end of the next fiscal year ear on June JUlle 30 1935